The office space at 494 Broad St. in Newark, spanning 74,356 square feet, was leased by Teik Lim of New Jersey Institute of Technology from Dennis Mathew of Altice USA. The relocation of administrative offices to this central downtown location near the main campus will support NJIT's operational efficiency and commitment to innovation.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: Not specified
• Address: 494 Broad Street
• Market: Newark
• Landlord: Dennis Mathew - Altice USA
• Tenant: Teik Lim - New Jersey Institute of Technology
• Brokers: Drew Persson & Frank Pagano - Avison Young
• Lease Term: long-term

The long-term sublease agreement was facilitated by Avison Young brokers Drew Persson and Frank Pagano. President Teik Lim highlighted the property's amenities, including fully furnished spaces, ample seating, and dedicated parking, all contributing to the growth of Newark's Arts and Innovation District.