Manhattan-based Credibility Capital will move to Newark’s historic Hahne & Co. building later this year in connection with a $6.5 million award under the Grow New Jersey Assistance Program from the New Jersey Economic Development Authority.
The company will occupy 8,000 square feet of second floor office space in the former department store after restoration by L+M Development Partners, Prudential Inc., Goldman Sachs Urban Investment Group and Citi Community Capital.
The completion of Hahne’s in 2017 marked a significant addition to downtown Newark, contributing significant retail, office and community space as well as affordable and market-rate housing.
Credibility Capital will join the mixed-use building anchored by Whole Foods, Express Newark, Rutgers University-Newark’s arts incubator and Marcus Samuelson’s B&P Marcus restaurant.
The move is a homecoming for co-founders Brett Baris and Mark Rambler, who grew up together in North Jersey.
“We couldn’t be happier to return to New Jersey and be part of the Newark revitalization,” Baris said. “What better place to serve the needs of US small businesses, the heart and soul of our economy.”