Real Estate Weekly
Image default
Deals & Dealmakers

Newmark Named Exclusive Leasing Agent for Revamped River Centre

 

Newmark announces the firm has been retained as the exclusive office leasing agent for River Centre at 331 Newman Springs Road in Red Bank, NJ. River Centre is a six-building 668,107-square-foot Class A office campus owned by Crown Realty and Paramount Realty. Newmark’s Senior Managing Director Jamie Drummond and Associate Director Andrew Perrotti are the appointed agents. 

“River Centre is one of the largest office assets in the region, and we are deploying a significant amount of capital to revamp the property to create a campus-like setting that is more akin to a modern and amenitized tech campus in Silicon Valley,” said Maurice Zekaria, President of Paramount Realty. “We look forward to further cementing this campus as an integral part of the community.”

The property has experienced some recent leasing momentum to include 100,000 square feet signed by RB Animal Hospital, 25,000 square feet to Sycamore Medical and 15,000 square feet to Alliant Insurance. In addition, Paramount and Crown have committed over $25 million for a capital improvements plan that will include a significant overhaul to the complex’s North and South areas. Ownership has retained architecture firm Blackey Hayes to reimagine the asset, bringing the feel of a west coast tech campus to the east coast. The improvements will commence with structural property upgrades to include new entrances, facades, activated terraces, a new HVAC system, roof enhancements, building management systems, new corridors, upgraded common spaces and a new tenant app to access property amenities.

The complex already features a recently renovated amenity building that houses a state-of-the-art fitness center, cafe, conferencing center and tenant lounge. The property will also undergo extensive outdoor upgrades to create a more walkable environment that embraces pedestrian-only spaces, improved landscaping and recreation areas. Ownership has enlisted landscaping architects LRK and Ground Level to revamp the property’s exteriors and include a river walk that allows tenants to experience the adjacent Navesink River.

“Over the past few years, we’ve witnessed a major flight to quality for office users looking to locate in modern, creative and amenitized spaces,” said Drummond. “The commencement of the major overhaul of River Centre will further the center’s ability to attract and retain some of the best firms in the region.”

River Centre spans across a North and South campus with buildings 1-4 located on the southern campus and 5-6 on the northern campus. The northern campus will soon feature a new 120,000-square-foot Lifetime fitness gym and a new Starbucks retail site on the southern campus. River Centre currently has leasing availability to accommodate users looking for 3,000 to 110,000 square feet of space. The tenants at River Centre feature a mix of financial services, insurance and law firms. Its most notable tenants include UBS, Withum, Wells Fargo, Innocor FXI and Achieve 3000. 

River Centre is situated near downtown Red Bank, neighboring the city’s many boutiques, parks, newly developed apartments, and restaurants. The asset is located along the Garden State Parkway at exit 109 and offers great visibility from passing vehicular traffic. It nears a four-way interchange to include County Route 520, Route 18, Route 35, and Route 195. River Centre is also easily accessible via NJ TRANSIT and Academy Bus Lines with free shuttle service offered to tenants from the Red Bank station.

Related posts

CBRE Arranges $113 Million Sale of 260-Unit Windsor at The Gramercy

REW

National Real Estate Advisors, Cathexis and The HYM Investment Group Secure $150M Construction Loan for Suffolk Downs Redevelopment

REW

Lingua Franca Signs 3,437-SF Lease at 307 West 36th Street

REW