L+M Development Partners, Prudential Financial and Goldman Sachs Urban Investment Group on Thursday said SBM Management secured a 13,215-square-foot lease at the Hahne & Co. building in Newark.
Located at 609 Broad St., the 400,000-square-foot redeveloped former Hahne’s Department Store building will SBM’s new East Coast headquarters. The Sacramento, California-based facilities management provider, with offices in five countries around the globe, plans to relocate and expand its operation from Edison to occupy the 2nd floor of Hahne & Co.
JLL executive vice president Peter Ladas represented SBM in the 10-year lease. A JLL agency team led by Managing Director Blake Goodman and Vice President Christopher Masi represented building ownership.
Prudential, L+M, and UIG opened the restored Hahne & Co. building in 2017 following a multimillion-dollar redevelopment that included an arts and cultural center operated by Rutgers University-Newark and approximately 75,000 square feet of retail space on Broad Street occupied by Newark’s first Whole Foods and a Marcus Samuelsson restaurant, Marcus B&P, among others. In addition to retail, commercial and community space, the development includes 160 new apartments, one-third of which are affordable homes for low-income and working families earning between 40-60% AMI.
“The adaptive reuse of this historic property provides tenants with dynamic, nontraditional office space, best-in-class connectivity and the enhanced amenities that today’s workforce demands,” Jake Pine, senior director at L+M Development Partners, said. “We are pleased to welcome SBM Management Services to the community of leading tenants in the building.”
Fronting Military Park and located steps from the New Jersey Transit station at Newark Broad Street, tenants of the fully leased property include lending platform Credibility Capital, coworking operator LaunchPad and City National Bank.
“After an extensive site selection process, SBM Management Services was drawn to the Hahne building’s tremendous location in the heart of Newark’s growing transit hub for their new East Coast headquarters. Amongst the thriving community of multinational companies, the area offers plenty of amenities and attractions, plus having Rutgers University footsteps away will help the company recruit and retain new talent to grow their business,” Ladas said.
“We are excited to establish our new headquarters in a historic downtown Newark property,” Dave Sweet, senior vice president of operations at SBM Management Services, said. “The relocation will allow us to better serve clients and provide a comfortable and convenient work environment for our employees as we continue to grow and elevate our service platform nationally.”