Newmark on Wednesday announced it was retained as the exclusive office leasing agent for River Centre in Red Bank — a six-building, 668,107-square-foot Class A office campus owned by Crown Realty and Paramount Realty that is undergoing a major series of renovations.
Newmark 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.”
Located at at 331 Newman Springs Road, the property has experienced some recent leasing momentum, including 100,000 square feet signed by RB Animal Hospital, 25,000 square feet to Sycamore Medical and 15,000 square feet to Alliant Insurance.
Additionally, 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, café, 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.
“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,” Drummond stated. “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.
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 located along the Garden State Parkway at Exit 109 and offers great visibility from passing vehicular traffic. It nears a four-way interchange that includes Route 520, Route 18, Route 35 and Route 195. River Centre is also easily accessible via New Jersey Transit and Academy Bus Lines with free shuttle service offered to tenants from the Red Bank station.