The lease, secured on behalf of ownership, American Equity Partners, marks the completion of more than 125,000 square feet of Class A office leasing activity by Newark at the property in the last 12 months.
One Tower Center is part of a 14-acre, mixed-used suburban office complex. The 24-story office building is connected to the 405-room Brunswick Hilton Hotel and Conference Center. AEP recently completed a multimillion-dollar capital improvements project with upgrades including a redesigned seven-story atrium lobby, renovated full-service cafe with outdoor seating, an improved seven-story covered parking deck with digital availability indicators and a brand-new amenities center on the 15th floor.
Newmark Senior Managing Director Jamie Drummond serves as the exclusive leasing agent at the property on behalf of AEP.
One Tower Center is now over 85% leased, up from under 35% in 2019 when the asset was purchased and renovated. The remaining availability at the property is approximately 65,000 square feet, ranging from 3,000 square feet to 53,000 square feet of contiguous space.
AEP Partner David Elkouby is thrilled.
“We invested heavily in repositioning One Tower Center, and the results have been incredible,” he said. “The transformation of this property into a vibrant trophy asset has allowed us to attract some of the best users in the region, as more tenants are laser-focused on choosing top-quality office destinations.”
In addition to this new lease, the Newmark team secured over 85,000 square feet of new leases and renewals in 2022 at One Tower Center. A few of these transactions include: 24,000 square feet with RK Pharma Inc.; 15,000 square feet with DPR Construction; 14,000 square feet with GEC Communities; and several smaller leases ranging from 3,500 to 7,000 square feet.
“Following the strong leasing momentum at the property at the end of 2022, this new lease demonstrates the continued strength of the asset in today’s marketplace,” Drummond said. “Between the property’s highly amenitized environment, the unwavering flight to quality movement and its ideal locale, we are confident in One Tower Center’s ability to attract best-in-class users throughout 2023.”
Support on these transactions was also provided by Newmark Executive Managing Director Stephen Tolkach, Managing Directors Adam Silver and Dan Reider and Associate Director Andrew Perrotti.