CBRE and Cushman & Wakefield today announced the completion of a 20,715-square-foot lease for UBS Financial Services at Denholtz Properties’ planned redevelopment of 140-148 Broad Street in downtown Red Bank.
UBS signed a 10-year lease at the property, which will offer the firm’s clients and employees with a modern and upscale experience in one of Monmouth County’s best small towns and most walkable towns in the state – as denoted by Travel & Leisure Magazine.
The CBRE team of Suzanne Macnow, Alexandra Anagnostou and Justin Ridolfo partnered with Kris Hurlbut of Denholtz to spearhead the leasing campaign and negotiation of the lease transaction at the property on behalf of Denholtz Properties. Josh Cohen and Bill Brown of Cushman & Wakefield represented UBS for the transaction and advised the firm in its negotiations and securing the lease.
“We are delighted to have such a high-caliber office tenant at 140-148 Broad Street,” Macnow said. “We look forward to welcoming UBS to this refreshed space, which will provide the firm’s employees and clients with a modernized experience and state of the art amenities, all in a highly walkable downtown environment.”
“We were thrilled to partner with the UBS team, CBRE and Denholtz to create this unique opportunity for our client,” Cohen added.
Located in the heart of downtown Red Bank’s commercial corridor, 140-148 Broad Street is a 35,000-square-foot, two-story office building acquired by Denholtz Properties in 2022 along with an adjacent parking lot at 22 Reckless Place and a nearby parking lot at 133 Broad Street. The property’s strategic location at the gateway of Broad Street provides unparalleled access to Red Bank’s eclectic mix of shops, restaurants, and cultural institutions, as well as the Red Bank Train Station and Route 35. Since the acquisition, the company has embarked on ambitious plans to bring the building up to Class-A standards through substantial interior and exterior capital improvements.
Kristine B. Hurlbut, senior vice president, Leasing, for Denholtz Properties added, “We are excited to welcome UBS to what we will know will soon be a highly sought-after corporate destination in downtown Red Bank.”
Currently, there is 9,729 sq. ft. of office space available for lease on the second floor, in addition to 8,560 sq. ft. on the basement level.