The Connell Company, a real estate and finance-based firm, is nearing full occupancy of Round Table (RT) Workspaces, comprising 1.5 million square feet of office space located at The Park in Berkeley Heights.
Following its $100 million capital-improvement plan, which included an elevated design and more hospitality-focused amenities, the company inked more than 100,000 square feet of long-term leases.
Recently, Blackstone, the world’s largest alternative asset manager, and Kennedys, a major global law firm, each signed long-term leases of more than 25,000 square feet at RT Workspaces. Both companies are expected to occupy their new spaces this year. RT Workspace’s latest leasing activity brings its occupancy to about 97%.
“Our vision for The Park is to establish a live-work-stay destination that is surrounded by an ecosystem of hospitality-driven amenity spaces, retail, and services,” said Shane Connell, executive vice president at The Connell Company. “Our recent upgrades and rebranding of our office buildings were a key component that allowed us to fully execute our plan and enhance the tenant’s daily life.”
The campus is a popular destination for companies such as Hewlett Packard Enterprise, L’Oreal, Aon, and Samsung. RT Workspaces is also home to Round Table Studios (RTS), a flexible co-working solution with access to elevated culinary, wellness, and social amenities. RTS is a membership-based workspace with approximately 560 members and 90% current occupancy, made up of diverse companies, entrepreneurs, and individuals on varied membership levels.
The Connell Company is turning to the next phase of the project, which includes building out the retail portion of The Park’s re-development. With 55,000 square feet of new retail concepts introduced late last year including Emberside Brewery, Rosa Azul and BASH, The Connell Company is marketing an additional 65,000 square feet of retail space to complement The District at The Park.
The Park features national brands such as Life Time, Starbucks, and Embassy Suites Hotel. Currently under construction is a 20,000-square-foot flagship location for Bathhouse — a New York-based wellness spa offering premium recovery amenities and treatment rooms. Further activity is underway across the remaining retail areas, which are set to include a national grocer, upscale restaurants, cafés, and other lifestyle-focused retailers.
The Park has engaged New York City-based Capricorn Retail Advisors as its exclusive retail leasing consultant. Capricorn Retail Advisors will oversee all retail leasing activities for the property, bringing their industry expertise and deep market knowledge to the ongoing evolution of The Park.
