CUSHMAN & WAKEFIELD NAMED AGENT FOR RED BANK OFFICE BUILDING
Downtown Investors’ 73 Broad Street offers Availabilities from 5,500 to 20,000 Square Feet
RED BANK, N.J. – June 30, 2011 – (RealEstateRama) — Commercial real estate services firm Cushman & Wakefield, Inc. has been named leasing agent for 73 Broad Street, a Class A downtown office building. Director John Kaye of the firm’s Edison, N.J. office is handling the assignment on behalf of the locally based ownership, Downtown Investors, LLC.
“The building is at the epicenter of Red Bank’s thriving downtown,” said Kaye. “Located at the intersection of Broad Street and Monmouth Street, 73 Broad Street faces directly onto Monmouth Street and is within close walking distance of the community’s host of amenities. The space is truly some of the finest space in Monmouth County, with amenities including private decks and ample free, off-street parking.”
A total of 20,000 square feet is available, all of it currently leased but soon to be vacated. The availabilities include 7,800 square feet of Class A office space on the building’s ground floor, currently occupied by Wells Fargo Securities, which will be relocating as part of a consolidation related to the company’s merger with Wachovia. Currently available is the lower level space of 5,500 square feet, fitted out as a world-class medical spa, as well as spectacular second floor office space, which served as the U.S. oil and gas trading offices of Lukoil.
“We are able to combine all three levels into one 20,000-square-foot opportunity, or lease them to separate users,” said Jay R. Herman, a partner in Downtown Investors, a locally based, family-owned firm that began developing in Downtown Red Bank in 1989 when it purchased both corners at the intersection of Broad Street and Linden Place. “73 Broad Street has the greatest exposure in Downtown Red Bank, an old-fashioned downtown that is considered a premier, high visibility, location for office and retail users.”
Downtown Investors is credited with helping spark the rebirth of Red Bank and with helping establish a critical mass of financial services firms in the city’s downtown area. Such financial giants as Morgan Stanley, which has steadily expanded and now occupies 27,000 square feet, and Merrill Lynch, which occupies 23,000 square feet, are among the tenants in the firm’s downtown office properties, which total 80,000 square feet.
“Red Bank has been experiencing a bounce-back in activity in both the office and retail sectors that has been ahead of the national trends,” said Downtown Investors’ partner Todd M. Herman. “A total of 14 new retail leases have been signed recently, a clear sign that this city is returning to prosperity.”
“With its diverse amenities, an office location in Red Bank has proven to provide a significant edge for companies in terms of recruiting talent,” said Jay Herman. “Indeed, Morgan Stanley and Merrill Lynch have been very successful in recruiting financial advisors to this location, and we are confident that this location has been an essential component of that success.”
Downtown Investors’ properties, including 73 Broad Street, also offer the advantage of providing sufficient on-site parking for tenants and their employees in an upscale downtown location. In addition, many of the firm’s properties have the ability to offer prospective tenants first-floor, street-level Class A office space, right on Broad Street.
“We continue to seek to acquire new properties in Red Bank,” said Jay Herman. “That, combined with our existing inventory of 80,000 square feet of Class A office space, enables us to offer many options to potential tenants.”
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