December 29, 2022 9:00 AM
Newmark announces that it has secured four new leases on behalf of the locally-based owner ERCT Capital Group at their Class A Broadacres Office Park. The transactions span nearly 40,000 square feet and welcome new tenants Rainbow Therapy with 8,707 square feet at 300 Broadacres, Alliance Health Systems with 12,971 square feet at 1455 Broad Street, Technogym with 15,186 square feet and Systra Consulting’s 3,089-square-foot renewal at 400 Broadacres. Newmark’s Executive Managing Director Jeff Schotz, Managing Director Dan Reider and Associate Peter Kasparian facilitated the transactions on behalf of ownership.
“Broadacres is conveniently situated with access to North and Central New Jersey and provides tenants many sought-after amenity offerings in a Class A environment,” said Schotz. “We are confident that the new tenants will thrive at the property as ownership continues to provide a best-in-class experience for office users.”
Broadacres Office Park features four 4-story buildings, each measuring approximately 100,000 square feet. The modern, park-like campus setting features striking building facades, a reflecting pool, an outdoor plaza and beautifully manicured grounds. The property has recently undergone a significant capital improvement program, including new parking lots, new common areas, improved wayfinding and an upgrade to energy-efficient LED exterior lighting. Interior improvements included an entirely new tenant lounge and fitness center with showers and the renovation and expansion of the café and conference center.
Broadacres is ideally located along the Garden State Parkway, between Exits 151 and 153, near Routes 3 and 46. It is easily accessible to the NJ Transit bus and rail service, providing unparalleled access to northern and central New Jersey and Manhattan. The property neighbors Montclair and Essex Fells, with numerous walkable amenities.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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