February 27, 2023 9:00 AM
Newmark announces it has secured a new 41,000-square-foot office lease for HCLTech at One Tower Center in East Brunswick, New Jersey. The lease, secured on behalf of ownership, American Equity Partners (AEP), marks the completion of more than 125,000 square feet of Class A office leasing activity at the property in the last 12 months. Newmark’s Senior Managing Director Jamie Drummond serves as the exclusive leasing agent at the property on behalf of AEP.
“We invested heavily in repositioning One Tower Center, and the results have been incredible,” said David Elkouby, Partner at AEP. “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.”
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.
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,” said Drummond. “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.”
One Tower Center is part of a 14-acre mixed-used suburban office complex. The 24-story office building is connected by the 405-room Brunswick Hilton Hotel and Conference Center. AEP recently completed a multi-million 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.
Support on these transactions was also provided by Newmark’s Executive Managing Director Stephen Tolkach, Managing Directors Adam Silver and Dan Reider and Associate Director Andrew Perrotti.
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. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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