Less than three months after acquiring a well-known office park in Bloomfield, a real estate firm has inked more than 50,000 square feet in leasing activity at the property.
Working alongside leasing agents with Prism Capital Partners, P3RE Properties said it has completed a series of new deals, expansions and renewals at the four-building, 380,000-square-foot complex known as Broadacres Office Park. That activity includes a long-term extension by Munzing, a chemical manufacturer, which recommitted to its 20,000-square-foot space.
P3RE Properties acquired Broadacres from Prism in March and began implementing a rebranding plan, which included new signage around the park to convey a fresh, sleek image for the property. The firm also embarked on capital improvements such as resurfacing of the parking lots and the addition of new elevated architectural bronze poles topped with modern lighting.
“Make no mistake, this positive leasing activity is not a mere coincidence in timing,” said Harvey Rosenblatt, founder of P3RE Properties. “The current leasing success is due to the fresh feel and environment that has been created at Broadacres — which has now generated the positive vibe and buzz we were seeking to achieve.”
The Jackson-based owner is also in the midst of improvements to modernize common areas such as the lobbies, elevator cabs and bathrooms. Additional plans call for the installation of a new fitness center and a remodeled café and conference center.
At the time of the closing in March, occupancy was just over 72 percent. Prism, which is headquartered at the campus, remained at the property as the exclusive on-site leasing and managing agent.
Broadacres sits along the Garden State Parkway, between exits 151 and 153, and near the interchanges of routes 3 and 46. The property spans about 20 acres.
“Tenants are recognizing the significant improvements and upgrades to the complex and are now willing to commit to Broadacres for the long term,” said Edwin Cohen, principal of Prism Capital Partners. “New ownership has committed to raise the profile of this outstanding asset.”
Bill Brown, Ben Brenner and Maria Iantosca of Cushman & Wakefield represented Munzing in its lease renewal, P3RE said in a news release.
“We have been impressed by the responsiveness of P3RE and their commitment to modernizing the Broadacres campus to a standard that is truly first-class,” Brenner said.
Rosenblatt added that P3RE is committed to making deals to bring additional occupants to Broadacres.
“With a basis as great as ours, we are very much ready, willing and committed to offer the right terms, designed and catered to the needs and interests of any particular tenant,” he said. “Based on all the upgrades, current leasing activity and ability to get deals done, we are confident that Broadacres will be the flourishing new home of a selected group of fortunate tenants that ‘heard the knock,’ opened the door (and) saw the opportunity — landing themselves a great deal at our perfect location.”