In the largest signing, Crown Travel Service subsidiary Club ABC Tours renewed its 19,500-sf HQ lease. Also, Ultra Additives, a subsidiary of Munzing that makes antifoaming and defoaming agents, renewed and expanded to a total of 18,000 sf of office and lab space.
Hospice of New Jersey renewed and relocated its HQ office within the property to a 9,000-sf space. EverBank Financial Corp., a private holding company based in Jacksonville, FL, took 17,500 sf in a regional office relocation from West Paterson; the tenant was represented by Richard Madison of Newmark Knight Frank. And other new tenants are Arbitration Forums who took 3,800 sf, financial securities firm Southwest Securities who took 3,400 sf, and Sun National Bank who took 3,200 sf.
"These commitments have helped us to successfully increase occupancy at BroadAcres Office Park, in a market where vacancies are remaining relatively constant," says Edwin Cohen, a principal of Prism Capital Partners. "Now we look forward to building on this momentum by beautifying the buildings inside and out."
The capital improvement program Prism has on tap for the 20-acre property includes a makeover of the outdoor plaza area and lobby renovations of the 300 and 400 Broadacres Dr. buildings. A new café has already been added to 200 Broadacres Dr. The fourth building at the property is 1455 Broad St. The complex was built in the mid-70s and last renovated in 2000.
The details of the various signings were not released. Availabilities totaling just more than 103,000 sf including a 24,000-sf sublet are currently listed with an asking price of $23.50 per sf for the three Broadacres Dr. buildings and $25.50 per sf for the Broad St. building.
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