TAMS Consultants Inc., a tenant of the park since 1988, took the largest lease, a 15,000-sf renewal at 300 Broadacres Dr. The Oakland, CA-based company was represented by Dan Wengert from CBRE's Los Angeles office.
Two affiliated companies, the Diversified Cos. and Senior Financial Solutions, converted their subleases to five-year direct leases at 200 Broadacres Dr. They will occupy 7,000 sf of adjacent space.
Kingsbridge Financial Group has relocated its headquarters from Seacaucus to 1455 Broad St., where it will occupy 5,000 sf on a five-year lease. Diversified Cos., Senior Financial Solutions and Kingsbridge were all represented by Prism Capital Partners principal Edwin Cohen, who also represented Prism, the owners of the property.
BroadAcres, which was purchased by Prism in 2006, is currently undergoing a major capital improvement program. "We recently completed an entire redo of the outdoor plaza area," Cohen explains to GlobeSt.com. "We gutted the area and installed an outdoor plaza with new pavers, new planters and new landscaping. That was completed about three weeks ago. Also, two of the lobbies at the complex are undergoing complete redos. One of them, at 400 Broadacres Dr., is about 98% completed and the other one, at 300 Broadacres Dr., is about 40% completed. Total completion is scheduled for the end of this summer.
"In addition to the decorative work that we're doing, there's a lot of behind the scenes work going on such as upgrading mechanical systems and redoing security systems. It's an intensive across-the-board upgrading of both the infrastructure and the decorative elements of BroadAcres. We're doing whatever should and can be done to reflect a very high-class image for the complex."
Rental rates for BroadAcres are listed as $25.50 per sf for 1455 Broad St. and $23.50 per sf for 200 and 300 Broadacres Dr. The property has seen a considerable amount of leasing activity in the past few months.
"We're encouraged by the activity," says Cohen. "Brokers are responding well to the improvements they've seen throughout the complex."
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