Paramount Realty and First Mile Capital are spearheading an ongoing, $25 million update of the five-building, 668,107-square-foot River Centre campus at Newman Springs Road and Schulz Drive in Red Bank. — Rendering courtesy: Newmark
By Joshua Burd
A joint venture has filled nearly 48,000 square feet at a well-known office campus in Red Bank, securing four new tenants in a series of deals arranged by Newmark.
The brokerage team, which represents Paramount Realty and First Mile Capital, said the activity at River Centre includes a 10,000-square-foot commitment by Zipp & Tannenbaum. The accounting and advisory firm will occupy part of the third floor at Building 3, as will Paramount as part of its own 20,000-square-foot lease at the complex at Newman Springs Road and Schulz Drive.
Other new deals at the five-building, 668,107-square-foot River Centre include a 8,863-square-foot commitment by InflexionPoint, which specializes in automation and manufacturing intelligence, on the second floor of Building 2, according to a news release. Relational Group Partners, a provider of personalized business insurance to independent business owners, will also move to the building with an 8,914-square-foot deal on the first floor.
Newmark Senior Managing Director Jamie Drummond, Associate Director Andrew Perrotti and Associate Luke Reid represented ownership at the property, noting that the leases bring River Centre to more than 90 percent occupancy.
“These commitments reflect a clear alignment between tenant priorities and ownership’s long-term vision for the campus,” Drummond said. “River Centre is evolving with intention, and the market is responding to that clarity and investment.”
The activity comes as ownership prepares for the next phase of its $25 million campus-wide capital improvement program. Slated to begin this spring, the project calls for relocating River Centre’s amenity spaces to Building 3, where it will construct a new fitness center, a café with dedicated seating, a tenant lounge and collaboration spaces, along with a property-wide landscaping and signage and wayfinding program.
Complementing the enhancements will be a new 2,500-square-foot Starbucks with dine-in and drive-thru offerings that is under construction and expected to open later this fall, Newmark said. All of which leverage the site’s location just off the Garden State Parkway, overlooking the Navesink River and minutes from downtown Red Bank’s dining and retail scene.
