Denholtz, UBS ink 21,000 sq. ft. lease for new-look office building in Red Bank

Denholtz Properties has launched a series of major interior and exterior upgrades at 140-148 Broad St., a two-story, 35,000-square-foot building in Red Bank that it acquired in 2022. — Rendering by Rotwein+Blake/Courtesy: CBRE

By Joshua Burd

Denholtz Properties has secured a tenant for a soon-to-be-renovated office building in downtown Red Bank, leasing nearly 21,000 square feet to UBS Financial Services Inc.

According to brokers with CBRE and Cushman & Wakefield, the owner has kicked off a series of major interior and exterior upgrades at the two-story property at 140-148 Broad St. UBS will occupy nearly two-thirds of the available 35,000 square feet, providing employees with an upscale space in one of the state’s most popular downtowns.

CBRE’s Suzanne Macnow, Alexandra Anagnostou and Justin Ridolfo represented ownership in tandem with Kristine Hurlbut of Denholtz, while Josh Cohen and Bill Brown of Cushman & Wakefield represented UBS in the 10-year, 20,715-square-foot deal.

“We are delighted to have such a high-caliber office tenant at 140-148 Broad Street,” Macnow said. “We look forward to welcoming UBS to this refreshed space, which will provide the firm’s employees and clients with a modernized experience and state-of-the-art amenities, all in a highly walkable downtown environment.”

The deal follows Denholtz Properties’ acquisition last year of 140-148 Broad St. and of an adjacent parking lot at 22 Reckless Place, along with a second lot at 133 Broad St., according to a news release. The firm’s plan for the property aims to capitalize on its location at the gateway of Broad Street and its quick access to the downtown’s mix of shops, restaurants and cultural institutions, as well as the Red Bank train station and Route 35.

“We were thrilled to partner with the UBS team, CBRE and Denholtz to create this unique opportunity for our client,” Cohen said.

Hurlbut, Denholtz’s senior vice president of leasing, added: “We are excited to welcome UBS to what we will know will soon be a highly sought-after corporate destination in downtown Red Bank.”