Hahne & Co. at 609 Broad St. in Newark — Courtesy: JLL/L+M Development Partners
By Joshua Burd
A global facilities manager is moving its East Coast headquarters to the historic Hahne & Co. building in Newark, where it’s taking more than 13,000 square feet in a deal arranged by JLL.
The tenant, SBM Management Services, has signed a 10-year lease at 609 Broad St. with the ownership group of L+M Development Partners, Prudential Financial and Goldman Sachs Urban Investment Group. Brokers say the firm plans to relocate from Edison, joining a roster of other office tenants, retailers and restaurants at the rehabilitated former Hahne’s department store.
JLL Executive Vice President Peter Ladas represented the tenant in the 13,215-square-foot deal, while JLL Managing Director Blake Goodman and Vice President Christopher Masi represented ownership.
“After an extensive site selection process, SBM Management Services was drawn to The Hahne Building’s tremendous location in the heart of Newark’s growing transit hub for their new East Coast headquarters,” Ladas said. “Amongst the thriving community of multinational companies, the area offers plenty of amenities and attractions, plus having Rutgers University footsteps away will help the company recruit and retain new talent to grow their business.”
Headquartered near Sacramento, California, and with offices in five countries around the globe, SBM is a facilities management provider whose clients include Fortune 500 companies, according to a news release. Its new local office will occupy the second floor of the 400,000-square-foot property Hahne’s building, which reopened in 2017 after an acclaimed multimillion-dollar restoration by L+M, Prudential and Goldman Sachs.
The project included the creation of an arts and cultural center operated by Rutgers University-Newark and some 75,000 square feet of retail space on Broad Street, which is occupied by Whole Foods and Marcus Samuelson’s Marcus B&P restaurant, among others. The site is also home to commercial and community space and 160 new apartments, one third of which are priced for families earning between 40 and 60 percent of the area median income.
“We are excited to establish our new headquarters in a historic downtown Newark property,” said Dave Sweet, senior vice president of operations at SMB Management Services. “The relocation will allow us to better serve clients and provide a comfortable and convenient work environment for our employees as we continue to grow and elevate our service platform nationally.”
Fronting Military Park and located steps from NJ Transit’s Newark Broad Street station, Hahne’s is fully leased. Other tenants include lending platform Credibility Capital, co-working operator LaunchPad and City National Bank.
“The adaptive reuse of this historic property provides tenants with dynamic, nontraditional office space, best-in-class connectivity and the enhanced amenities that today’s workforce demands,” said Jake Pine, a senior director with L+M. “We are pleased to welcome SMB Management Services to the community of leading tenants in the building.”
