The Coastal Building in Red Bank — Courtesy: First National Realty Partners
By Joshua Burd
An investment firm has acquired a nearly 30,000-square-foot office building in Red Bank, with plans to upgrade the property with a focus on green initiatives and technology.
The buyer, First National Realty Partners, announced Wednesday that it has closed on what’s known as The Coastal Building in an off-market transaction. Located at 151 Bodman Place, the 29,178-square-foot complex sits directly on the Navesink River and is the latest New Jersey acquisition for the locally based company.
Terms were not disclosed. The firm did not provide additional details about its renovation plans for the property, which was built in 1982 and underwent lobby renovations in 2013.
“The Coastal Building is truly a one-of-a-kind asset,” said Andrew DeNardo, a principal of First National. “The views the building offers the tenants at the property are remarkable. We look forward to working with the tenants at the property to ensure their continued success. The team here at First National is excited to be a part of the Red Bank community. We look forward to working with all local stakeholders and ensuring a successful project for everyone involved.”
In a news release, First National said the building offers ample parking, which is highly coveted in Red Bank, along with easy access to the borough’s popular downtown offerings.