Paramount Realty and Crown Acquisitions are set to begin a $20 million common area renovation that will bring new signage and wayfinding, plush landscaping, an outdoor social gathering space and a redeveloped riverwalk to the six-building River Centre office campus in Middletown. — Rendering courtesy: Paramount Realty
By Joshua Burd
A high-end flexible workspace concept is coming to a six-building, 665,000-square-foot office campus outside Red Bank, as a joint venture continues its overhaul of the complex.
The deal with Life Time Work, a division of Life Time Fitness, is the latest transaction at River Centre since Paramount Realty and Crown Acquisitions acquired the property in 2021. The operator has signed a long-term, 45,000-square-foot lease for the second floor of Building 3, at 331 Newman Springs Road in Middletown, where it will overlook a new Life Time fitness center that’s slated to open across the street in the coming months.
It’s among several new large lease signings and openings at River Centre, where ownership is set to begin a $20 million common area renovation that will bring new signage and wayfinding, plush landscaping, an outdoor social gathering space and a redeveloped walkway along the Navesink River, according to Paramount. Other recently signed tenants include ARSA Health, or Advanced Reconstructive Surgery Alliance, which is taking 25,000 square feet at the campus, along with users such as Twin Lights Wealth Management, Robert Half and Four Winds Capital.
The deals also come as NVA Compassion First, the largest veterinary hospital operator in the country, continues construction on a new 107,000-square-foot space at Building 5.
“NVA and Paramount’s combined $40 million renovation of this section of the campus is an absolute game changer for this area of Red Bank and Middletown,” Maurice Zekaria
CEO and president of Paramount Realty, wrote in an email. “Building 5 and River Centre as a whole are located at the gateway to Red Bank, highly visible and strategically located at the Garden State Parkway’s Exit 109 full-exchange intersection with Newman Springs Road.”
The new Life Time Work facility will have many offices and a variety of other private and open workspaces, plus high-end conference rooms, private phone rooms and open meeting spaces, Zekaria said. The operator will also offer a month-to-month membership for turnkey spaces with furniture, unlimited WiFi, printing, copying, scanning and shredding services, along with a slate of events, healthy food options and access to all Life Time athletic resort and Life Time Work locations.
Newmark is the leasing team at River Centre, which the joint venture acquired in 2021 from the former Mack-Cali Realty Corp.
Newmark: Ownership eyes $25 million revamp of 668,000 sq. ft. Red Bank-area office campus
