Hahne & Co. at 609 Broad St. in Newark — Courtesy: Pierson Commercial
By Joshua Burd
Pierson Commercial has completed the lease-up of nearly 30,000 square feet of retail space at Hahne & Co., the landmark project in downtown Newark by L+M Development Partners.
Anchored by Whole Foods, the property at 609 Broad St. has drawn a collection of national, regional and local tenants to a mix of street-level and interior units that became available after L+M’s adaptive reuse of the iconic but long-vacant Hahne’s department store building. Those users include Barnes & Noble, CityMD, RWJBarnabas Health, RadNet and others, complementing the site’s 160 apartments and 100,000 square feet of office and educational space that creates a steady population of residents, office workers, students and visitors.
Other tenants include Sweetwaters Coffee & Tea, Panda Express, Brunswick Burger House, Urban Agriculture Cooperative, Kite + Key and additional food, beverage, wellness and service-oriented concepts.
“Achieving full lease-up at Hahne’s is a testament to both the growing strength of downtown Newark and ownership’s vision behind this redevelopment,” said Ryan Starkman, a vice president at Marlboro-based Pierson Commercial, later adding: “We’re proud to have partnered with ownership on bringing together such a strong and complementary tenant mix.”
Pierson Commercial served as the exclusive leasing agent for The Retail at Hahne & Co., which sits at the center of a growing residential area and a daytime and student population driven by the city’s large office market and colleges. The property is also less than 20 minutes from New York Penn Station, making it a highly accessible retail destination.
L+M debuted the high-profile Hahne’s project in 2016 under a partnership with Prudential Financial Inc. and The Goldman Sachs Group.
“With its successful lease-up, Hahne’s has brought a diverse mix of retailers to downtown Newark, underscoring the project’s success as a desirable location for residents, shoppers, and businesses alike,” said Jake Pine, managing director at LMXD, a L+M Development Partners affiliate. “This vibrant retail environment anchors the revitalization of this important submarket and supports the continued resurgence of the neighborhood. We’re grateful to our partners for their vision and commitment to securing such high-quality tenants for the community.”
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