The Vault at 55 Broad St. in Red Bank — Courtesy: Marcus & Millichap
(Editor’s note: This story was updated Thursday, Dec. 8, with additional information from the seller, Saxum Real Estate.)
By Joshua Burd
A private investor has acquired a nearly 25,000-square-foot office property in downtown Red Bank for $10.7 million, brokers with Marcus & Millichap said Tuesday.
Known as The Vault, the building at 55 Broad St. is a historic marble and granite structure that has been renovated in recent years to attract new high-end tenants. Marcus & Millichap’s Alan Cafiero, Brent Hyldahl and Seth Goldberg represented an affiliate of Saxum Real Estate in its sale of the 24,032-square foot property, in a deal that translates to more than $445 per square foot.
“Even in a challenging debt market, all cash 1031 exchange buyers are still looking for high-quality trophy assets with long-term leases and credit tenants,” Cafiero said. “The Vault possessed all attributes. Not only did the property have long-term net leases to multiple credit tenants, but the property is located in the heart of one of New Jersey’s most sought-after downtowns.”
Saxum acquired the property in 2017 as one of the first investments made under the firm’s inaugural Adamas Fund. In repositioning the building, the team preserved its distinctive façade and updated common spaces, while completing exterior upgrades such as a new thermoplastic polyolefin roof, illuminated and backlit tenant signage, LED lighting and a new parking lot with ADA accessibility.
The Vault secured an anchor tenant in 2020, signing a global financial services firm to a long-term lease for 50 percent of the building, according to a news release. Saxum subsequently secured biopharmaceutical company Provention Bio and New York-based hedge fund ExodusPoint Capital Management to complete the asset’s lease-up.
“The sale caps off another example of Saxum’s longstanding commitment to restoring and elevating iconic buildings in our communities,” said Mike Lickstein, associate general counsel for Saxum. “This was a several-year effort by the Saxum team leading to a finished product that we are proud to deliver for building’s tenants and Red Bank community at large. We wish the buyer group nothing but the best as we pass along stewardship of this historic asset.”
At the time of its acquisition, the company said the property was built for First National Bank in 1914 and fully renovated for Smith Barney in 1998.