The Vault at 55 Broad St. in Red Bank — Courtesy: Marcus & Millichap
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 LLC 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 Real Estate, the firm behind the recent renovation, purchased 55 Broad St. in 2016 and set out to attract new users to the building. The company said at the time that the property
was built for First National Bank in 1914 and fully renovated for Smith Barney in 1998.