A sweeping update of River Centre, a 668,107-square-foot office campus on Newman Springs Road in Red Bank, was slated to include new entrances and facades, upgraded common spaces, a new HVAC system and roof enhancements, along with new signage and wayfinding, activated terraces and a redeveloped walkway along the Navesink River. — Rendering courtesy: Newmark
By Joshua Burd
Hackensack Meridian Health has taken 50,000 square feet at a revitalized office campus in Red Bank, topping a list of newly announced deals by the property’s leasing team.
According to Newmark, which represents ownership at River Centre, the deal by the health care provider is among more than 110,000 square feet of new commitments, renewals and expansions at the six-building, 668,107-square-foot complex at 331 Newman Springs Road. It’s also the largest office transaction in Monmouth County since 2023, the firm said, noting that demand for quality space in the region continues to outpace supply.
Newmark Senior Managing Director Jamie Drummond, Associate Director Andrew Perrotti and Associate Luke Reid represent the campus’ owner, Paramount Realty. CBRE’s Suzanne Macnow represented Hackensack Meridian Health in its lease negotiations.
“These transactions highlight the continued demand for a highly amenitized, strategically positioned office environment, which only briefly describes the offerings at River Centre,” Drummond said. “Further fueling interest at the campus, is the eight-figure capital improvement program that ownership currently implementing delivering campus-wide upgrades, evidenced by the latest leasing activity.”
Paramount Realty’s sweeping update of the property, announced in 2022, was slated to include new entrances and facades, upgraded common spaces, a new HVAC system and roof enhancements, along with new signage and wayfinding, activated terraces and a redeveloped walkway along the Navesink River. The project aims to capitalize on the site’s location just off the Garden State Parkway and minutes from downtown Red Bank, which is home to a host of retail, restaurants and hospitality offerings, public parks and newly developed apartment buildings.
Newmark noted that Monmouth County’s office market remains strong, with Class A leasing accounting for more than 74 percent of activity in 2024. With continued demand for quality space, availability has now fallen below 13 percent for the first time since 2020.
Newmark: Ownership eyes $25 million revamp of 668,000 sq. ft. Red Bank-area office campus
