Broadacres Office Park in Bloomfield — Courtesy: P3RE Properties
By Joshua Burd
A nonprofit that provides services to youth and families has leased 26,000 square feet at a 380,000-square-foot office park in Bloomfield, according to landlord P3RE Properties.
The real estate investment firm announced the lease at Broadacres Office Park with the Partnership for Children of Essex. The organization, which P3RE said aims to create a pathway for hope and improve the quality of life for families, is relocating to the campus along the Garden State Parkway from an existing space in West Orange.
Joe Tormen, senior vice president with Lee & Associates, brokered the transaction.
“Partnership for Children is excited to partner with P3RE and begin a new chapter in our history in continuing to meet the needs of the families of Essex County,” said Victor Alvarez, the organization’s executive director, noting that Broadacres will “provide an updated facility that will help to attract new talent to our growing staff of dedicated professionals.”
The lease is the latest transaction for P3RE since its acquisition of Broadacres this past March. With occupancy at 72 percent at the time, the firm started on a repositioning and rebranding campaign that included new signage and wayfinding, along with newly resurfaced parking lots, a new modern fitness center, LED lighting installed throughout parking lots and remodeled lobbies in the four-building campus.
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The landlord worked alongside marketing and design company SHADES as part of its efforts. Harvey Rosenblatt, P3RE’s founder and CEO, said the latest deal brings Broadacres to 85 percent occupancy — “well ahead of where we could’ve dreamed to be in such a short time.”
“From day one, we saw a great opportunity in acquiring Broadacres, we felt we could attract quality tenants out there, with the proper infusion of capital. We just never dreamed it would happen so fast,” Rosenblatt said. “We are thrilled to see it reaching its potential due to the fresh capital infusion.”
Broadacres sits between exits 151 and 153 of the Parkway and near the interchanges of routes 3 and 46. Each building offers some 94,000 square feet of space, with a park-like setting that features striking building facades and a reflecting pool and fountain.
“Working with P3RE and Prism has been both easy and refreshing,” Tormen said. “All of the tenant’s needs were addressed quickly and professionally. We were able to negotiate finish selections that would normally be an upgrade, in turn-key fashion, thus making for a better, brighter work environment.”
P3RE touted the property’s proximity to the affluent populations of Montclair and Essex Fells and access to NJ Transit rail and bus service.
