By Joshua Burd
Hovnanian Enterprises reportedly will sell its headquarters building in Red Bank to OceanFirst Financial Corp., paving the way for the homebuilder to move its offices to Old Bridge.
A report last week by the Asbury Park Press said OceanFirst, fast-growing bank based in Toms River, would purchase the 65,200-square-foot building for an undisclosed price. Hovnanian, meantime, will leave behind the space at 110 West Front St. after 11 years in the Monmouth County borough.
“We’ve outgrown our space, so we need more space,” OceanFirst spokeswoman Jill Hewitt told the Gannett newspaper, noting that the Red Bank location would house administrative staff.
The report came as Hovnanian grapples with losses, a falling stock price and efforts to refinance its debt. CEO Ara Hovnanian told the Asbury Park Press that the homebuilder could invest the proceeds of the sale to help the company grow.
The report said Hovnanian’s new location will occupy an office park in Old Bridge that is currently leased by iCIMS, a technology company that is slated to move to the Bell Works complex in Holmdel later this fall.
“As we move forward with the benefit of longer term financing, we remain focused on reloading our land position and returning to consistent profitability,” Hovnanian said in a prepared statement, according to the report. “While this has been a long and arduous recovery, we are confident that we can successfully deploy our strategies and remain on track for long term success in the future.”