L+M Development Partners (L+M), Prudential Financial and Goldman Sachs Urban Investment Group (UIG) announced a 13,215-square-foot lease with SBM Management at the Hahne & Co. building, the 400,000-square-foot redeveloped former Hahne’s Department Store at 609 Broad Street in Newark.
Headquartered near Sacramento and with offices in five countries around the globe, SBM Management Services is a leading facilities management provider whose clients include some of the world’s premier Fortune 500 companies. It will relocate and expand its New Jersey headquarters operation from Edison, to occupy 13,215 square feet across the 2nd floor of Hahne & Co.
JLL executive vice president Peter Ladas represented the tenant in the 10-year lease. A JLL agency team led by managing director Blake Goodman and vice president Christopher Masi represented building ownership.
Prudential, L+M, and UIG opened the restored Hahne & Co. Building in 2017 following a multi-million-dollar redevelopment that included an arts and cultural center operated by Rutgers University-Newark and approximately 75,000 square feet of retail space on Broad Street occupied by Newark’s first Whole Foods and a Marcus Samuelson restaurant, Marcus B&P, among others. In addition to retail, commercial and community space, the development includes 160 new apartments, one third of which are affordable homes for low-income and working families earning between 40 and 60 percent AMI.
Fronting Military Park and located steps from the NJ Transit station at Newark Broad Street, tenants of the fully leased property include lending platform Credibility Capital, co-working operator LaunchPad and City National Bank.
“After an extensive site selection process, SBM Management Services was drawn to The Hahne Building’s tremendous location in the heart of Newark’s growing transit hub for their new East Coast headquarters. Amongst the thriving community of multinational companies, the area offers plenty of amenities and attractions, plus having Rutgers University footsteps away will help the company recruit and retain new talent to grow their business,” said Ladas.
“We are excited to establish our new headquarters in a historic downtown Newark property,” said Dave Sweet, senior vice president of Operations at SMB Management Services. “The relocation will allow us to better serve clients and provide a comfortable and convenient work environment for our employees as we continue to grow and elevate our service platform nationally.”
“The adaptive reuse of this historic property provides tenants with dynamic, non-traditional office space, best-in-class connectivity and the enhanced amenities that today’s workforce demands,” said Jake Pine, senior director at L+M Development Partners. “We are pleased to welcome SMB Management Services to the community of leading tenants in the building.”
The Hahne Co. building is also located several blocks from Walker House, the mixed-use development in the restored historic Art Deco NJ Bell building at 540 Broad Street in Downtown Newark. The 21-story building includes 264 units of mixed-income housing and a UPS store, along with a brewery called Newark Local Beer and Newark’s first climbing gym, Method Climbing.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.
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