Newark’s Hahne & Co. building is home to a cultural center operated by Rutgers University-Newark, the city’s first Whole Foods and a Marcus Samuelson restaurant. Now, a company with California roots is joining the ranks with a newly signed lease to move its N.J. headquarters to the property.
L+M Development Partners, Prudential Financial and Goldman Sachs Urban Investment Group on May 26 announced a 13,215-square-foot lease with SBM Management Services at the former Hahne’s Department Store located at 609 Broad St.
JLL Executive Vice President Peter Ladas represented the tenant in the 10-year lease; building ownership was represented by a JLL agency team led by Managing Director Blake Goodman and Vice President Christopher Masi.
Facilities services provider SBM Management Services is based in McClellan, Calif., with offices in five additional countries. According to the announcement, the company will relocate and expand its New Jersey headquarters operation from Edison to occupy space on the second floor at Hahne & Co.
It joins fellow tenants at the fully leased property, including Credibility Capital, LaunchPad and City National Bank.
“We are excited to establish our new headquarters in a historic downtown Newark property,” said SMB Management Services Senior Vice President of Operations Dave Sweet. “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.”
A handful of companies have decided to set up shop in Newark of late, including WebMD, which will move its headquarters to occupy 100,000 square feet of space at the nearby Gateway Center, and the HAX tech accelerator from Princeton-based SOSV, which is slated to debut this year.
“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,” Ladas said. “[Among] 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.”
Facing Military Park, Hahne & Co. is within walking distance of the NJ Transit station at Newark Broad Street. Following a multimillion redevelopment effort, Prudential, L+M and UIG opened the restored Hahne & Co. Building in 2017.
“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 L+M Senior Director Jake Pine. “We are pleased to welcome SMB Management Services to the community of leading tenants in the building.”
The development boasts approximately 75,000 square feet on Broad Street in addition to 160 apartments, one-third of which are affordable homes for people earning between 40% and 60% Area Median Income.d