UBS Financial Services signs 10-year Red Bank office lease

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When Denholtz Properties announced its acquisition of a two-story building located along Broad Street in its home town of Red Bank, the firm said it aimed to create a “premier corporate destination” in the city. And with a big-name tenant signed on with a big footprint, those plans are taking shape.

CBRE and Cushman & Wakefield announced completing a lease for 20,715 square feet at the planned redevelopment of 140-148 Broad St. May 30, with UBS Financial Services Inc. signing on for 10 years.

A CBRE team of Senior Vice President Suzanne Macnow and Associates Alexandra Anagnostou and Justin Ridolfo partnered with Denholtz Senior Vice President, Leasing Kristine Hurlbut to spearhead the campaign and negotiate the lease transaction at the property on behalf of Denholtz Properties. Managing Director Josh Cohen and Executive Director Bill Brown of Cushman & Wakefield represented UBS in the transaction and advised the firm in its negotiations and securing the lease.

Situated in the heart of the Monmouth County municipality’s downtown, Denholtz acquired the 35,000-square-foot building at 140-148 Broad St. in 2022 along with two parking lots: an adjacent property located at 22 Reckless Place and a nearby space at 133 Broad St. Since then, the company has been at work to bring the building up to Class A standards with interior and exterior capital improvements.

“We are delighted to have such a high-caliber office tenant at 140-148 Broad Street,” said Macnow. “We look forward to welcoming UBS to this refreshed space, which will provide the firm’s employees and clients with a modernized experience and state of the art amenities, all in a highly walkable downtown environment.”

UBS Financial Services is currently located in Weehawken. A company representative did not immediately return a request for comment as to whether the company will relocate from that office, or if the new lease represents additional space for the financial services business.

“We are excited to welcome UBS to what we will know will soon be a highly sought-after corporate destination in downtown Red Bank,” Hurlbut said in a statement.

At the property, 9,729 square feet of space on the second floor and 8,560 square feet on the basement level are available for lease.

Denholtz’s work is on display elsewhere in the city, including at Southbank at the Navesink, a collection of waterfront condominiums; Route 35-based office property 310 and 322 Highway 35 S.; and the mixed-use The Rail @ Red Bank. Just last week, the firm expanded its “Rail” offerings with the beginning of work on a 143-unit community in Bound Brook.