Following a $100 million capital improvement plan, The Connell Company said on Thursday that it is nearing full occupancy of Round Table (RT) Workspaces at The Park in Berkeley Heights. Additionally, The Park engaged Capricorn Retail Advisors as its exclusive retail leasing consultant.
RT Workspaces is a rebrand of The Park’s office spaces with collaborative lounges, workstations and meeting rooms, as well as high-quality bars and cafes. It also features game rooms and access to Fieldhouse, the campus’ fitness center, as well as to Table & Banter’s hospitality team, which provides homemade and seasonal food, social activities and catering and event services for all tenants. RT Workspace is comprised of 1.5 million square feet of office space, has bolstered the campus’ leasing activity to bring its occupancy to approximately 97 percent.
Recently, Blackstone and global law firm Kennedys both signed long-term leases of over 25,000 square feet at RT Workspaces, leaving their previous office spaces in other New Jersey markets.
Both companies are expected to occupy their respective new spaces this year.
“At The Park, we are creating a new gold standard for East Coast office space, prioritizing a resort and lifestyle experience that is reflective of the needs of the modern worker,” Shane Connell, executive vice president at The Connell Company said. “Our vision for The Park is to establish a live-work-stay destination that is surrounded by an ecosystem of hospitality-driven amenity spaces, retail, and services. Our recent upgrades and rebranding of our office buildings were a key component that allowed us to fully execute our plan and enhance the tenant’s daily life.”
RTS is a membership-based workspace with approximately 560 members made up of several diverse companies, entrepreneurs, and individuals on varied membership levels.
After executing on its capital improvement plan and with strong demand in place for the remaining office space, The Connell Company said it is now also focusing on the next phase of the project, which includes building out the retail portion of The Park’s re-development.
With 55,000 square feet of new retail concepts introduced late last year including Emberside Brewery, Rosa Azul and BASH, The Connell Company is marketing an additional 65,000 square feet of retail space to complement The District at The Park.
Further activity is underway across the remaining retail areas, which are set to include a national grocer, upscale restaurants, cafés, and other lifestyle-focused retailers. These additions will further enhance the vibrant, mixed-use environment that supports The Park’s dynamic blend of living, working, and recreational experiences.
Shane Connell added: “Our vision for The Park has been to create an active, multiuse destination environment for living, working, gathering, eating and shopping. This next phase and goal is to create a dynamic, diverse mix of retailers for the walkable Main Street within The District at The Park that everyone can enjoy.”
“We are excited to have the opportunity to curate the retail component of this new age mixed-use project,” Larry Weinstein, principal at New York City based Capricorn Retail Advisors said. “The Park is capturing the attention of national brands and given Capricorn’s experience with ground-up developments and relationships with virtually every relevant retailer, this is a perfect match.”
