BRIDGEWATER, NJ—P3RE has made an equity investment to become a partner in three of the five class-A office buildings that are part of Somerset Corporate Center in Bridgewater, NJ.
The partnership aligns Jackson, NJ-based P3RE with SJP Properties, owner of the complex. Under the partnership agreement, SJP will continue to manage and lease the assets – Somerset Corporate Center I, II and V – as the operating partner.
“Having fully leased all of Somerset Corporate Center earlier this year, we were strongly positioned to recapitalize, and are pleased to have found a partner in P3RE that brings a creative approach to marketing to help maintain this property’s position as the business destination of choice in New Jersey,” says Steven J. Pozycki, founder and CEO of SJP Properties. “This equity investment is a testament to the superior business environment offered by Somerset Corporate Center, and the resulting success we’ve achieved attracting a world-class roster of tenants.”
Founded by Harvey Rosenblatt in 2015, P3RE now owns a portfolio of approximately two million square feet of commercial office and retail space in and around New Jersey, including BroadAcres Office Park in Bloomfield, and Eisenhower Corporate Campus in Livingston.
“While the recapitalization of Somerset Corporate Campus was a great economic opportunity, the ability to learn from and work closely with such an exceptional organization that Steve Pozycki has built, is invaluable,” says Rosenblatt. “I look forward to further developing our relationship with SJP Properties for many years to come.”
Widely regarded as a premier corporate headquarters location in Central New Jersey, Somerset Corporate Center is home to many companies that benefit from the center’s state-of-the art work environment, including Linde Americas, iconectiv, Mazda, Kering Eyewear, Allergan, Cognizant Technologies, Aon Hewitt and Merrill Lynch.
The center has convenient highway access to Newark International Airport and New York City, and is situated directly across from the nearly one million-square-foot Bridgewater Commons Mall – the second largest mall in New Jersey. Earlier this year, SJP Properties announced plans for a 130,000-square-foot Life Time fitness facility, a Zinburger restaurant, and a 150-room AC by Marriott hotel and restaurant, within Somerset Corporate Center.