The deal means a headquarters move for High Point Safety and Insurance, which is currently based at 23 Main St. in nearby Holmdel, NJ, also in Monmouth County. The lease term runs for a total of 11 years, however, further terms of the transaction were not disclosed.
High Point Safety and Insurance, a subsidiary of the Berkeley Heights, NJ-based Palisades Safety and Insurance Association, is the former property and casualty business of Prudential Financial Inc. Palisades acquired the business for a reported $260 million in a deal that was announced a year ago and closed last November.
The deal brings One River Centre, a three-building class A office complex totaling some 480,000 sf, to just over the 80% leased mark. Last December, Mack-Cali announced that it had provided mezzanine financing for the complex, and had simultaneously signed on to provide property management and leasing services on behalf of owner One River Associates. The latter is a local partnership headed by William Schaffel and Ben Torcivia Sr.
Robert Bull, senior managing director in the Edison, NJ office of the Studley organization, represented the tenant in the transaction. Located at Exit 109 of the Garden State Parkway, One River Centre has seen a total of more than 360,000 sf of leases signed since a year ago. The asset was repositioned as a multi-tenant complex last year.
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