SJP Properties Recapitalizes Somerset Corporate Center in Bridgewater, N.J. with P3RE

BRIDGEWATER, N.J. – SJP Properties today announced that P3RE has made an equity investment to become a partner in three of the five Class-A office buildings comprising Somerset Corporate Center in Bridgewater, N.J.

The partnership aligns P3RE, a Jackson, N.J.-based real estate company that has quickly positioned itself as a significant player in the New Jersey commercial real estate market, with the established market leadership of SJP Properties. 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,” stated 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,” stated Rosenblatt. “I look forward to further developing our relationship with SJP Properties for many years to come.”

Widely regarded as the premier corporate headquarters location in Central New Jersey, Somerset Corporate Center is home to numerous leading-edge 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 is in proximity to both 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. Somerset Corporate Center’s unique configuration affords access in all directions via Routes 202/206 and 22, as well as Interstates 287 and 78. Additionally, the center offers access to public transportation, including NJ TRANSIT service via a shuttle to the Somerville train station just four miles from the property, and features a state-of-the-art conference facility, as well as fitness centers and cafes in each of its buildings.

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.

 About SJP Properties

SJP Properties is a vertically integrated commercial and residential real estate developer, investor, asset manager, construction manager and property manager. The expertise of the company’s core in-house team of professionals encompasses the entire development process, from site selection through coordination of tenant move-in for large multi-phase office complexes as well as for individual tenant build-out projects. The company is a recognized leader in the development of build-to-suit office and mixed-use developments on behalf of a long-list of leading corporations, including Panasonic Corporation of North America, Prudential, BMW, Sanofi, Tiffany’s, Ingersoll Rand and Bayer. The company’s leadership has established relationships with many of the industry’s leading investors and financial institutions, providing unparalleled access to capital.

For 30 years, SJP has sustained an unblemished track record of success, having completed every project on time and within budget. For more information, please call 212-335-2200 or visit www.sjpproperties.com.