500 Plaza Drive in Secaucus — Courtesy: Signature Acquisitions
By Joshua Burd
Signature Acquisitions has secured a $60 million loan to refinance a 465,000-square-foot office building in Secaucus, where it recently extended the lease of a prominent anchor tenant.
The firm, which is based in Cranford, said Deutsche Bank provided the five-year balance sheet loan in connection with 500 Plaza Drive. That supports its long-term ownership of the 11-story building, which it acquired last year, seeking to leverage a location within the iconic Harmon Meadow complex, at the junction of Route 3 and the New Jersey Turnpike and just four miles from Manhattan.
“Banks are coming back for office buildings,” said Abe Brach, CEO of Signature Acquisitions. He noted that Quest Diagnostics recently extended its 131,000-square-foot lease at the property, where it serves as the anchor tenant, that will keep it in place through at least 2039.
The 11-story building is more than 75 percent occupied thanks to the long-term extension and two other deals announced in late April by Signature Acquisitions. The firm also has additional activity at the property, which was built in 1985 and benefits from a major upgrade completed by prior ownership.
In a separate deal, Signature scored financing for a roughly 55,000-square-foot cold storage facility at 8250 West Side Ave. in North Bergen. Flagstar Bank provided the loan for the property, which is home to a major food company.
Signature inks long-term, 131,000 sq. ft. lease extension for Quest headquarters in Secaucus
