500 Plaza Drive in Secaucus — Courtesy: JLL
By Joshua Burd
Hartz Mountain Industries has signed a new 54,000-square-foot office lease in its longtime home of Secaucus, in one of two newly announced transactions by JLL.
In a news release, the real estate services firm said that both Hartz and AXA Equitable Life Insurance Co. have completed leases at 500 Plaza Drive. The latter has inked a 41,000-square-foot renewal at the 461,525-square-foot property, which is managed by Manulife Investment Management’s real estate group.
JLL’s David Stifelman, managing director, and Timothy Greiner, executive managing director and the firm’s head of New Jersey brokerage, represented Manulife in both deals. CBRE Senior Vice President Geoffrey Schubert represented Hartz, while JLL Vice Chairman Matthew Astrachan represented AXA Equitable.
“500 Plaza Drive is an institutionally owned office building located in the Meadowlands submarket,” Stifelman said. “This is a headquarters-quality property that has attracted world-class tenants like Hartz Mountain Industries and AXA Equitable Life Insurance.”
Hartz, one of the state’s iconic developers, is the former longtime owner of the 11-story building, which is part of its flagship Harmon Meadow complex at Route 3 and the New Jersey Turnpike. It is relocating from nearby 400 Plaza Drive and will occupy the entire sixth floor as part of its new long-term lease.
JLL noted that 500 Plaza, which was originally built in 1985, recently underwent a multimillion-dollar renovation in 2015 that was designed by Gensler. The upgrades included a new parking garage, lobby and common area revitalization, as well as the development of a full-service cafeteria, conference center, fitness center and rooftop patio.
The firm also touted the offerings across Harmon Meadow’s 200 acres, which include retail space, restaurants, hotels, apartments and other uses totaling 4 million square feet. The site is minutes from the Lincoln Tunnel and Newark Liberty International Airport, with easy access to the region’s vast highway network.