500 Plaza Drive in Secaucus — Courtesy: JLL
By Joshua Burd
The Children’s Place is staying put at its longtime home in Secaucus after signing a new lease for 120,000 square feet, in a newly announced deal by JLL.
According to the brokerage team, the apparel maker committed to remain at 500 Plaza Drive as it continues a plan to overhaul key aspects of its business. It’s downsizing from 197,000 square feet in the process, but will continue to benefit from the property’s location in the mixed-use Harmon Meadow campus and its proximity to the region’s highway network.
JLL Senior Managing Director David Stifelman and Executive Managing Director Timothy Greiner, the firm’s head of New Jersey brokerage, represented Manulife Investment Management as the leasing agent at the 466,496-square-foot building. Savills Tristate President David Goldstein and Vice Chairman Gregg Najarian represented the tenant.
“We are pleased The Children’s Place has chosen to remain at 500 Plaza Drive as it continues to execute its business plan,” said Tripp Gantt, CEO of Manulife US REIT. “The property is a superior asset in the Secaucus market and this lease reaffirms it as one of the area’s premier corporate addresses.”
The deal comes amid a newly announced plan to improve the property, one that will include new HVAC infrastructure and upgrades to the 1,474-vehicle covered parking garage. JLL noted that, currently, potential tenants are touring three full floors that feature high ceilings, floor-to-ceiling windows, flexible floorplates and some seventh-floor offices with private outdoor space.
“As we continue to adjust to changing office dynamics, it is very rewarding when tenants double down on a property that has successfully supported their business objectives and we are thrilled to complete this transaction with The Children’s Place,” Stifelman said. “We are seeing a great deal of interest in 500 Plaza Dr. and Manulife’s plans will further elevate the building and ensure it remains a sought-after address in the market as occupancy trends continue to evolve.”
Part of the 200-acre Harmon Meadow campus, the building provides tenants with quick access to restaurants, hotels and apartments, as well as an LA Fitness Signature Club and a 14-screen movie theater. Occupiers also sit at the crossroads of the New Jersey Turnpike and Route 3 and benefit from an extensive bus service and a commuter shuttle service to the Secaucus Junction train station.
Major tenants of 500 Plaza Drive include Hartz Mountain Industries, the building’s former longtime owner, and Quest Diagnostics.
