500 Plaza Drive in Secaucus — Courtesy: JLL
By Joshua Burd
Signature Acquisitions has retained JLL as the leasing team at 500 Plaza Drive in Secaucus after its recent acquisition of the 464,000-square-foot office building.
According to the brokers, the landlord has also committed to upgrading the 11-story property, which is part of the master-planned, mixed-use Harmon Meadow campus at the junction of Route 3 and the New Jersey Turnpike. Those improvements are slated to include a refreshed conference center with new connective technology, an improved cafeteria, a fitness center and parking facilities.
The building is currently 70 percent occupied by a mix of corporate headquarter tenants, including medical testing firm Quest Diagnostics, dermo-cosmetic giant Pierre Fabre, The Children’s Place and real estate firm Hartz Mountain Industries, JLL said. That leaves some 133,000 square feet of available space, which Executive Managing Director Tim Greiner and Senior Managing Director David Stifelman are now marketing, including 65,000 square feet on the second floor, 50,000 square feet on the fifth floor and roughly 18,000 square feet across the seventh floor.
“Harmon Meadow offers the ideal work environment — combined with the perfect place to relax and socialize afterward,” said Sandy Monaghan, senior vice president and director of leasing of Signature Acquisitions. “It’s the best corporate lifestyle offered anywhere around. 500 Plaza is uniquely positioned to meet the needs of today’s tenants, and we look forward to working with JLL to introduce the newly renovated destination to occupiers seeking headquarters-quality space.”
The announcement comes some two months after Signature acquired 500 Plaza Drive from Manulife Investment Management, in a deal arranged by JLL’s capital markets team. The $50 million deal gave it a foothold in the 550-acre Harmon Meadow complex, which is home to restaurants, hotels, offices and apartments just three miles from Midtown Manhattan.
The district’s corporate tenants, spread across 2 million square feet of office space, have access to national and big-box retail, an LA Fitness Signature Club and a 14-screen movie theater. Other features include more than 30 restaurants and eateries, shops, salons and childcare centers, along with a convention center and nine hotels within walking distance.
“500 Plaza Drive is a one-of-a-kind offering in a high-demand location,” Stifelman said. The availability of headquarters-sized opportunities in a recapitalized building with strong, stable ownership appeals to tenants who require an ideal location and abundant amenities.”
Signature buys 446,000 sq. ft. Secaucus office building in $50 million deal with Manulife
