500 Plaza Drive in Secaucus — Courtesy: JLL
By Joshua Burd
The owner of a well-known office building in Secaucus is seeking a buyer for the property, the home of major tenants including The Children’s Place and Quest Diagnostics.
Brokers with JLL are marketing the 466,440-square-foot asset, 500 Plaza Drive, touting it as both a high-end property and an opportunity for a buyer to create value. They noted that the building, which opened in 1985 and was extensively renovated in 2015, is 71.9 percent occupied with a diverse tenant mix and a weighted average lease term of 8.9 years, while it benefits from its location in the landmark Harmon Meadow district at the nexus of Route 3 and the New Jersey Turnpike.
JLL’s Jose Cruz, Jeremy Neuer and Bradley Wachenfeld are leading the marketing team, with Max Custer and David Stifelman available for financing and leasing support, respectively.
“The property presents significant growth opportunities, given its extensive range of luxurious on-site and nearby amenities,” JLL wrote in its marketing materials. “500 Plaza is a trophy asset with a robust amenity package both in the building and the walkable neighborhood with restaurants including The Carnegie Diner, Shake Shack, Buffalo Wild Wings, Cava, Starbucks and many others.”
The offering follows a high-profile lease extension at 500 Plaza Drive between The Children’s Place and Manulife Investment Management, with JLL’s Stifelman and Executive Managing Director Timothy Greiner representing ownership in the deal earlier this year. The team noted that the apparel maker would remain at its longtime home as it continues a plan to overhaul key aspects of its business, having downsized from 197,000 square feet but still occupying nearly 120,000 square feet at the building.
The JLL capital markets team said The Children’s Place’s renewal runs through May 2037. Meantime, Quest Diagnostics is committed to the property through October 2029 under a lease that spans more than 130,000 square feet.
As 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 benefit from its highway access, the region’s extensive bus system and a commuter shuttle service to the Secaucus Junction train station.
JLL: Children’s Place signs new 120,000 sq. ft. office lease to remain in Secaucus
