Terms of the lease were not disclosed. Availabilities in the building are currently listed with rent "upon request" for a five-year term. The 11-story 500 Plaza Dr., located within the 3.5-million-sf Harmon Meadow mixed-use development, was completed in 1985 and renovated in 2001.
"Harmon Meadow complex provides a central location," says Emanuel Stern, president and COO of Hartz, which recently mounted a billboard and print advertising campaign touting purported cost savings of New Jersey vs. Manhattan. "AXA Equitable recognized the value of this location, and we're pleased they've expanded with us."
The signing marks the second major lease signed by AXA Equitable in New Jersey in 2008. As reported by GlobeSt.com, in February the insurer took 245,000 sf for 15 years at Brookfield Properties' Newport Tower at 525 Washington Blvd. in Jersey City.
It's also the second major lease Hartz has signed at its Harmon Meadow properties in 2008. In a previous transaction, Ernst & Young took 165,000 sf at 200 Plaza Dr. in January, a deal that including Hartz's construction of a new parking deck exclusively for E&Y's use. Further details were not released.
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