"We wanted a firm that could draw upon both New Jersey and New York tenants," Edwin Cohen, a principal partner with Prism, tells GlobeSt.com. "We thought a firm that was active in both New York and New Jersey would be our best marketing choice. We also wanted a firm that did not have any conflicts in the area as far as representing the landlord of another building."
Tom Reilly and Dino Mattessich from JLL's New Jersey office and James Quinn out of the New York office will handle leasing for One Harmon Plaza, which is currently undergoing a $4.5 million renovation. "The primary motivation for the renovation was to make this the number one or two office building in the Meadowlands," explains Cohen. "In order to accomplish that with an asset of this age category, major improvements would have to be made."
According to Cohen, the improvements include a redo of the front plaza, the installation of a new glass canopy entryway and a refit of the lobby area and building elevators. The property is also receiving a new café, and the adjacent multistory parking structure will be improved.
Prism bought the 187,113-sf property from locally based Hartz Mountain Industries in January 2007 for an undisclosed price. According to Cohen, the property is 70% leased to tenants that include United Auto, Red Bull New York and Transcontainer USA. The property has easy access to Route 3 and the New Jersey Turnpike as well as a Crowne Plaza Hotel across the street and is five minutes from Secaucus Rail Station, which has regular trains to and from New York's Penn Station. In addition, the building could provide a naming opportunity to a tenant willing to lease three contiguous floors of the building, which together comprise just under 65,000 sf.
"The building is highly visible from a four-way perspective, whether you're going north or south on the Turnpike or east or west on Route 3," says Cohen. "It's also highly accessible and provides tremendous views of New York and the Hackensack River. It provides a very serene suburban-type setting in an almost urban environment."
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