SECAUCUS, NJ—As Hartz Mountain Industries continues to reconfigure its portfolio in The Meadowlands, a new player in New Jersey has acquired the 303,000-square-foot office building at 300 Lighting Way from the company. The sales price paid by Rugby Realty Co. was not disclosed.
The seven-story building is situated near the intersection of the New Jersey Turnpike/I-95 and Route 3, between Mill Creek Mall and the Harmon Meadow mixed-use development.
Rugby, which is making its second office acquisition in New Jersey within eight months, plans extensive improvements at the building, renovations to the lobby and addition of a new fitness center, café and conference center.
The distinctive green glass structure has corner office terraces and generous parking. Shuttles run every 10 minutes to the nearby Secaucus Junction commuter rail hub.
“Many Manhattan companies are searching for a more affordable alternative to New York City for their back-of-office operations, and New Jersey is offering attractive incentives that will help to capture those jobs,” says Maurice Ades, Rugby Realty's principal and managing director. “We recognized 300 Lighting Way as one of the best options available to fill those requirements, and that's a focus in our leasing program.”
Roughly half of the building, or 156,000 square feet on three contiguous floors, is available for lease. If a single tenant were to take the entire space, there is an opportunity for prominent signage on the building's exterior, Ades said.
Last December 2013, Rugby purchased City View Corporate Center, a 135,418-square-foot, Class A office building in Lyndhurst. It also owns an industrial site in nearby Teterboro, N.J.
Based in New Rochelle, NY, Rugby Realty specializes in identifying undervalued properties and adding value through development and management.
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