SECAUCUS, NJ – Marcus Partners, in a venture with Prudential Real Estate Investors, is acquiring and rebranding 500 Plaza Drive, a class A, 450,000 square foot office tower located in Secaucus, NJ. Marcus says it will invest $15 million in renovation of the lobby and construction of new conference and fitness centers, and a full service café. Plans also include construction of a new 250-space parking structure and 30 new visitor parking spaces in front of the building.
With the addition of 500 Plaza Drive, its final acquisition for Marcus Capital Partners Fund I LP, Marcus Partners now owns and manages 650,000 square feet of commercial real estate investments in New Jersey and over 5.5 million square feet along the East Coast. Marcus Partners will continue to actively grow its commercial real estate portfolio through value add acquisitions of office, bio-medical, medical office, R&D and industrial space in East Coast markets such as Metro Boston, suburban New York City (CT, NJ, NY), Metro Washington, D.C., and other select East Coast markets.
“500 Plaza is a transportation-oriented 'Urban/Suburban' property directly connected to Midtown Manhattan via both bus and rail services provided by NJ Transit, which makes it attractive to companies looking for close ties to Manhattan with the conveniences and lower costs of a suburban setting,” says David Fiore, Director of Marcus Partners' Metro New York office. “It is unique in that it is also set in a somewhat urban environment that has nine hotels, over 25 restaurants and cafes, retail stores and entertainment, all at its doorstep in Harmon Meadow. We are very pleased to partner with Prudential Real Estate Investors on this unique opportunity and look forward to being able to offer tenants a truly exceptional headquarters quality property.”
The building's tenant roster includes The Children's Place (headquarters) and AXA Financial.
500 Plaza offers a number of unique features for tenants, including a four-story atrium lobby and immediate access to public transportation, which is located adjacent to the property, 17 minutes from Midtown Manhattan. The top three floors of 500 Plaza Drive (approximately 90,000 square feet) featuring remarkable views of the Manhattan skyline are available for lease.
The building is located within the 4 million square foot Harmon Meadow mixed-use community at the intersection of Route 3 and Route 95 and has a regular shuttle service to the nearby Secaucus Junction Train Station.
A CBRE Group team of Geoff Schubert (senior vice president), Brian Godau (vice president), and Todd Ward (associate) will oversee leasing and all marketing efforts on behalf of the new ownership. “We're excited to have the opportunity to team up with Marcus Partners and PREI on this exciting acquisition,” said Schubert. “Acquiring 500 Plaza Drive, with its key location and ample amenities, will accelerate the Marcus Partners' growth in this region on a very positive note. Our CBRE team is well-prepared to support the owners through marketing and leasing efforts at the property.”
Marcus Partners is a value-oriented real estate investor, operator and redeveloper based in Boston, MA, with a regional office in Connecticut. The firm invests in real estate and related assets through its fully discretionary $250 million Marcus Capital Partners Fund II LP, pursuing a mix of strategic and opportunistic investment strategies. It currently owns/manages a diversified portfolio that includes more than 5 million square feet of office, medical office, R & D, warehouse and industrial properties located along the East Coast.
PREI is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Madison, NJ, PREI had gross assets under management of USD $55.8 billion ($41.8 billion net), as of March 31, 2014.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
