Hershkovich, A Private Investor, Acquires 100 Plaza Drive, Secaucus, NJ

100 Plaza Drive, Secaucus, NJ

SECAUCUS, NJ—Howard Hershkovich, a private investor from Brooklyn, has acquired 100 Plaza Drive in Secaucus, NJ, from Harbor Group International for $62 million. Hershkovich purchased the property as part of a Section 1031 tax exchange.

100 Plaza Drive is a 264,973-square-foot, four-story office building that is 100-percent leased and 93-percent anchored by leading global tenants including NBA Entertainment and Scholastic. The property offers high quality stable cash flow with long-term leases and significant tenant investment ($30+ million by NBA Entertainment for state-of-the-art production space used to create their Emmy-winning TV programs) increasing renewal probability.

Located in the mixed-use Harmon Meadow complex at the crossroads of Route 3 and the New Jersey Turnpike, 100 Plaza Drive has access to the region’s premier 4.4 million-square-foot live/work/play/stay environment with more than 20 restaurants, 8 hotels, more than 1 million square feet of retail, and multifamily under construction. Four miles from Manhattan, Harmon Meadow offers multiple forms of mass transit via shuttle to Secaucus Junction or various bus routes at the front door, which drives demand from major NYC corporations that can lower occupancy costs and benefit from the area’s highly educated corporate workforce and regional accessibility.