Flex by JLL To Develop First Ground-Up Space
JLL’s flexible space solution is partnering with Manulife US REIT to open a 15,407-SF flex office and co-working space in Secaucus, NJ.
SECAUCUS, NJ – JLL’s enterprise-grade flexible space solution, Flex by JLL, has entered into an agreement with Manulife US Real Estate Investment Trust (MUST) to open a 15,407-square-foot flex office and co-working space in Secaucus, NJ.
The partnership marks Flex by JLL’s first official ground-up project to come to market in the US.
Located at 500 Plaza Dr., the space will offer flexible private offices, co-working space, meeting rooms, team suites and virtual offices for local residents and organizations. The space will also feature ergonomic furniture, Tier 1 fiber broadband internet access, interactive client portals to digitally book meeting rooms, an on-site hospitality team and state-of-the-art audio-visual equipment.
The space will be located within an existing 11-story office building, which offers tenants additional amenities and access to the New Jersey Turnpike and Rte. 3.
“We are excited for our new Flex by JLL location at 500 Plaza,” states Jacob Bates, head of Flex by JLL. “This location will include both co-working space and enterprise flex suites. Completed by our Flex by JLL design team, the space will incorporate components of our evolving environments and flexible architecture design ethos, offering flex tenants and members the ability to flex the built environment to their physical needs.”
Bates adds, “This partnership between MUST and Flex by JLL creates a symbiotic relationship and allows Flex by JLL to manage the flexible spaces while MUST maintains control of the space, experience, tenants and revenue.”
Upon the opening of the space in Q2 2023, Flex by JLL will be able to lease an additional 20,451 square feet in two phases within the year.
“We believe Flex by JLL to be the ideal operator for MUST to partner with at this stage, given the existing relationships between the two parties spanning facility management, capital markets brokerage, leasing and development services,” says Tripp Gantt, CEO of Manulife US REIT. “We believe this partnership will generate accretive, risk-adjusted returns that are superior to the alternative of pursuing traditional leases in the space.”