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.
Jeffrey Dunne, Kevin Welsh, and Brian Schulz of CBRE Institutional Properties represented Harbor International in the transaction.
“The sale of 100 Plaza drive represents the seventh office or retail transaction in Harmon Meadow over the last three years, totaling more than $350 million of capital investment in the complex by major institutional investors,” says Dunne. “The significant interest in Harmon Meadow demonstrates the continued demand for high quality, mixed-use environments with access to mass transit and proximity to major metropolitan areas, as this has become integral in both attracting and retaining talented employees.”
This transaction follows CBRE's sales of 400 Plaza Drive in 2015, 500 Plaza Drive in 2014, as well as 100 and 200 Plaza Drive in 2013.
CBRE Institutional Properties is also selling several other properties in Secaucus, including 500 Plaza Drive, a recently renovated 462,000 square foot property that is 99-percent leased and serves as the world headquarters for The Children's Place and Quest Diagnostics; 300 Harmon Meadow, a 125,000 square foot multi-tenant office building that is home to the corporate headquarters of Vitamin Shoppe; elsewhere, CBRE is marketing Two Riverfront Plaza, a 337,500 square foot trophy office building in Newark, NJ that is net leased to Panasonic N.A.; and 175 Park Avenue, the world-class 270,000 square foot global headquarters of Realogy in Madison, NJ.
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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].
