CBRE Announces Sale of 100 Plaza Drive
By Mel Fabrikant Thursday, December 05, 2013, 06:16 PM EST
Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE’s New York Institutional Group represented Hartz Mountain Industries, Inc. (“Hartz”), on the sale of 100 Plaza Drive in Secaucus, NJ (the “Property”) for $47 million. The team was also responsible for procuring the buyer, Harbor Group International.
100 Plaza Drive is a 264,973± office building that was developed by Hartz in 1981 and substantially renovated in 2008-2011 to create a modern generation work environment. The Property is currently 90% leased and anchored by a globally recognized tenant base including NBA Entertainment and Scholastic. The NBA and Scholastic both maintain their world headquarters in Manhattan and strategically chose 100 Plaza Drive because of its lower occupancy costs, connectivity to Manhattan via public transportation and access to a deep amenity base.
The Property was recently renovated including a new facade, roof and HVAC with upgraded 4-story atrium and entryways along with a newly constructed adjacent parking deck. The Property benefits from its location within Harmon Meadow, a thriving 4.4 million SF mixed-use development, with access to numerous restaurants (17), hotels (8), more than 1 million SF of national and big box retail, and the newly developed LA Fitness club and a 14-screen movie theater which provides an attractive mixed-use work environment for employees and visitors.
This sale follows the recent disposition of 200 Plaza Drive to Gaia Real Estate for $56 million, where the team also represented Hartz earlier this year.
“The 100 Plaza Drive acquisition provides Harbor Group International with a well located, recently renovated office building with excellent access to Midtown and an unmatched amenity base,” said Mr. Dunne. “Harbor Group International was attracted to the Property’s strong credit tenancy and minimal near term rollover, and should fare well with the investment.”