Marcus Partners and Prudential Real Estate Investors Acquire 500 Plaza Drive in Secaucus
Marcus Partners, in a venture with Prudential Real Estate Investors, announced today the acquisition of 500 Plaza Drive, a Class A, 450,000 square foot office tower located in Secaucus, N.J.
With the addition of 500 Plaza Drive, its final acquisition for Marcus Capital Partners Fund I, L.P., 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. 500 Plaza is unique in that it is also set in a somewhat urban environment that has 9 hotels, over 25 restaurants and cafes, retail stores and entertainment, all at its doorstep in Harmon Meadows.” said David Fiore, Director of Marcus Partners’ Metro New York office. “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.”
Marcus Partners has immediate plans to significantly improve the office tower to transform it into a prime amenity-rich office environment. Marcus Partners will rebrand the property to match the high standards they have set with other corporate headquarters facilities they own throughout the Tri-State Area by immediately commencing upon a $15 million property upgrade program to create a Best in Class headquarters quality office building in the Meadowlands market. Property upgrades include a comprehensive renovation of the lobby area and the creation of an amenity package that includes a new conference center, a new fitness center, and a new full service café. Plans also include construction of a new 250 space parking structure plus 30 new visitor parking spaces in front of the building. They look forward to welcoming another prestigious company onto the building’s prominent tenant roster, which includes several notable firms including 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.
CBRE’s 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.”
About Marcus Partners
Marcus Partners is a value-oriented real estate investor, operator and redeveloper based in Boston, Massachusetts, 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, L.P., 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. For more information about Marcus Partners, please visit WWW.MARCUSPARTNERS.COM.
About PREI
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, N.J., the company also has offices in Atlanta, Chicago, Miami, New York, San Francisco, Frankfurt, Lisbon, London, Luxembourg, Munich, Paris, Abu Dhabi, Mexico City, Hong Kong, Seoul, Singapore, Sydney and Tokyo. The company also has a representative presence in Rio de Janeiro. PREI had gross assets under management of USD $55.8 billion ($41.8 billion net), as of March 31, 2014. For more information, visit WWW.PREI.COM.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at WWW.CBRE.COM.
August 2014