Quest Diagnostics to Relocate Headquarters to 500 Plaza Drive in Secaucus, NJ
Marcus Partners, a value-oriented real estate investor, announced today that Quest Diagnostics Incorporated, (NYSE: DGX), the world’s leading provider of diagnostic information services, has signed a 130,200 square foot long term lease on the top four floors of 500 Plaza Drive in Secaucus, NJ, which will serve as the company’s new headquarters location.
500 Plaza Drive is a 460,000 square foot Class A office tower, which was purchased in mid-2014 as the last investment in Marcus Capital Partners Fund I, L.P., in a venture with a global institutional partner. The property, which already serves as headquarters for The Children’s Place, in addition to several other notable tenants, is now 99% leased.
Marcus Partners is currently investing its $250 million Marcus Capital Partners Fund II, L.P. in a variety of unique office properties like 500 Plaza Drive, as well as other value-add medical office, mixed use, warehouse, and industrial properties in select markets along the East Coast.
Marcus Partners recently completed a transformative $16.5 million repositioning program at 500 Plaza Drive to create a best-in- class quality office building. Upgrades include a comprehensive renovation of the five-story atrium lobby and common areas and the creation of prime amenity spaces, including a new 90-seat conference center, fitness center, full service café, and coffee bar. The property improvements also include the construction of a new 222-car parking deck, renovation of an existing 1,100-car parking garage, and the creation of 34 visitor parking spaces in front of the building.
David Fiore, who leads Marcus Partners’ NYC Metro office said, “We look forward to welcoming Quest Diagnostics to 500 Plaza. This is a special asset, and with the transformation of the property, we realized our vision to deliver the best asset in the market. I have to admit, the transformation even exceeded my expectations. My hat’s off to Gensler and our entire design and construction team.” Gensler, led by Dana Nalbantian, was the architect for the project.
The move to 500 Plaza Drive allows Quest Diagnostics to retain its New Jersey employees while being in better proximity to public transportation and many of its major health providers. The new office location will host approximately 600 employees.
Quest Diagnostics was represented by David Opper and David Zelinski of CBRE, and Marcus Partners was represented by Geoff Schubert, Brian Godau and Todd Ward of CBRE.
June 2016