Hartz Mountain Properties has sold 200 Plaza Drive in Secaucus for a reported $56 million.
Gaia Real Estate Investments, in conjunction with its partners Phoenix Insurance and Menora Mivtachim Insurance purchased the property, which is fully leased to finance giant Ernst & Young.
“This acquisition reflects Gaia’s strategy to buy office buildings in the first ring around NYC,” said Gaia managing partners Amir Yerushalmi and Danny Fishman.
“The building allows NYC-headquartered companies to have a workforce close to the city with much lower costs.”
The 249,863 s/f LEED certified building was redeveloped in 2008 with new base building systems, lobby, and façade renovation. Ernst & Young uses the building for its regional headquarters and global training center. The building is located six miles from E&Y’s world headquarters at 5 Times Square in New York City.
CBRE brokers Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE’s New York Institutional Group represented both Gaia and Hartz Mountain in the deal.
“The 200 Plaza Drive acquisition provides Gaia with a well located and quality corporate headquarters office building with excellent amenities and access to Midtown Manhattan,” said Dunne. “Gaia should do well with this new high quality investment.”
200 Plaza Drive is situated within Harmon Meadow, a 4.4 million square foot, mixed-use development with restaurants and hotels, more than one million square feet of national and big box retail, a newly developed LA Fitness club and a 14-screen movie theater.
It has quick access to midtown Manhattan via a shuttle bus service to Secaucus Junction Train Station and multiple bus routes.