JLL has completed two new transactions, totaling 95,000 s/f, at 500 Plaza Drive in New Jersey, which is managed by Manulife Investment Management’s Real Estate group.
Hartz Mountain Industries Inc. signed for 54,000 s/f of office space and AXA Equitable Life Insurance Co. renewed its lease for 41,000 s/f at the class A, 461,525 s/f office building.
Manulife Investment Management was represented in both transactions by JLL’s David Stifelman, managing director, and Timothy Greiner, executive managing director and head of New Jersey brokerage at JLL.
“500 Plaza Drive is an institutionally-owned office building located in the Meadowlands submarket,” said Stifelman. “This is a headquarters-quality property that has attracted world-class tenants like Hartz Mountain Industries and AXA Equitable Life Insurance.”
Hartz Mountain Industries Inc. signed a new, long-term lease for 54,000 s/f of office space and will occupy the entire sixth floor at 500 Plaza Drive. Hartz, one of the largest private owners of commercial real estate in the United States, is relocating to the building from nearby 400 Plaza Drive. The tenant was represented by Geoffrey Schubert, senior vice president, with CBRE Group Inc.
AXA Equitable Life Insurance Co. inked a renewal for 41,000 s/f of space and will continue to occupy the entire seventh floor of the building. The insurance giant was represented by Matthew Astrachan, vice chairman, with JLL.
500 Plaza Drive is an11-story building within Harmon Meadow. Originally constructed in 1985, the building recently underwent a multi-million dollar redevelopment in 2015, designed by Gensler. T
hese upgrades included a new parking garage, lobby and common area revitalization, as well as the development of a full-service cafeteria, conference center, fitness center, and rooftop patio.
500 Plaza is located within Harmon Meadow—the region’s largest and most prolific mixed-use development. Totaling 200 acres and four million square feet, the master-planned, amenity-rich environment includes residential apartments, approximately one million square feet of retail space, 25 restaurants, eight hotels, leisure and sports facilities, and a 14-screen cinema.
The strength of this location rests largely on its proximity to New York City and the Lincoln Tunnel as well as Newark Liberty International Airport, shipping ports and the state’s major highway and mass transportation networks.
Harmon Meadow is situated at the crossroads of the NJ Turnpike and Route 3, providing exceptional access to virtually any location within the New Jersey/New York metropolitan area. A shuttle service runs weekdays at peak hours to and from the Secaucus Junction Train Station.