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Deals & Dealmakers

Quest Diagnostics inks 130,000 s/f Secaucus lease

Quest Diagnostics has signed a deal to relocate its headquarters to 130,200 s/f at Marcus Partners’ 500 Plaza Drive in Secaucus, NJ.

The diagnostic information company will relocate from  the Giraldi Farms corporate campus in Madison to occupy the top the top four floors of 500 Plaza Drive with 600 employees.

“We look forward to welcoming Quest Diagnostics to 500 Plaza,” said David Fiore of Marcus Partners, the property owner.

500 PLAZA
500 PLAZA DRIVE

Marcius bought the 460,000 s/f landmark Harmon Meadow building from Hartz Mountain Industries in 2014 for $69 million

The investment company recently  completed a $16.5 million repositioning program at 500 Plaza Drive that included a full renovation of the five-story atrium lobby and common areas and the creation of amenity spaces, including a new 90-seat conference center, fitness center, café,and coffee bar.

Gensler, led by Dana Nalbantian, was the architect for the project, which also included 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.

“This is a special asset, and with the transformation of the property, we realized our vision to deliver the best asset in the market,” said Fiore. “ I have to admit, the transformation even exceeded my expectations. My hat’s off to Gensler and our entire design and construction team.”

Geoff Schubert, Brian Godau and Todd Ward of CBRE represented Marcus Partners in its lease negotiations with Quest Diagnostics, which represented by David Opper and David Zelinski, also of CBRE.

Marcus Partners has just completed a $16M renovation.
Marcus Partners has just completed a $16M renovation.

The deal brings the property – which already serves as headquarters for The Children’s Place – to 99 percent  leased.

Marcus Partners bought the property  as the last investment in Marcus Capital Partners Fund I, L.P., in a venture with a global institutional partner.  The company is currently investing its $250 million Marcus Capital Partners Fund II, L.P. in a variety of office properties, as well as other value-add medical office, mixed use, warehouse, and industrial properties in select markets along the East Coast.

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