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500 Plaza Drive

Pierre Fabre Leases 25,000 SF Office Space At 500 Plaza Dr, Secaucus
LEASEDOffice

Pierre Fabre Leases 25,000 SF Office Space At 500 Plaza Dr, Secaucus

500 Plaza Drive

Building Size

25,000 SF

Asset Type

Office

Closing

Apr 18, 2024

AI

The office property located at 500 Plaza Drive in Secaucus, spanning 25,000 square feet, was leased to Pierre Fabre Laboratories, a French pharmaceutical and cosmetics company. The lease was facilitated by JLL on behalf of the landlord, Manulife Investment Management. The modern office space will serve as Pierre Fabre's North American headquarters, featuring open collaboration areas and a skyline-view outdoor patio.

Summary of transaction details:

JLL played a crucial role in securing the lease for Pierre Fabre Laboratories, marking a strategic expansion for the French company. The move to establish their North American headquarters at 500 Plaza Drive signifies a significant step in their corporate growth strategy. The office space offers modern amenities, reflecting the company's forward-thinking approach and commitment to innovation.

Players

Ed Duenas

Cushman & Wakefield

Broker

1 deal

Broker

Secaucus Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93