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:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 500 Plaza Drive
- Market: Secaucus
- Landlord: Tripp Gantt - Manulife Investment Management
- Tenant: Eric Ducournau - Pierre Fabre Laboratories
- Landlord's Rep: David Stifelman & Timothy Greiner - JLL
- Tenant's Rep: Ed Duenas, Joshua Cohen & Ryan DePaul - Cushman & Wakefield
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
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