Children's Place Leases 120,000 SF Office Space At 500 Plaza Drive In Secaucus
500 Plaza Drive
Building Size
120,000 SF
Asset Type
Office
Closing
Mar 5, 2024
AI
The property at 500 Plaza Drive in Secaucus, consisting of 120,000 square feet of office space, was involved in a recent lease transaction. This transaction saw Tripp Gantt of Manulife Investment Management leasing the space to Jane Elfers of Children’s Place. The landlord's representatives were David Stifelman and Timothy Greiner of JLL, while the tenant was represented by David Goldstein and Gregg Najarian of Savills.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Address: 500 Plaza Drive
- Market: Secaucus
- Landlord: Tripp Gantt - Manulife Investment Management
- Tenant: Jane Elfers - Children’s Place
- Landlord's Rep: David Stifelman & Timothy Greiner - JLL
- Tenant's Rep: David Goldstein & Gregg Najarian - Savills
The Children’s Place's new lease agreement for the office space at 500 Plaza Drive demonstrates their commitment to digital transformation and fleet optimization. Upgrades to enhance the tenant experience are planned by Manulife Investment Management, aligning with the tenant's strategic goals.
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