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500 Plaza Drive

Children's Place Leases 120,000 SF Office Space At 500 Plaza Drive In Secaucus
LEASEDOffice

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

Gregg Najarian

Savills

Broker

$5.5M

vol

4 deals

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