The Children’s Place, which recently received $78.6 million in loans from its newest majority stake owners, has signed a new lease to occupy 120,000 square feet of office space at 500 Plaza Drive in Secaucus, a 466,496-square-foot property that is managed by Manulife Investment Management for Manulife US REIT, according to a Tuesday announcement from JLL, which represented the landlord.
A longtime tenant, the Children’s Place committed to remain at the property as the company continues to accelerate digital transformation and fleet optimization strategies. The Children’s Place previously occupied 197,000 square feet.
JLL’s David Stifelman, senior managing director, and Timothy Greiner, executive managing director and the firm’s head of New Jersey brokerage, serve as exclusive agents for 500 Plaza Drive and represented Manulife. The tenant was represented by Savills Tri-State President David Goldstein and Vice Chairman Gregg Najarian.
“We are pleased the Children’s Place has chosen to remain at 500 Plaza Drive as it continues to execute its business plan. The property is a superior asset in the Secaucus market, and this lease reaffirms it as one of the area’s premier corporate addresses,” Tripp Gantt, CEO of Manulife US REIT, said.
Additionally, ownership has announced a new capital campaign at the property, which is situated in the 200-acre Harmon Meadow campus of restaurants, hotels, offices and apartments clustered within a highly accessible master planned community that includes national and big box retail, LA Fitness Signature Club and a 14-screen movie theater. With a focus on further elevating the tenant experience, the building’s HVAC will be replaced with state-of-the-art infrastructure and the 1,474-vehicle covered parking garage will be upgraded. Currently, potential tenants are touring three full floors that feature high ceilings, floor-to-ceiling windows, flexible floorplates and some 7th-floor offices with private outdoor space.
“As we continue to adjust to changing office dynamics, it is very rewarding when tenants double down on a property that has successfully supported their business objectives, and we are thrilled to complete this transaction with the Children’s Place,” Stifelman said. “We are seeing a great deal of interest in 500 Plaza Drive, and Manulife’s plans will further elevate the building and ensure it remains a sought-after address in the market as occupancy trends continue to evolve.”
Major tenants of 500 Plaza Drive include Hartz Mountain Industries and Quest Diagnostics. Hartz is the former longtime owner of the 11-story building where it now houses its global headquarters.
