Friday, June 14, 2013

Hartz Mountain Sells 250,000-SF Investment in Secaucus

Gaia Real Estate Holdings LLC, along with equity partners Phoenix Insurance and Menora Mivtachim Insurance, has closed on its acquisition of Atrium 2 in the Harmon Meadow business park, located at 200 Plaza Dr. in Secaucus, NJ, from Hartz Mountain Industries, Inc.

The four-story, 249,863-square-foot office building was constructed in 1984 on three acres in the Meadowlands submarket of Hudson County, part of the 4.4 million-square-foot, mixed-use Harmon Meadow, which provides access to more than one million square feet of retail, restaurants, a hotel, a 14-screen movie theater, and an LA Fitness club. The building was renovated in 2008 with new base building systems, lobby, and renovated facade. It features more than 1,200 covered parking spaces, an atrium, and attached skywalk.

The LEED-certified asset is fully leased to Ernst & Young, a global assurance, tax, transaction and advisory services firm, for its regional headquarters and global training facility. The site is just six miles from the firm's world headquarters at 5 Times Square in New York City.

"This acquisition reflects Gaia’s strategy to buy office buildings in the first ring around New York City," noted Gaia Managing Partners Amir Yerushalmi and Danny Fishman in a release. "The building allows NYC-headquartered companies to have a workforce close to the city with much lower costs."

"The 200 Plaza Drive acquisition provides Gaia with a well located and quality corporate headquarters office building with excellent amenities and access to Midtown Manhattan. Gaia should do well with this new high-quality investment."

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