Deals & Dealmakers: Hartz sells Harmon Meadow property to Rugby Realty
By REW Staff
Real Estate Weekly – July 9, 2014
Rugby Realty Co. Inc. announced it has acquired 300 Lighting Way, a Class A office building in Secaucus, N.J., from Hartz Mountain Industries. Financial terms were undisclosed.
The seven-story, 303,000 s/f property is situated near the intersection of the New Jersey Turnpike/I-95 and Route 3, between Mill Creek Mall and the Harmon Meadow mixed-use development.
The new owner plans extensive improvements including a renovated lobby and the creation of a new fitness center, café and conference center. The distinctive green glass structure offers corner office terraces, parking and a wealth of nearby restaurant and retail amenities. Shuttles run every 10 minutes to the nearby Secaucus Junction commuter rail hub.
“Many Manhattan companies are searching for a more affordable alternative to New York City for their back-of-office operations, and New Jersey is offering attractive incentives that will help to capture those jobs,” says Maurice Ades, Rugby Realty’s principal and managing director. “We recognized 300 Lighting Way as one of the best options available to fill those requirements, and that’s a focus in our leasing program.”
Roughly half of the building, or 156,000 square feet on three contiguous floors, is available for lease, creating an excellent opportunity for a large corporate tenant. If a single tenant were to take the entire space, there is an additional opportunity to secure prominent signage on the building’s exterior.
The purchase marks Rugby Realty’s second office acquisition in New Jersey and is part of an ongoing effort to grow its portfolio in the New York region. In December 2013, Rugby Realty purchased City View Corporate Center, a 135,418-square-foot, Class A office building in Lyndhurst, N.J. It also owns an industrial site in nearby Teterboro, N.J.
Based in New Rochelle, N.Y., Rugby Realty specializes in identifying undervalued properties and realizing their maximum potential through careful development and management.