2B — February 12 - 25, 2016 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey Cushman & Wakefield says leasing demand remains strong for class A office property Rugby Realty completes repositioning of 300 Lighting Way in Secaucus, NJ
ECAUCUS, NJ — Rug- by Realty has completed its multi-million-dollar repositioning of 300 Lighting Way in Secaucus with the addi- tion of tenant amenities includ- ing a high-tech tele-conference center, full-service cafeteria and fitness center. Commercial real estate services firm Cush- man & Wakefield serves as leasing agent for the owner- occupied, 303,000 s/f class A office property. Since acquiring the build- ing in 2014, Rugby Realty has continually modernized its sys- tems and aesthetics. Maurice Ades , principal and managing S
partner at the privately-held company, said, “We’ve made improvements from the roof down. The property had a good infrastructure, and we’ve been upgrading each time we build out space for a new tenant.” The recent renovations, completed in the fourth quarter of 2015, include remodeling the lobby, elevator cabs and elevator landings. “Demand along the Route 3 corridor has exploded, and landlords have responded by presenting newly renovated, value-add properties to mar- ket,” said Cushman & Wake- field’s Curtis Foster , who with
Jerry Shifrin leads the East Rutherford, New Jersey-based property leasing team. Foster noted that Northern New Jer- sey – and the Meadowlands in particular – is the only sub- market seeing increased activ- ity from suburban areas such as Bergen and Morris counties. East-Hanover-based Clas- sic Café Management oper- ates the new cafeteria. The tenant-only fitness center is fully equipped with cardio and strength-training equipment as well as men’s and women’s locker rooms and showers. The state-of-the-art communica- tions center – designed to ac- commodate 20 to 30 people in a conference-style setting – can be converted easily to seminar seating or a classroom configu- ration for corporate training. Constructed in 1988, the ten- story asset seated atop three levels of parking is located at the intersection of the New Jersey Turnpike and Rte. 3 in Harmon Meadow, the only multi-use community of its kind in Northern New Jersey. Tenants enjoy its numerous shopping, dining, hotel and recreation options, as well as a public transit system that provides service to Secaucus Junction rail station and the Port Authority bus terminal in Manhattan. Shifrin indicated that the response to 300 Lighting Way’s transformation has been out- standing. “The enhancements have elevated it to a class A- plus property, and there has been tremendous activity in the building,” he said. “We’ve been very successful in leasing this past year, and are closing in on our goal of 100% occupancy.” Recent transactions – includ- ing Mass Mutual NY, global messaging service provider Retarus and law firms Chasan Leyner & Lamparello, PC and Waters, McPherson, McNeill, P.C. – reflect the property’s ability to accommodate a range of tenants. According to Ades, contin- ued growth is on the horizon for Rugby Realty. “We have made a big commitment to New Jersey and the Meadow- lands, purchasing a million square feet in Secaucus and Newark over the last year and a half. We are optimistic about the future of this market, and are actively pursuing new opportunities to expand our portfolio and strengthen our presence in the region’s real estate landscape.” n
300 Lighting Way
Made with FlippingBook - Online catalogs