SECAUCUS, NEW JERSEY -- Harbor Group International, LLC (“HGI”) announced today that affiliates of the company have acquired 100 Plaza Drive, a 265,000 square foot, four-story office building primarily occupied by NBA Entertainment and Scholastic Corporation from an affiliate Hartz Mountain at a purchase price of $47 million.
“100 Plaza Drive is a premier property leased primarily to two highly creditworthy tenants on long term leases,” said Jordan E. Slone, Chairman & CEO of HGI. “This well-located, amenity-filled property is a perfect fit for our portfolio of Class A office assets and an excellent opportunity to provide solid returns to our investors.”
Tenant commitment to the property is strong, as NBA Properties invested $43 million in base building and infrastructure to its space.
The property is located within the Harmon Meadow complex, a 4.4 million square foot mixed-use development, which includes numerous tenant amenities such as restaurants, parking, hotels and retail – all within walking distance of the property. Additionally, the property is located four miles from Manhattan with multiple, easily-accessed transportation options.
100 Plaza Drive is a 265,000 square foot four-story office building constructed in 1981 and has been recently renovated with major capital improvements to the façade, roof, HVAC systems, interior atrium and entryways. The property is currently 90% leased and anchored by two major tenants, NBA Properties, Inc. d/b/a NBA Entertainment and Scholastic Corporation, with long term leases for 81% of the total square footage. The property includes 105 below grade parking spaces for tenant use as well as access to a 1,250-space surface lot, and 483-space parking deck adjacent to the property.
Harbor Group International, LLCis a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $3.8 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company’s real estate holdings include more than 8.5 million square feet of commercial properties and in excess of 24,500 apartment units. For additional information, please visit www.harborgroupint.com.