JLL brokers new lease with Pierre Fabre Laboratories as company pursues further US growth
JLL announced today that Pierre Fabre Laboratories, a leading French pharmaceutical and cosmetics company, has signed a lease to occupy 25,000 square feet of office space at 500 Plaza Dr., a 466,496-square-foot property in Secaucus, N.J., which is managed by Manulife Investment Management for Manulife US REIT.
Pierre Fabre Laboratories will relocate from 8 Campus Drive in Parsippany, N.J., where it occupies 19,000 square feet, to its new space in Q2 2024, as the company executes a previously announced strategic expansion. The fully built-out space will serve as the company’s north American headquarters and feature a modern pantry and coffee lounge, open space for collaboration and an outdoor patio offering skyline views of Manhattan.
The lease follows a recent transaction with The Children’s Place and adds to the roster of headquarters locations for companies including Quest Diagnostics and Hartz Mountain Industries who call the property home.
Tripp Gantt, CEO of Manulife US REIT, commented, “We are delighted to welcome Pierre Fabre Laboratories to 500 Plaza Drive where recently completed and ongoing capital improvements will ensure the property remains a coveted address for leading companies.”
Originally built in 1985, 500 Plaza Driveunderwent a multimillion-dollar renovation in 2015 designed by architecture firm Gensler. The upgrades included lobby and common area revitalization, as well as the development of a full-service cafeteria and outdoor terraces.The property is certified to a WiredScore Platinum level of digital connectivity and is both Fitweland BOMA 360 certified.
With a focus on further elevating the tenant experience, Manulife US REIT is replacing the property’s HVAC with state-of-the-art infrastructure and upgrading the 1,474-vehicle covered parking garage. The building’s shared conference center and fitness center with locker rooms will also be renovated with new equipment and advanced technology for wireless conferencing that facilitates office and remote meetings.
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 Dr. and represented Manulife US REIT in the new lease transaction. Pierre Fabre Laboratories was represented by Cushman & Wakefield brokers Ed Duenas, Josh Cohen and Ryan DePaul.
“500 Plaza Drive stands out as a premier office property in a prime location,” said Stifelman. “With institutional ownership committed to providing tenants with expertly curated and highly amenitized workspace, the property is ideal for companies seeking to attract and retain the very best talent.”
500 Plaza Drive is situated in the 550-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.
The 11-story building is situated at the crossroads of the NJ Turnpike and Route 3, providing access to virtually any location within the New Jersey/New York metropolitan area. It is three miles from Midtown Manhattan, eight miles from Newark Liberty International Airport and served by an extensive bus service. A shuttle service also runs weekdays at peak hours to and from the Secaucus Junction Train Station.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.
About Manulife US REIT
Manulife US Real Estate Investment Trust (“Manulife US REIT” or “MUST”) is the first pure-play U.S. office REIT listed in Asia. It is a Singapore listed REIT established with the investment strategy principally to invest, directly or indirectly, in a portfolio of income-producing office real estate in key markets in the United States, as well as real estate-related assets. MUST’s portfolio comprises 10 freehold office properties in Arizona, California, Georgia, New Jersey, Virginia and Washington D.C. The current portfolio has anaggregate net lettable area of 5.0 million sq ft and is valued at US$1.4 billion as at 31 December 2023.
About Manulife Investment Management
Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel,residential and retail properties. A Fortune 500® company with annual revenue of $20.9billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined withlocal expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
