Jones Lang LaSalle
NBA Renews 199,000 SF of Leases
By Eric Peterson
SECAUCUS, NJ-The National Basketball Association has renewed its leases totaling more than 199,000 sf at two Hartz Mountain Industries-owned properties here. The buildings are within Hartz’s 175-acre Harmon Meadow mixed-use development. The renewals mark the 16th year the NBA has been a Hartz tenant.
"Lease renewals, especially ones like the NBA, are indicative not only of the location but are becoming a sign of a tightening market as the state’s economy remains strong," says Emanuel Stern, Hartz president and chief operating officer. "New activity in the Northern New Jersey marketplace has been moderately strong, and as a result of improving occupancy, existing tenants are left with few local options."
The NBA, which has its headquarters across the river in Manhattan, uses the buildings for several of the league’s media, entertainment, promotional division and related operations. The renewals involve a full-building lease of 109,281 sf at 450 Harmon Meadow Blvd, and 89,832 sf at 100 Plaza Dr. The latter is a 264,000-sf, four-story building built in 1981. Terms of the re-signings were not released; the 100 Plaza Dr. building, which is more than 95% leased, has its available space listed with rates "upon request" for a five-year term.
The two buildings occupied by the NBA are part of a mixed-use community that has more than 3.5 million sf of office space, 1,200 hotel rooms and two retail centers. The retail component in particular has been bolstered in recent years by the addition of several big-box chains, namely Wal-Mart, Sam’s Club, PetSmart, Marshall’s and Linens ’n Things. Eateries Chili’s and Chipotle Mexican Grill are slated to join the 75-tenant roster later this year.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
NBA Renews 199,000 SF of Leases
By Eric Peterson
SECAUCUS, NJ-The National Basketball Association has renewed its leases totaling more than 199,000 sf at two Hartz Mountain Industries-owned properties here. The buildings are within Hartz’s 175-acre Harmon Meadow mixed-use development. The renewals mark the 16th year the NBA has been a Hartz tenant.
"Lease renewals, especially ones like the NBA, are indicative not only of the location but are becoming a sign of a tightening market as the state’s economy remains strong," says Emanuel Stern, Hartz president and chief operating officer. "New activity in the Northern New Jersey marketplace has been moderately strong, and as a result of improving occupancy, existing tenants are left with few local options."
The NBA, which has its headquarters across the river in Manhattan, uses the buildings for several of the league’s media, entertainment, promotional division and related operations. The renewals involve a full-building lease of 109,281 sf at 450 Harmon Meadow Blvd, and 89,832 sf at 100 Plaza Dr. The latter is a 264,000-sf, four-story building built in 1981. Terms of the re-signings were not released; the 100 Plaza Dr. building, which is more than 95% leased, has its available space listed with rates "upon request" for a five-year term.
The two buildings occupied by the NBA are part of a mixed-use community that has more than 3.5 million sf of office space, 1,200 hotel rooms and two retail centers. The retail component in particular has been bolstered in recent years by the addition of several big-box chains, namely Wal-Mart, Sam’s Club, PetSmart, Marshall’s and Linens ’n Things. Eateries Chili’s and Chipotle Mexican Grill are slated to join the 75-tenant roster later this year.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
posted by Jones Lang LaSalle NJ News Blog at 9:39 AM
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