Hartz sells 500 Plaza Drive for $69 million

SECAUCUS – An office tower at 500 Plaza Drive was purchased from Hartz Mountain Industries, Inc. by a venture partnership between Marcus Partners and an institutional investor for a price of $69 million.
The 455,000-square-foot Class A office tower offers panoramic views of Manhattan. Currently located in the building are the global headquarters of The Children’s Place, along with two other tenants.
In a press release, Jeffrey Dunne of the CBRE Group, Inc., which represented Hartz in the sale, said, “The partnership plans significant capital investments to the lobby, building systems, amenities and common areas. The building’s vacancy will be the prime availability in the market offering a contiguous block of approximately 90,000 square feet on the top floors featuring incredible views of Manhattan.”