A New York developer has acquired its second New Jersey office building since December — this time buying a 300,000-square-foot property in Secaucus that it plans to renovate in the coming months.
The New Rochelle-based firm, Rugby Realty Co. Inc., said it purchased the seven-story 300 Lighting Way from Hartz Mountain Industries. Financial terms were not disclosed.
The property at Route 3 and Interstate 95 sits between Mill Creek Mall and the Harmon Meadow section of Secaucus, Rugby Realty said in a news release. The building has 156,000 square feet available, and its new owner said it plans extensive improvements including a renovated lobby and the creation of a new fitness center, café and conference center.
“Many Manhattan companies are searching for a more affordable alternative to New York City for their back-of-office operations, and New Jersey is offering attractive incentives that will help to capture those jobs,” Maurice Ades, Rugby Realty’s principal and managing director, said in a prepared statement. “We recognized 300 Lighting Way as one of the best options available to fill those requirements, and that’s a focus in our leasing program.”
The available space, which Rugby Realty said is suitable for a large corporate tenant, is spread across three contiguous floors.
The deal marks the firm’s second acquisition in New Jersey, following its acquisition late last year of the 135,400-square-foot Cityview Corporate Center in Lyndhurst. Rugby Realty also owns an industrial site in nearby Teterboro.
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