CBRE Institutional Properties recently announced it brokered the $115 million sale of 500 Plaza Drive, Secaucus, on behalf of a venture between Marcus Partners and a global institutional partner.CBRE Institutional Properties recently announced it brokered the $115 million sale of 500 Plaza Drive, Secaucus, on behalf of a venture between Marcus Partners and a global institutional partner.

CBRE’s Jeffrey Dunne, Travis Langer and Jeremy Neuer represented the partnership, and procured the buyer, Manulife US REIT.

The property, 500 Plaza Drive, is a 460,000-square-foot office tower within the Harmon Meadow complex and the world headquarters of Quest and The Children’s Place. It also stands at the crossroads of Route 3 and the New Jersey Turnpike. CBRE said tenants can reach Midtown Manhattan in less than 15 minutes via public transportation.

“The newly redeveloped 500 Plaza offers tenants and visitors alike an exceptional work environment, providing both the convenience and amenities demanded by premier organizations and their employees,” Marcus Partners CEO Paul Marcus said. “Today, the property is a unique headquarters-quality facility and we are proud to continue providing property management services under Manulife US REIT’s capable new ownership,”

CBRE said 500 Plaza is 99 percent occupied.

Marcus Partners completed a $17.8 million capital improvements program that included a complete lobby renovation, common area upgrades, creation of a full-service cafeteria, coffee bar, conference center and high-end fitness center.

Marcus Partners also constructed a 222-car parking deck, renovated the existing 1,100-car parking deck and created 34 visitor-parking spaces.

“The 500 Plaza acquisition is a ‘win-win’ for new ownership and the Harmon Meadow brand, given the enormous improvements made to 500 Plaza, the addition of 470 new apartments and new hotel concepts at Harmon Meadow and Quest’s relocation of their headquarters to 500 Plaza,” Dunne said. “500 Plaza will also provide Manulife US REIT with a long-term, stable cash flow stream from an institutional quality tenant roster.”

The property is the last acquisition within Marcus Capital Partners’ Fund I. The firm is currently investing its fully discretionary $250 million Marcus Capital Partners Fund II and pursuing well-located commercial and medical office, industrial, research and development and life sciences opportunities along the East Coast.

Marcus Capital currently owns nearly 8 million square feet of commercial space.