Heritage Management pays $25m for Harmon Meadow Boulevard site.

Heritage Management has purchased 300 Harmon Meadow Boulevard in Secaucus, N.J. from Ivy Equities. The sale included 123,000 s/f of class A office space and a fee interest beneath the adjacent Hampton Inn hotel. The metropolitan area financial services group of Cushman & Wakefield of New Jersey, Inc. represented the seller and procured the buyer in the $25.5 million transaction.

300 Harmon Meadow Boulevard sits on nearly six acres within the Harmon Meadow Corporate Park, visible from the New Jersey Turnpike and immediately accessible from routes 3 and 495. The building is 94% leased to long-term tenants including Bank of America and Bank One. According to Gary Gabriel, of the metropolitan area FSG, the building's institutional quality and prime Meadowlands location presented an attractive opportunity for Heritage Management.

"The purchase was a 1031 Exchange for Heritage Management, which was also required to assume an existing mortgage on the building," he noted. "The exchange and loan assumption presented a significant challenge from a timing standpoint. Ultimately, persistence from both Ivy and Heritage enabled us to gain approval from the lender and we were able to close within one day of the exchange requirement timeframe."

Gabriel noted that the sale of 300 Harmon Meadow Boulevard is yet another example of historically strong investment sales activity in New Jersey in 2004.

"More than $1.7 billion in office investment sales closed during the first nine months of the year," Gabriel said. "Trophy properties like 300 Harmon Meadow Boulevard continue to be a favorite among investors, as illustrated by the competitive bidding process that met this offering."