is 79% leased.
(Save the date: RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19.)
RUTHERFORD, NJ-PCCP has provided $60 million as a senior loan to refinance the Meadows Office Complex, a two-building office property jointly owned by Onyx Equities and SL Green Realty Corp.
“PCCP worked with the ownership for more than six months as they explored alternatives toward recapitalizing the asset,” says John Randall, a senior vice president with the financial firm. “With our financing, the ownership now has the structure and new capital to do some planned renovation work as they look to reposition the asset, increase occupancy and create additional value at the property.”
The 600,471-square-foot Meadows complex is currently 79% leased, with more than 60 tenants and several leases pending. The largest tenant is Malo, an international wellness and dental clinic that has a long-term lease.
The directors of Woodbridge-based Onyx, which manages the Bergen County complex, said they will be evaluating opportunities to extend leases, as well as working with existing tenants who have expressed interest in expansion.
The two 12-story buildings that make up Meadows Office Complex were built in the mid-‘80s, and the property includes structured parking, an on-site cafeteria, conference rooms and training center, a fitness center, full daycare service, and a coffee bar.
The complex is located at the corner of Route 17 and Route 3, with nearby access to the New Jersey Turnpike and Garden State Parkway.
The owner/manager Onyx Equities specializes in value‐add office, retail, industrial, and multifamily investments in the New York City and Philadelphia metro areas. SL Green Realty Corp., New York City’s largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties.
As of June 30, SL Green owned interests in 71 Manhattan properties totaling more than 39.2 million square feet. In addition, SL Green holds ownership interests in 32 suburban assets totaling 6.9 million square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey, and also four development properties in suburban communities.
The leasing broker for the Meadows complex is Newmark Grubb Knight Frank, which maintains an office on the property.