SECAUCUS, NJ—As Hartz Mountain Industriescontinues to reconfigure its portfolio in The Meadowlands, a newplayer in New Jersey has acquired the 303,000-square-foot officebuilding at 300 Lighting Way from the company. The sales price paidby Rugby Realty Co. was not disclosed.

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The seven-story building is situated near the intersection ofthe New Jersey Turnpike/I-95 and Route 3, between Mill Creek Malland the Harmon Meadow mixed-use development.

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Rugby, which is making its second office acquisition in NewJersey within eight months, plans extensive improvements at thebuilding, renovations to the lobby and addition of a new fitnesscenter, café and conference center.

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The distinctive green glass structure has corner office terracesand generous parking. Shuttles run every 10 minutes to the nearbySecaucus Junction commuter rail hub.

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“Many Manhattan companies are searching for a more affordablealternative to New York City for their back-of-office operations,and New Jersey is offering attractive incentives that will help tocapture those jobs,” says Maurice Ades, RugbyRealty's principal and managing director. “We recognized 300Lighting Way as one of the best options available to fill thoserequirements, and that's a focus in our leasing program.”

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Roughly half of the building, or 156,000 square feet on threecontiguous floors, is available for lease. If a single tenant wereto take the entire space, there is an opportunity for prominentsignage on the building's exterior, Ades said.

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Last December 2013, Rugby purchased City View Corporate Center,a 135,418-square-foot, Class A office building in Lyndhurst. Italso owns an industrial site in nearby Teterboro, N.J.

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Based in New Rochelle, NY, Rugby Realty specializes inidentifying undervalued properties and adding value throughdevelopment and management.

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