Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SECAUCUS, NJ-Retailer Children’s Place is in the process of consolidating all of its corporate functions into 120,000 square feet at 500 Plaza Dr., here. Currently, its headquarters is housed in three separate buildings.

The sole broker on the deal was Thomas P. Consiglio, principal at Resource Realty in Parsippany. He tells GlobeSt.com that the deal was necessitated by the retailer’s recent decision to move its e-commerce business to its Southeast distribution center in Ft. Payne, AL, where the company has a 690,000-square-foot warehouse. Also prompting the reconfiguration was its divestiture last year of the Disney Store chain, which it had acquired back in 2004. With the move to Alabama and the break-up of the Disney deal, the retailer found itself with excess space, Consiglio says.

Back in 2006, Children’s Place had leased more than 245,000 square feet at Two Emerson Ln. here, Consiglio says. He also says that company occupies 203,000 square feet of office and warehouse space at 915 Secaucus Rd and 31,000 square feet at One Meadowlands Plaza. Except for One Meadowlands Plaza, all buildings are owned by Hartz Mountain Industries. Those leases–which had very little term left–at Two Emerson Rd. and 915 Secaucus Rd., according to Consiglio, have been terminated.

“Hartz Mountain is probably one of the very few landlords that has the ability to structure that kind of deal with their tenant,” Consiglio says. “Most landlords are tied to their lenders and wouldn’t have the ability to take back a lease in this environment and that was really the key to the deal so that Children’s Place could right-size.”

Consiglio recalls that he began working on the deal in September and the lease was signed on March 12. He declines to give the financial specifics of the transaction, but says “it’s an at-market deal in today’s environment.” Move-in expected by the fall.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.