JLL, Manulife US Reit ink agreement for office space New Jersey property

The first phase of the project is expected to be completed in April 2023.

Property firm, JLL, signed a management and licensing agreement to take up 15,407 square feet (sq. ft.) of office space at 500 Plaza Drive in Secaucus, New Jersey.

In a joint statement, Manulife US Real Estate Investment Trust (MUST) announced the deal, which is accompanied by options for JLL’s Flex to lease 20,451 sq. ft. in two phases, bringing the combined floor plate to 35,858 sq. ft. by 2023.

Overall, the three phases are expected to achieve a stabilised rent premium of about 30% to the market. The three phases will also be valued at $9.5m (US$6.8m) for construction works that will take over two years.

“The agreement marks the first official ground-up Flex by JLL office space to come to market in the U.S. It follows MUST’s announcement in its first half of 2022 financial results where it shared its two-pronged approach to capture growing market demand for flexible and modernised office space,” read the joint media release.

Phase 1 will comprise flexible desks and private offices and will be finished in April next year whilst the two other phases will be composed mostly of enterprise suites.