Thursday, January 12, 2012
NEW BOSTON FUND AND PRISM CAPITAL PARTNERS SECURE NEW LEASE AT ONE HARMON PLAZA
Global apparel manufacturer Delta Galil leases 21,333 square feet of Class-A office space in Secaucus, N.J.
BOSTON - (January 12, 2012) - New Boston Fund, Inc., a private equity real estate investment, development and management firm, and Prism Capital Partners LLC, announced today that they have leased 21,333 square feet of Class-A office space to Delta Galil Industries Ltd., a global manufacturer and marketer of branded and private label apparel products, at One Harmon Plaza in Secaucus, N.J.
Delta Galil's relocation from 150 Meadowlands Parkway, also in Secaucus, continues to increase the tenant roster at the recently renovated One Harmon Plaza.
One Harmon Plaza is a 10-story, 192,000-square-foot office property, located in a mixed-use complex that also includes a 319-room Crowne Plaza Hotel, a 20,000-square-foot retail building and a 1,000-car shared parking garage.
The building is currently undergoing a $4.5 million renovation that includes the construction of a new entrance arcade, façade changes, common area upgrades and garage enhancements.
"We are proud to welcome Delta Galil to One Harmon Plaza," said Gary Hofstetter, Northeast Regional Director, New Boston Fund. "The building continues to attract high-quality tenants such as Delta Galil due to its convenient location and the many in-progress value-add improvements at the building."
Jones Lang LaSalle Managing Director Thomas Reilly and Associate Derek DeMartino handled the assignment on behalf of New Boston Fund and Prism Capital Partners. CBRE Senior Vice President David Opper and First Vice President Matthew S. Corpuel represented Delta Galil.
"Delta Galil selected this particular space due to its superior location and the competitive pricing structure," stated Reilly. "Though the Company is relocating from just a short distance away, this location provides easier access to numerous amenities."
This property is strategically located at a four-way interchange of Route 3, and is within fifteen minutes of Interstates 80, 280, 78, and Routes 17 and 46. The waterfront property also offers views of the Manhattan skyline and the convenience of a suburban location with easy access to Manhattan via the nearby Lincoln Tunnel.
New Boston and Prism Capital Partners purchased One Harmon Plaza in January of 2007 as part of New Boston Fund VI. Additional tenants at One Harmon Plaza include Micro Excel and JP Morgan Chase Bank. New Boston Fund does not disclose leasing prices.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.4 billion, including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns. www.newbostonfund.com
About Prism Capital Partners
Headquartered in Englewood, N.J., Prism Capital Partners is an experienced real estate investment company with a proven track record of creating value through select real estate investments and developments. Geographically focused in the tri-state region of New York, New Jersey and Connecticut, Prism specializes in identifying, acquiring and creating unique, value-added opportunities in the office, retail, industrial and residential sectors. The company invests with institutional and private capital sources that rely on Prism's ability to think "outside the box," and to identify and realize the highest value potential in all sized real estate endeavors. For more information about Prism and its projects, please visit www.prismpartners.net
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company's investment management business, is one of the world's largest and most diverse in real estate with $47.9 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com
About Delta Galil Industries
Delta Galil Industries is a global manufacturer and marketer of branded and private label apparel products for men, women and children. Since its inception in 1975, Company has continually strived to create products that follow a body-before-fabric philosophy, placing equal emphasis on comfort, aesthetics and quality. Delta Galil develops innovative seamless apparel including bras, shapewear and socks; intimate apparel for women; extensive lines of underwear for men; babywear, activewear, sleepwear, and leisurewear. For more information, visit www.deltagalil.com.
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