Manulife US REIT Partners JLL To Integrate Flex Spaces At New Jersey Asset (The Business Times)
September 16, 2022 – FLEX by JLL has signed a management and licensing agreement to take up 15,407 sq ft of office space at Manulife US Real Estate Investment Trust’s (Manulife US Reit) 500 Plaza Drive property in Secaucus, New Jersey.
Flex by JLL is the enterprise-grade flexible space solution of real estate consultancy JLL.
In a press statement on Thursday (Sep 15), the Reit manager said Flex by JLL’s initial commitment represents some 3.3 per cent of the building’s net lettable area (NLA), with options to lease further office space in 2 phases to make up a total of 7.7 per cent of NLA by 2023.
All 3 phases are estimated to achieve a stabilised rent premium of about 30 per cent to the market, according to the management.
Flex by JLL at 300 Plaza Drive will offer flexible private offices, coworking space, meeting rooms, team suites and virtual offices. The first phase of the office space project will comprise mainly flex desks and private offices, and is expected to complete in April 2023. Phases 2 and 3 comprise mostly enterprise suites.
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