NEW JERSEY—PCCP L.L.C. has provided a $60 million senior loan to refinance Meadows Office Complex, a two-building, 600,471-sq.-ft. office property in northern New Jersey on behalf of a joint venture between Onyx Equities L.L.C. and SL Green Realty Corp.
“PCCP worked with the ownership for more than six months as they explored alternatives toward recapitalizing the asset,” said John Randall, senior vice president with PCCP L.L.C. “With our financing, the ownership now has the structure and new capital to do some planned renovation work as they look to reposition the asset, increase occupancy and create additional value at the property.”
Meadows Office Complex is currently 79 percent leased to more than 60 tenants. The property’s ownership, with Onyx managing the property, plans to actively manage the upcoming lease rollovers and evaluate opportunities to extend leases, as well as work with existing tenants who have expressed a desire to expand in the space.
Constructed in the mid-1980s, Meadows Office Complex consists of two, 12‐story Class A office buildings. Amenities at the property include structured parking, cafeteria, conference rooms and training center, a fitness center, daycare services and a coffee bar.
The property is located in close proximity to Manhattan, Newark, Newark Airport, the Port of New Jersey and regional rail.