MUST’s fifth-largest tenant terminates lease at 500 Plaza Drive in New Jersey

The tenant has already paid MUST a termination fee of US$4m.

The Children’s Place, Manulife US REIT’s (MUST) fifth-largest tenant by gross rental income, has terminated its lease at 500 Plaza Drive, Secaucus, New Jersey, United States.

The tenant paid MUST a termination fee of US$4m.

In a bourse filing, MUST said the lease at 500 Plaza Drive was supposed to expire on 31 May 2029, but the tenant decided to end its lease early and vacate the 197,949 square feet of space on 31 May 2024.

The Children’s Place will still pay rent until the end of its lease.

“The leases include a one-time early termination option, which the tenant has chosen to exercise,” MUST said.

As the fifth largest tenant of MUST, The Children's Place contributes 3.3% of the REIT’s overall gross rental income.

Meanwhile, the REIT’s manager said it is already working to secure new leases to fill the space occupied by The Children's Place.

Follow the link for more news on

Manulife US REIT

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia