Sean Ryan is associate editor of Real Estate New Jersey
EAST RUTHERFORD, NJ-New York City-based ING Clarion has purchased Metropolitan Center from CB Richard Ellis Investors for $119.5 million, or $282.51 per sf. The 423,000-sf, 15-story building is 92% leased.
Cushman and Wakefield's Metropolitan Area Capital Markets Group brokered the deal; the group's office is in the building. Also known by its address at One Meadowlands Plaza, the site sits off both Exit 16W of the New Jersey Turnpike and Route 3. The Sheraton Meadowlands Hotel and Conference Center is nearby, as is all of the Meadowlands Sports Complex. Future developments next to the property include the $1.4-billion Xanadu retail center, the new football stadium for the Giants and Jets, and the Orchard Park residential development.
CBRE had invested more than $3.5 million in capital improvements to the property over the past three years since acquiring the building, then 87% leased, from a MetLife portfolio. Major tenants include the aforementioned C&W, P&O Nedlloyd, Hudson News and the newly signed Aegis Insurance, which took 93,000 sf.
"The Meadowlands is one of Northern New Jersey's largest and best located office markets," says Andrew Merin, executive vice president of the capital markets group. "Within it, Metropolitan Center is the largest and most prominent class A office building, and the property consistently achieves the highest rental rates in the submarket by virtue of its quality, location and amenity package."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
