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ING Buys Metropolitan Center for $120M

EAST RUTHERFORD, NJ-ING Clarion acquires Metropolitan Center for $119.5 million. The building sits off both Exit 16W of the New Jersey Turnpike and Route 3.

By Sean Ryan | Updated on December 28, 2005

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.

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