EDISON, N-In a rare suburban multi-tenant office transaction, TA Associates Realty has acquired Metroview Corporate Center (Metroview I), a 196,000-square-foot, class A building at 333 Thornall St. for $42.1 million, or $215 per square foot, in cash, according to Cushman & Wakefield’s Metropolitan Area Capital Markets Group, which represented seller LaSalle Investment Management.
The deal is unusual in that it involves a suburban asset, David W. Bernhaut, vice chairman at Cushman & Wakefield, tells GlobeSt.com. “We have seen a lack of interest in suburban markets,” Bernhaut says. “Urban markets including Washington, DC and New York City have rebounded first.”
Metroview, however, is an atypical suburban building. The only LEED Silver-certified, multi-tenant office building in New Jersey, Metroview I is situated on 11.5 acres in Metropark near the intersection of the Garden State Parkway and New Jersey Turnpike. “It’s rare to have a LEED-certified, transit-oriented asset in a market that’s well known,” Bernhaut says.
Built in 1984 as the headquarters for the J.M. Huber Corp., the building was marketed for 30 days. LaSalle Investment had held the property for more than a decade, an exceptionally long time for an institutional investor. Replacement cost would have been $275 per square foot to $300 per square foot, Bernhaut estimates.
The building consists of 10 floors of office space and one level for mechanical equipment. Features include a completely renovated lobby, a 170-seat cafeteria with outdoor seating and a two-story parking deck. It is 93% leased, with tenants including BT America, AXA/Equitable, ICAP Securities, Lincoln National Insurance, JH Cohn, Merrill Lynch and the Central New Jersey offices of Cushman & Wakefield. Less than 13% of leases will expire over the next three years.
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