EAST RUTHERFORD, NJ-Leave it to a public relations company to understand the value of signage: Metropolitan Center (also called One Meadowlands Plaza) will soon be known as the MWW Public Relations Building in conjunction with a lease extension.
One of the top 15 agencies in the world, and a tenant at the Meadowlands complex since 1997, MWW has extended its 32,000-square-foot lease and in a separate negotiation obtained signage rights at the 420,000-square-foot building. Metropolitan Center serves as its headquarters, with additional offices throughout the United States and Europe.
“It’s getting their brand out there and recognized,” David DeMatteis of Cushman & Wakefield tells GlobeSt.com. “I’m pretty sure the MWW name will catch on pretty quick.”
DeMatteis and Barry J. Zeller, executive vice president of C&W’s Manhattan office represented MWW in the negotiations. CB Richard Ellis Investors owned the 15-story property, now owned by KBS Realty; Greg Barkan of CBRE brokered the long-term transaction on his company’s behalf.
MWW had three years remaining on its lease, but the opportunity to obtain signage rights was a major incentive to renew early, DeMatteis adds. “This was always a corporate-named building,” he says.
Until 2005, the building’s rooftop signage held the Metromedia name. It sits adjacent to the Sheraton Meadowlands Hotel and Conference Center, directly across from the Meadowlands Sports Complex.
“Because there was a five-year absence, it will lend itself to being called the MWW Tower,” DeMatteis says. “Their name will show up every time a blimp flies over [an event]. And there’s going to be a Super Bowl in a couple of years.”
Super Bowl XLVIII will be held at the complex in 2014. The signage is in the approval process and if approved by East Rutherford should be erected in late February.
“They’ve always been a powerful PR company,” DeMatteis says. “This is a nice opportunity.”
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