The deal was arranged by Cushman & Wakefield's Metropolitan Area Capital Markets Group. The latter represented the seller and procured the buyer.
The building is fully leased on a long-term basis to Quest Diagnostics. The provider of lab testing, information and healthcare-related consulting services, which has patient care centers in all 50 states, uses the class A building as its corporate headquarters.
"There is extraordinary potential in the Meadowlands," says H. Gary Gabriel, executive director of C&W's CMG. "The market is transforming, with the mixed-use Xanadu project and stepped-up residential development under way.
"Already, the Meadowlands has the second class A rental rates among Northern New Jersey's major submarkets," Gabriel says. "Within this context, 1290 Wall Street West is positioned ideally as a stable, well-located asset."
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