The sale was arranged for the seller by Jeffrey Dunne, Kevin Welsh and Jeffrey Oram of CB Richard Ellis' New York Tri-State Investment Team. The six-story class B+ building, located on eight acres within the Meadowlands Corporate Center, is currently 93.2% leased to eight tenants. Quest Diagnostics (77,283 sf), the GSA (35,358 sf) and Citizen Watch Co. (18,752 sf), occupy about 70% of the space. There is no lease roll until 2011, according to Dunne.
The site is also near several major new projects, including EnCap's Meadowlands Golf Resort Village, Meadowlands Xanadu and an AvalonBay residential community. "The new, adjacent development projects will positively transform the southwestern part of the Meadowlands market area," Dunne says.
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