CBRE Investors originally purchased the property in 2003. Then in 2005, it sold the asset to ING Clarion Partners for $120 million. Those deals and the latest trade were all brokered by Cushman & Wakefield's Metropolitan Area Capital Markets Group, which has its main New Jersey branch in the building. Cushman & Wakefield also served as property manager for the building's developer, MetLife, back when it was first constructed in 1986. And in 2006, ING Clarion tapped C&W as the leasing agent for the building, which currently has 186,000 square feet available for lease.
"CBRE Investors remains very active in the regional market, and this latest acquisition testifies to the company's ability to close deals under challenging conditions," notes Cushman & Wakefield's Jose Cruz in a release. He handled the sale with team members Andrew Merin, David Bernhaut and Gary Gabriel.
The property is located directly off Exit 16W of the New Jersey Turnpike at its intersection with Route 3. It is also adjacent to the Sheraton Meadowlands Hotel and Conference Center, directly across from the Meadowlands Sports Complex and the Xanadu development.
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