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EAST RUTHERFORD, NJ-It isn’t often that a 40,000-sf block of space opening up is big news in any given office market, but as Jacqueline Rowe of Cushman & Wakefield of New Jersey explains it, “this is the first time in more than eight years that we’ve had a full-floor opportunity in the market.” Specifically, the 40,000-sf, full-floor space is in Metropolitan Executive Towers, owned by Met Life and leased and managed by C&W. Rowe and Jason Goldman are agents for the building.

It’s also the headquarters of C&W’s New Jersey operations. The building is one of the Meadowlands submarket’s signature properties, and to put the vacancy into perspective, the 2.5 million-sf class A market has a vacancy rate of a scant 3.7%. That adds up to a total of only 92,000 sf of vacant class A space available, all of it in small blocks. Indeed, the 40,000 sf coming on the market will drive the vacancy rate all the way up to a whopping 5.3%.

“This is a rare opportunity for a single user or multiple tenants to have enough space to establish a strong corporate identity in the region,” Rowe says. She feels that, all things considered, “this space will attract a lot of interest.” The tenant vacating the space was not named.

The 400,000-sf, 14-story Metropolitan Executive Towers building, which has historically maintained a 100% occupancy rate, is located directly across from Giants Stadium and the rest of the Meadowlands Sports Complex. The space, which will be available for occupancy in mid-2001, includes all of the fifth floor and part of the seventh. Improvements to the space “make it suitable for both technology and non-technology users,” according to Rowe.

Besides Cushman & Wakefield, other key tenants in the property include Metromedia and MCI WorldCom. Also on the property is the Sheraton Meadowlands Hotel and Conference Center, a 430-key, two-restaurant facility.

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