ING Clarion Hands Out 827,000-SF Assignment

EAST RUTHERFORD, NJ-ING Clarion Partners has picked Cushman & Wakefield’s Client Solutions Group to manage two of its Northern New Jersey properties, one office the other industrial, totaling just more than 827,000 sf. For C&W, Eileen Carey and Ngina Wiltshire will head the project team in conjunction with ING Clarion’s Margaret Egan.

The key property is the landmark Metropolitan Center or 1 Meadowlands Plaza, a 15-story 423,000-sf office tower that sits adjacent to the Meadowlands Sheraton Hotel just across Route 3 from the Meadowlands Sports Complex. C&W has also been serving as the leasing agent for the class A building, which currently has 186,000 sf available.

“Serving as property manager and leasing agent together provides a synergy that will benefit tenants,” says Don Cook, managing director of C&W’s Client Solutions Group. “It enables management to partner with the property’s brokers to make sure that build-outs and other tenant construction projects roll out smoothly.”

C&W also has a long history with the building, which ING Clarion bought from CB Richard Ellis Investors just more than two years ago for $120 million. C&W has its main New Jersey office in the building, served as property manager for original developer MetLife until it was sold to CB Richard Ellis Investors in 2003, and got the leasing assignment when ING Clarion bought it in 2006.

The second property in the assignment is 275 Hartz Way in Secaucus, a single-story, 404,200-sf industrial building acquired by ING Clarion from Investcorp and Lincoln Equities for in 2005 for $30 million. The multi-tenant building has as its major tenant Equinix Inc., the Foster, CA-based operator of data centers and Internet exchange services.