X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

EAST RUTHERFORD, NJ-For the second time in six years, CB Richard Ellis Investors is acquiring the Metropolitan Center, a 420,000-square-foot, class A suburban office tower at One Meadowlands Plaza here. The purchase is part of a three-property portfolio acquisition that also includes assets in Florida and Los Angeles. ING Clarion Partners sold those properties and the 15-story landmark Meadowlands office building for an undisclosed amount.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.