RUTHERFORD, N.J. — Cushman & Wakefield has brokered the $120 million sale of The Meadows Office Complex in Rutherford. In a joint venture, Onyx Equities and SL Green sold the 600,000-square-foot property to an undisclosed buyer.
The office complex, which consists of two buildings, is located at the intersection of Route 3 and the N.J. Turnpike. This makes The Meadows one of northern New Jersey’s few high-rise office towers outside of the Hudson Waterfront and the Newark Central Business District.
“The purchaser secured one of the highest-quality assets in the Meadowlands market at a good basis, at a time when market fundamentals are improving,” says Gary Gabriel, executive vice president of Capital Markets for Cushman & Wakefield.
“These buildings are eight miles from Manhattan and within a 45-minute drive of 12.5 million people. As rents in the city and along the Hudson Waterfront continue to increase, the Meadowlands remains a relative value. And with the completion of Secaucus Junction station, we have seen a distinct shift to the type of 24/7, mass transit-focused community desired by today’s employers and employees.”
The Meadows is 90 percent leased, and tenants include MALO, Sony Music Entertainment, SGS North America and Shiseido Americas. The office building is situated on an 8.8-acre site that has a 400-person cafeteria, conference center and onsite fitness and daycare center.
The Meadows Office Complex underwent more than $4.5 million in improvements in renovations that took place in 2006 and 2014. The building was originally built in 1981.