EAST RUTHERFORD, N.J. — CBRE Global Investors has sold the 421,317-square-foot Metropolitan Center, a 15-story office building located at One Meadowlands Plaza in East Rutherford across from MetLife Stadium. An affiliate of KBS purchased the LEED Gold-certified property for $104.9 million.
“The sale of Metropolitan Center is consistent with our overall value proposition — to aggressively reposition and operate high-quality real estate, creating exceptional environments for our tenants’ businesses while seeking to provide market-leading performance for our investors,” said Vance Maddocks, president of CBRE Strategic Partners U.S.
When CBRE Strategic Partners acquired the property almost 2 years ago, the property was 72 percent leased. Metropolitan Center is now 98 percent leased to tenants including AEGIS Insurance, Hudson News, MWW Group, Cushman & Wakefield and Michael Kors. CBRE has been retained to lease and manage the property.
“We are pleased with our success in repositioning Metropolitan Center through our signature 5-Star Worldwide service program and aggressive leasing campaign to increase value for our investor clients,” said Mark Zikakis, managing director of CBRE Investors, in a statement.
Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE’s New York Institutional Group, along with Don Sperling of CBRE’s Saddle Brook, N.J., office, represented both parties in the transaction.
“KBS is purchasing a trophy asset, which is the best office building in the Meadowlands as evidenced by its high-quality rent roll, 98 percent occupancy and LEED Gold certification,” said Dunne in a statement. “This property should be a highly performing asset in both the near and long term.”
— Savannah Duncan