Office Sale Suggests Northern New Jersey Still Attractive
- Feb 03, 2009
Proving that, even in today’s stalled markets, large-scale deals are getting done, CB Richard Ellis Investors has acquired the 420,000-square-foot Metropolitan Center in East Rutherford, N.J., from ING Clarion. The deal represented the third time in five years that the Class A office property has changed hands and is more evidence that high-profile assets located in prominent markets are still attracting buyers. The deal was orchestrated by Cushman & Wakefield Inc.’s metropolitan area capital markets group, including Jose Cruz, Andrew Merin, David Bernhaut and Gary Gabriel. The 15-story property (pictured) is sited across from the Meadowlands Sports Complex and the Xanadu mixed-use project, which is currently under development. The property has been sold three times in the past five years, all of sales handled by Cushman & Wakefield. Merin identified the property as “the largest and most prominent Class A office building” in what is “one of Northern New Jersey’s largest and best located office markets.” Cushman is no stranger to the building, with a relationship that dates back to the property’s construction in 1986. At the time, Cushman served as manager for developer MetLife. CB Richard Ellis Investors acquired the property for the first time in 2003, in a deal also brokered by Merin’s team. ING Clarion bought the building two years later, as which time Cushman was retained to handle leasing duties. Additionally, Cushman’s New Jersey operations are based out of the facility. Financial terms of the deal were not disclosed.