Meadowlands office building again fetches more than 100 million

The 15-story office building just outside the Meadowlands Sports Complex has been sold for the third time in six years, this time for nearly $109 million in a deal announced Monday.Known as One Meadowlands Plaza, the 423,343-square-foot building in East Rutherford was sold by KBS REIT II to One Met Center LLC, according to brokerage firm CBRE, which represented the seller. The buyer is owned and operated by Vision Properties, a wholly owned subsidiary of Arena Capital Group.
 
Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca of CBRE Group Inc.’s Institutional Properties team represented KBS REIT II in the $108.7 million deal, the firm said in a news release. The firm also brokered the deal when the KBS affiliate acquired One Meadowlands Plaza in 2011, that time in a $104.9 million deal, from CBRE Strategic Partners.
 
The property, which sits off Route 3, is visible from the New Jersey Turnpike and is minutes from MetLife Stadium and the future American Dream Meadowlands complex. In a prepared statement, Dunne said the buyer “was attracted to the property for its crossroad location and proximity to Manhattan,” its condition, its tenant roster and its upside in rents.
 
Its current tenants include AEGIS, Hudson News and Michael Kors, the news release said. Many of the building’s current leases were signed during the downturn in 2009 and 2010, Dunne said, and rents have spiked 10 percent since 2012.

ALSO ON NJBIZ:

Dividing New Jersey: Budget woes stir new controversy around big-ticket tax breaks

New COAH rules set stage for new battle: Developers, advocates leery of new guidelines

It’s official: Showboat closing in August, more than 2,000 jobs will be lost