CBRE Facilitates $104.9 Million Sale of Met Center Following Successful Repositioning
SADDLE BROOK, NJ (December 19, 2011) – Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE’s New York Institutional Group collaborated with Don Sperling of CBRE’s Saddle Brook Office to represent CBRE Global Investors in the sale of Met Center for $104.9 million on behalf of its CBRE Strategic Partners US fund series. The team was also responsible for procuring the buyer, an affiliate of KBS, who has retained CBRE for the leasing and management of the Property.
Met Center is a LEED Gold certified, trophy 421,317± SF, 15-story office building immediately opposite the MetLife Stadium (home of NFL’s Giants and Jets). The Property offers shuttle service to Secaucus Junction, a major transfer station for trains to and from Manhattan and Hoboken and other New Jersey locations. It is situated at the crossroads of Exit 16W of the NJ Turnpike and Route 3 and is highly proximate to Manhattan, only 6 miles away, and Newark Liberty International Airport, 10 miles away. The Property received The Outstanding Building of the Year (TOBY) award for 2010 & 2011 highlighting its position as one of the premier assets in New Jersey.
Leasing has increased from 72 percent when CBRE Strategic Partners acquired the Property almost two years ago to 98 percent at the time of the sale with a nationally recognized tenant roster including AEGIS Insurance, Hudson News, MWW Group, Cushman & Wakefield and Michael Kors. Jeff Dunne had the following comments on the sale: “KBS is purchasing a trophy asset which is the best office building in the Meadowlands as evidenced by its high quality rent roll, 98% occupancy and LEED Gold certification. This Property should be a highly performing asset in both the near and long term.”
Mark Zikakis of CBRE-Investors had the following comment on the sale: “We are very 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.”
The Met Center sale follows on the heels of the $378 million sale of Newport Tower by the CBRE team in October, the largest single office building sale ever in New Jersey.
The New York Institutional Group has a number of attractive investment opportunities currently on the market including:600 & 700 Alexander Park, a 213,110± SF two-building office property in Princeton, NJ; One Newark Center, a 416,429± SF office property in Newark, NJ; 535 Connecticut Avenue, a 174,581 SF office property in Norwalk, CT; 8 Sylvan Way, a 176,062± SF office building in Parsippany, NJ; Walmart Plaza, a 199,393 SF shopping center in Derby, CT; First State Plaza, a 164,779± SF retail center in Stanton, DE; and AKA White Plains, a 124-unit furnished residential property in White Plains, NY.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.