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KBS Completes Lease Expansion for Michael Kors (USA) Inc. at One Meadowlands Plaza

01/02/2013

 

KBS Completes Lease Expansion for Michael Kors (USA) Inc. at One Meadowlands Plaza

 

- Fashion Designer Takes Additional Space at Prestigious Business Address in East Rutherford, N.J., Arranged by CBRE-

 

SADDLE BROOK, N.J. (January 2, 2012) – KBS Capital Advisors, an affiliate of KBS Realty Advisors,today announced that fashion designer Michael Kors (USA) Inc. has signed a lease expansion totaling 12,336 sq. ft. at One Meadowlands Plaza, a 422,000-sq.-ft., Class A trophy asset located in the heart of the Meadowlands submarket. In 2011, Michael Kors signed a 31,000-sq.-ft. lease for the entire 12th floor and relocated its New Jersey operations from Secaucus.

“We believe Michael Kors chose to expand at One Meadowlands Plaza because it is much more than just a place to work, and provides them with an environment where the brand can truly grow,” said Randi Kaufman,Senior Vice President, Asset Managementat KBS. “Tenants gain a prestigious location at a prominent Garden State address with magnificent views, superior access to mass transit and a myriad of services and amenities to create a more productive working atmosphere.”

 

The CBRE leasing team of Patrick Murphy, vice chairman; Greg Barkan, senior vice president; Donald M. Sperling, senior vice president; Robert Norton, senior associate; and Supriya Kota, client services specialist,represented the landlord, KBS. Cushman & Wakefield Executive Director Edward Duenas and Director Marc Graham represented Michael Kors.

 

“One Meadowlands Plaza has positioned itself as one of the premiere North Jersey office locations,” said CBRE’s Mr. Barkan. “Existing tenants see the importance of expanding their operations in the building, and potential tenants appreciate the significance of relocating their offices here.”

 

KBS Capital Advisors, a leading real estate investor and asset manager, purchased the East Rutherford property in 2011 on behalf of KBS REIT II, a non-listed real estate investment trust.   The trophy-quality property, which is also known as Metropolitan Center, has received LEED Gold Certification, a 2012 Energy Star Rating and was a 2012 TOBY award winner. It features countless Class-A amenities, including covered parking, cafeteria, complimentary fitness center, video tele-conference center, on-site dry cleaning, car wash and on-demand shuttle bus service to Secaucus Junction train station and local area restaurants and shops. The building overlooks the new MetLife Stadium, home of the New York Giants and New York Jets, and the forthcoming American Dream at the Meadowlands shopping and entertainment complex, and is adjacent to the Sheraton Meadowlands Hotel and Conference Center.

 

Situated at Exit 16W off the New Jersey Turnpike at the junction of Routes 3 and 120, One Meadowlands Plaza is conveniently located just 15 minutes from the Lincoln Tunnel. Newark Liberty International Airport and Teterboro Airport are within 10 miles, and dozens of restaurants and shopping options are just minutes away at the Secaucus Outlets and regional malls.

 

About KBS Realty Advisors

Founded by Peter Bren and Charles J. Schreiber, Jr. in 1992 as a private equity real estate company, KBS Realty Advisors is an SEC-registered investment advisor. KBS Realty Advisors and its affiliate, KBS Capital Advisors, are one of the nation's largest buyers of commercial real estate and structured debt investments, having consummated over $23 billion in transactional volume.  KBS has developed a reputation in the industry for being able to close quickly on large and complex transactions. KBS acquires equity properties in the office, industrial, residential and retail sectors, and is an active provider of debt on well-positioned real estate assets. A regionally aligned organization, KBS prides itself on strong local market relationships and knowledge, and benefits from longstanding relationships with many of the nation’s largest and most respected institutional sellers. Please visit our website at http://www.kbsrealty.com

 

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 2011 revenue).  The Company has approximately 34,000 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.

 

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01/02/2013 - 16:14

Source

CBRE

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