Jones Lang LaSalle

C&W Gets Metropolitan Center Assignment
By Eric Peterson
Last updated: March 27, 2006 10:21am

EAST RUTHERFORD, NJ-New owner ING Clarion has given the leasing exclusive for Metropolitan Center to Cushman & Wakefield of NJ. As reported by GlobeSt.com, the New York City-based ING Clarion bought the 15-story, 423,000-sf class A office building in late 2005 from a CBRE-managed investor group for $119.5 million, or about $282.50 per sf.

“This building is a landmark, and over the course of the past decade it has experienced several improvements,” says Curtis Foster, senior director at C&W. “In the past three years, upgrades to the property have included a new security system, redesigned lobby and concierge station, and the new owners will further add to the building’s amenities. We have a chance to re-introduce this property to the marketplace.”

C&W of NJ negotiated the sale to ING Clarion, and the firm itself has its main Garden State office in the building, which was once known as One Meadowlands Plaza. The building is currently 88% leased with about 83,000 sf available, and a total of 135,000 sf is expected to become available within the next 12 to 18 months, according to Foster. Other major tenants include Aegis Insurance, Maersk Lines and Hudson News. Metropolitan Center is located on Route 3 here, directly across from Giants Stadium and the rest of the Meadowlands Sports Complex, including the under-construction Xanadu project.