CBRE Group said it brokered the sale of One Meadowlands Plaza, a 423,000-square-foot office tower in East Rutherford, N.J., to a firm called Vision Properties for $108.7 million.
The building, known locally as the Met Center, is a 15-story LEED Gold office tower near MetLife Stadium and the American Dream, a massive 1.7 million-square-foot retail complex, with an additional million square feet of amusement space that is under development.
CBRE represented the seller, a closely-held real state investment trust called KBS Capital Markets Group, through its KBS REIT II fund. The REIT was selling a number of assets across the country, and this was included in the properties up for sale, although through separate transactions, according to CBRE officials.
The property had been on the market for about three-and-a-half months and generated quite a good deal of interest from prospective buyers, said Jeffrey Dunne, vice chairman of CBRE in Saddle Brook, N.J.
“I think the client is quite pleased, they did quite well [with the sale],” said Dunne.
He said the building is fully leased, with tenants including apparel and handbag retailer Michael Kors, insurance firm AEGIS and Hudson News. He also noted that the average lease in the building has about seven years remaining and average rents in that submarket are in the low $30s per square foot. Vision Properties is a unit of Arena Capital, according to CBRE.