A subsidiary of Arena Capital Group has paid $108.7 million for One Meadowlands Plaza in East Rutherford, NJ.
Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca of CBRE Group Inc.’s Institutional Properties team represented KBS REIT II, in the sale of the property and procured the buyer, One Met Center, LLC, which is owned and operated by Vision Properties, a wholly owned subsidiary of Arena Capital Group.
Met Center is a trophy Class A 15-story, LEED Gold office building at the crossroads of the NJ Turnpike and Route 3, just six miles from Manhattan. It sits adjacent to MetLife Stadium (home to the Giants and Jets) and to American Dream, the largest retail development project in the history of North America.
Dunne commented: “Met Center is one of the premier office buildings in New Jersey. [The buyer] was attracted for its crossroad location and proximity to Manhattan, high quality finishes and amenities as well as the diversity and quality of the rent roll, including AEGIS, Hudson News and Michael Kors.”