Metropolitan Center
1 Meadowlands Plaza, East Rutherford, NJ 07073
Property Overview
KBS REIT II was able to capitalize on the purchase of this Class A office building in Rutherford, NJ. The property was developed in 1986 and upgraded significantly from 2003-2009. It is one of only three multi-tenant office buildings in northern New Jersey to achieve LEED Gold Certification.
Capital investments were minimal for this property, and management was able to drive occupancy from 93% to 99% at disposition, while increasing lease starting rents from $28 psf to $34 psf. Tenant Michael Kors expanded their space totaling 12,336 sf and continues to seek expansion space within the building. The property has an impressive occupancy history and has consistently out-performed the competitive set.
Investment at a Glance
Location: East Rutherford, N.J.
Property Type: Class A Office
Acquisition Date: December 16, 2011
Purchase Price: $104,900,000
Sale Date: June 27, 2014
Sale Price: $108,650,000
No. of Buildings: 1
Square Footage: 421,317 SF
Leased Percentage (at the time of Acquisition): 93%
