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%

$104,900,000 Total Purchase Price
421,317 square feet Total Rentable Area
Class A Building Class