News
GARDEN STATE OF MIND
March 8, 2011
| TA Associates Realty has snapped up the 196k SF Metroview Corporate Center in Edison, NJ from LaSalle Investment Management for $42M. As Thomas Edison himself once said, "Genius is one percent inspiration and 99 percent perspiration. Also, this is one of the few multi-tenant Class-A office buildings to sell ataggressive pricing since the market downturn." |
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| Correction: That last part of the quote was Cushman & Wakefield’sDavid Bernhaut, who repped the seller and procured the buyer with partners Andrew Merin and Gary Gabriel. He says the majority of properties that traded in ’10 were single-tenant assets with no rollover risk for 10-plus years. Metroview's 93% leased to tenants that include Cushman & Wakefield's Central NJ offices, BT America, AXA Equitable, ICAP Securities, and Merrill Lynch, and is the only LEED Silver certified building of its kind in the state. Built in ’84 as the HQ for the JM Huber Corp, the building is situated in Metropark near the intersection of the Garden State Parkway and New Jersey Turnpike, and is in one of the few NJ markets attracting new constructionright now, David says. |
