Cushman & Wakefield Arranges Sale of Metroview Corporate Center

TA Associates Realty Acquired the 196,000-sf Class A Asset in an Offering that Attracted Considerable Interest. End Quote

Newark, NJ (1888PressRelease) March 08, 2011 - Metroview Corporate Center (Metroview I), a 196,000-square-foot class A office building, in Edison, N.J., has been acquired by TA Associates Realty, announced Cushman & Wakefield Inc.'s Metropolitan Area Capital Markets Group, East Rutherford, N.J. 5The sale price for the all-cash purchase was $42.1 million, or $215 per square foot.

Situated on 11.5 acres at 333 Thornall Street, Metroview I is comprised of 10 floors of offices and an 11th floor housing the building's mechanical equipment. The building was 93% leased by 18 tenants at the time of sale, including BT America, AXA/Equitable, ICAP Securities, Lincoln National Insurance, JH Cohn, and Merrill Lynch, with less than 13% of leases expiring over the next three years. Metroview I also houses the Central New Jersey offices of Cushman & Wakefield, Inc.

"The building was marketed for 30 days and attracted a great deal of interest from institutional investors and REITs," said Bernhaut. "The significance of this sale is that the majority of properties that traded in 2010 were single-tenant assets that had no roll-over risk for 10-plus years. The capital markets have been rewarding safety and security, and this was one of the few multi-tenanted class A office buildings to sell at aggressive pricing since the market downturn."

Built in 1984 as the headquarters for the J.M. Huber Corporation, Metroview I is situated in Metropark near the intersection of the Garden State Parkway and New Jersey Turnpike. It is also within a short walking distance of the MetroPark Train Station served by NJ Transit and Amtrak. Features include a completely renovated lobby, a 170-seat cafeteria with outdoor seating, and a two-story parking deck, and it is the only LEED Silver-certified multi-tenant office building in New Jersey.

"Metroview I has all of the qualities that institutional ownership seeks for an investment-a Metropark location with its transit orientation, top-flight building amenities, quality finishes throughout, a history of being well-occupied, and LEED certification," Bernhaut said. "TA Associates is also no stranger to the Metropark market, having done very well here over the years with a number of assets."

"The Metropark market continues to do well," said Merin. "In fact, it is one of the few markets in New Jersey right now that is attracting new construction. That says a lot about the long-term strength of the market."

Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. The team has completed more than $14.5 billion worth of transactions since 2000.

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