$120M New Jersey tower sold

Metropolitan Center, the New Jersey Meadowlands landmark office property, has changed hands in a $120 million end-of-year sale, Cushman & Wakefield's Metropolitan Area Capital Markets Group announced.

ING Clarion purchased the 15-story suburban office tower from CB Richard Ellis Investors.

Metropolitan Center is located at One Meadowlands Plaza, situated directly off Exit 16W of the New Jersey Turnpike at its intersection with Route 3.

At the time of the sale, the building was 92 percent leased, following a recent flurry of leasing. This included a 93,000-square-foot commitment by Aegis Insurance. Several pending leases will decrease availability by approximately 25,000 additional square feet, according to a press statement.

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