KBS Real Estate Investment Trust II, a public non-traded real estate investment trust based in Newport Beach, California, has sold its Metropolitan Center office building in East Rutherford, for $108.7 million to One Met Center, LLC, which is owned and operated by Vision Properties, a wholly owned subsidiary of Arena Capital Group.
Metropolitan Center is a 421,317-square-foot, 15-story, LEED Gold-certified office building located at One Meadowlands Plaza at the intersection of Route 3 and the New Jersey Turnpike. The property also is adjacent to MetLife Stadium and the American Dream development which is set to include 1.7 million-square-feet of retail and 1.2 million-square-feet of attractions and dining. Metropolitan Center also features top-class amenities and panoramic views of the Manhattan skyline.
“We believe Metropolitan Center is the premier office building in this marketplace due to its location and ease of access to and from Manhattan,” said KBS Capital Advisors Senior VP/Market Leader Shannon W. Hill. “Location, along with high quality finishes and amenities, will be the foundation for continued success under new ownership.”