Vision Properties has restacked and extended several leases at the Metropolitan Center in East Rutherford, maintaining the building’s 100 percent occupancy.
The most noteworthy transaction is Hudson Group’s expansion of their premises to 93,308 square feet while simultaneously extending their lease. Other key transactions include Aegis Insurance Services’ rightsizing of their premises to 69,335 sq. ft. while extending their lease, MWW Group’s rightsizing and relocating within the building, and Ameream’s expansion of their premises to 15,059 sq. ft. All of these transactions have lease terms ranging from 10 to 15 years.
“When we acquired the property in 2014, we knew that we had to be extremely creative in order to expand Hudson Group’s lease or else we could risk losing them,” said Anthony Arena, principal of Vision Properties. “After intense negotiations involving seven parties, we were able to accommodate the needs of our tenants and maximize our investor’s long term value.”
Vision Properties believes that Metropolitan Center is going to continue to experience strong leasing interest, as the soon-to-be-completed American Dream project will create one of the most amenity-rich office locations in suburban New Jersey at the property. To coincide with the improving location, Vision Properties is planning to renovate the lobby and café areas of the property to allow for a more contemporary design.
“This transaction is a testament to building’s position as New Jersey’s premier trophy tower asset,” said Gregory Barkan, a senior vice president with CBRE. “With vacancy rates still hovering in the mid 20 percent range in this submarket and throughout New Jersey as a whole, this building continues to remain 100 percent leased due to its dominant regional location, superb access to mass transit options and its host of first-class on-site amenities.”
Hudson Group was represented in the transaction by Raymond Trevisan and William O’Keefe of Cushman & Wakefield; Aegis Insurance was represented by John Feeney and George Martin of Savills Studley; and MWW Group was represented by Barry Zeller, Robert Rudin and David DeMatteis of Cushman and Wakefield. Vision Properties was represented by Barkan, Pat Murphy and Robert Norton of CBRE Group Inc., as well as through in-house representation by Arena and William Bertolero.
Paul Newman of Kimmerle Newman Architects PA handled the entirety of the space planning.Related Articles: