New Name for Metromedia Building

Metropolitan CenterEAST RUTHERFORD, NJ-Continental Airlines Arena is now known as Izod Center, and the new Giants-Jets stadium under construction will surely get a corporate name before long. Now, another edifice in the same neighborhood will be getting a new name--owner ING Clarion is set to take the longstanding Metromedia name off the top of its Metropolitan Center building here.
The 15-story, 423,000-sf tower actually has a third identity as well: 1 Meadowlands Plaza. In any case, the building’s signage rights are up for grabs, and it’s tied to a 93,000-sf availability involving the top three floors. The space will be available in January 2009. The space is becoming available because shipper P&O Nedlloyd was acquired by rival Maersk, and the combined operations of the two companies are being consolidated to Madison, NJ.
“This exterior signage represents an extraordinary opportunity for a corporate tenant to create visibility in one of the country’s most densely populated markets,” says Margaret Egan, a VP at ING Clarion. The latter bought the landmark building, one of the most visible office towers in Northern New Jersey, from CB Richard Ellis Investors in late 2005 for just shy of $120 million, or about $283 per sf.
“Significant capital investments have been made in the building, creating one of the finest office environments in the suburban metro area,” Egan says. “We look forward to a new signage identity on this asset that will reflect the image of Metropolitan Center.”
And Cushman & Wakefield, which is the management and leasing agent for the building and has its main Garden State office there as well, has the task of leasing the availability. For C&W, senior director David Stifelman and sales associates David DeMatteis and Katie Kennedy have the assignment. Current availabilities on-site are listed with an asking price of $28 per sf for a full lower floor, and $32 per sf for smaller upper-floor spaces.
Built in 1986, Metropolitan Center is located at Exit 16W of the New Jersey Turnpike, just across Route 3 from the Meadowlands Sports Complex and the under-construction Xanadu retail/entertainment complex, and has views of Manhattan. Total daily traffic counts on adjacent highways are estimated to average about 150,000. Improvements carried out since ING Clarion bought it include a new lobby, upgraded security, a new fitness center and a variety of infrastructure upgrades. Major tenants besides C&W include Aegis Insurance, MWW Group and Hudson News.
The building is also adjacent to and linked to the 427-room, 20-story Sheraton Meadowlands Hotel and Conference Center, which itself recently underwent an $18 million renovation. The 93,000-sf availability carrying signage rights is being marketed as a package, but the space can be sub-divided, according to the brokers.