EAST RUTHERFORD, NJ (March 9, 2016) - Vision Properties announced Wednesday that it has restacked and extended several leases at the Metropolitan Center in East Rutherford.
The transactions include:
- Hudson Group expanded to 93,308 square feet and extended its lease;
- Aegis Insurance decreased to 69,335 square feet and extended its lease;
- Ameream expanded to 15,059 square feet;
- MWW Group relocated to a small space within the building.
“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,” Anthony Arena, principal of Vision Properties, said in a prepared statement. “After intense negotiations involving seven parties, we were able to accommodate the needs of our tenants and maximize our investors’ long-term value.”
“This transaction is a testament to the building’s position as New Jersey’s premier trophy tower asset,” Gregory Barkan, a senior vice president with CBRE, said in a prepared statement. “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 by Raymond Trevisan and William O’Keefe of Cushman & Wakefield; Aegis Insurance was represented by John Feeney and George Martin of Savills Studley; MWW was represented by Barry Zeller, Robert Ruden and David DeMatteis of Cushman & Wakefield; and Vision Properties was represented by Barkan, Pat Murphy and Robert Norton of CBRE, as well as in-house representation by Arena and William Bertolero.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
