10-30-15

R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

7950 Jones Branch Dr. is a 800,000 s/f building situated on a 17-acre site Tamares completes acquisition of office property inMcLean, VA for $270 million

ISSUE HIGHLIGHTS Volume 27 Issue 20 Oct. 30 - Nov. 12, 2015

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managed by Hines . The facil- ity features two glass wrapped office towers, landscaped ter- races with cascading water features, a 10-room conference center, 300 seat auditorium, 300 seat cafeteria, executive dining rooms and a helipad. The property also offers ten- ants a 20,000 s/f fitness center, a 1-mile jogging track, tennis courts, and basketball courts. CBRE , who brokered the deal will lead the placement of tenants as the building tran- sitions from single to multi- tenant occupancy. Gannett Co., Inc., parent of USA Today has signed a 12-year lease with Tamares to remain in the building. Previous owner, TEGNA, has agreed to an 18-month lease for 20% of the office space in building. n the proposed Highland Cross mixed-use development site, which will include residential, retail and hotel. All of this momentum is propelling the regional office market.” Within this context, The Meadows – located at 201/301 Rte. 17 North at the intersec- tions of Rte. 3 and the NJ Tpke. is one of Northern New Jersey’s few high-rise office towers outside of the Hudson Waterfront and the Newark CBD. The fully amenitized, institutional-quality property is nearly 90% leased, with ten- ants including MALO, Sony Music Entertainment, SGS North America and Shiseido Americas, among others. The Meadows sits on an 8.8-acre site with a 4/1,000 parking ratio, 400-person cafeteria, conference center, onsite fitness and daycare cen- ters, and unobstructed views of the Manhattan skyline. The property was built in 1981 and extensively renovated in 2006 and again in 2014, when over $4.5 million was spent to improve lobbies, elevators, restrooms, both facades, the parking deck and other com- mon areas. n

ASHINGTON, DC — Tamares has closed the acquisi-

SPO TLIGHT

tion of 7950 Jones Branch Dr. for $270 million. The purchase is a joint – venture with Il- marinen Mutual Pension Insurance Company of Fin- land. “Tamares has been active in Washington, DC area real estate for over 30 years and is proud to add 7950 Jones Branch Dr. to our portfolio,” said Poju Zabludowicz , chairman of Tamares. “This state-of-the-art-facility is one of the keystone properties in Northern Virginia and greater Washington, DC. We look forward to enhancing the property and applying our lo- cal experience to attract new tenants to make 7950 Jones RUTHERFORD, NJ — Cushman & Wakefield’s Metropolitan Area Capital Markets Group has brokered the $120 million sale of The Meadows Office Complex in Rutherford. The 600,000 s/f, two-building office complex traded from a joint venture of Onyx Equities and SL Green to a private investor. According to Cushman & Wakefield’s DavidBernhaut , the level of investor interest in the offering reflects strong demand at a transformational

Executive Women in Business Section C

Contributing Colomnist

7950 Jones Branch Dr.

Branch Dr. some of the most sought after first-class com- mercial office space in the area. And we are delighted to expand our cooperation with Ilmarinen.”

The nearly 800,000 s/f building is situated on a 17- acre site. Construction was completed in 2001, designed by architects Kohn Pedersen Fox Associates and project

Sanford Herrick

2A

C&W brokers $120 million trade of The Meadows Office Complex in Rutherford, NJ

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The Meadows Office Complex

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time for the New Jersey Mead- owlands market. He headed the assignment with team members Andrew Merin, Gary Gabriel, Brian Whit- mer and Kyle Schmidt . “We are seeing an unprecedented level of investment throughout the region – billions of public and private capital invested in residential and retail develop- ment, infrastructure, mass transit, and entertainment,” Bernhaut said. “The 2.9 million s/f American Dream Mall is back on track, representing the largest re-

tail development project in North America and promising 10,000 permanent jobs and 50 million visitors per year,” according to Merin. “A joint venture between Seton Hall and Hackensack University Medical Center will anchor the repositioning of the 116-acre former Roche pharmaceuti- cal headquarters on Rte. 3 into New Jersey’s first medi- cal school. There has been a significant amount of new residential development in the Meadowlands. In fact, The Meadows sits adjacent to

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