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Meadowlands building sold by C&W for $20m.


An undisclosed pension fund advisor has acquired 1290 Wall Street West, in the heart of the New Jersey Meadowlands, for $20 million. Cushman & Wakefield's Metropolitan Area Capital Markets Group represented the seller, 1290 Wall Street West LLC (Logical Link Control) See "LANs" under data link protocol.

LLC - Logical Link Control
, and procured the buyer in the transaction.

The 107,000-square-foot office building is fully leased to long-term Long-term

Three or more years. In the context of accounting, more than 1 year.


long-term

1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term.
 tenant Quest Diagnostics Quest Diagnostics Incorporated (NYSE: DGX) is a United States corporation which provides clinical laboratory services . The company also has a business presence in England and Mexico.

Quest Diagnostics is a member of the Fortune 500 and the S&P 500.
. "There is extraordinary potential in the Meadowlands," noted H. Gary Gabriel, executive director of the Metropolitan Area Capital Markets Group.

"The market is transforming, with the mixed-use Xanadu project Xanadu Project may refer to:
  • Project Xanadu, the first hypertext project.
  • Meadowlands Xanadu, a retail and entertainment complex project in the Meadowlands Sports Complex in New Jersey, United States.
 and stepped-up residential development under way. Already, the Meadowlands has the second highest Class A rental rates among Northern New Jersey's major submarkets. Within this context, 1290 Wall Street West is positioned ideally as a stable, well-located asset."
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Article Details
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Title Annotation:Cushman & Wakefield Inc.
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 29, 2005
Words:124
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