Sean Ryan is associate editor of Real Estate New Jersey

The ownership was looking to "enhance the amenities and appeal of the property," says Paul E. Giannone, managing principal of Newmark, the exclusive leasing agent for the property. "It remains a tenants' market. The key element is providing value. Tenants want value for their money, and owners who provide it will lease their properties faster than others."

Changes to 10 Woodbridge, which was built in 1985, include a granite lobby, refurbished restrooms, a café and on-site security. The 10-story building sits on nine acres near Metropark, the Garden State Parkway, the New Jersey Turnpike and numerous smaller highways.

Current tenants include Cingular Wireless, Concentra Managed Care, Neopost, Premier Personnel Group and Newmark. Less than 33,000 sf of space is vacant. Newmark's internal market statistics show the availability rate for the Northern and Central New Jersey office market dropped from 19.4% to 17.3% for the quarter, the lowest it's been in three and a half years, and the best quarter the market's had in the past 10 years. "With vacancy rates in the 17% range, owners have to make sure their properties are well positioned to attract tenants," says Giannone. "The goal is to retain existing tenants and catch the attention of new ones as the volume of leasing increases."