272,000-SF Office Will Get Makeover

ISELIN, NJ-Spear Street Capital quietly acquired 101 Wood Ave. South in October, and is now set to launch a major renovation of the 10-story office building. The 272,000-square-foot asset was picked up in the fall from chemical giant BASF for a reported $71 million, or about $261 per square foot.

The renovation project for the building, which is located within the MetroPark Corporate Campus, will entail a made-over entryway, an updated lobby, a café and other improvements leading to potential multi-tenant use. On-building signage is also on the table for a major user, and the San Francisco-based Spear has tapped Cushman & Wakefield to fill the building.

“It’s the largest block of available space within the tight MetroPark office submarket,” says C&W’s Bill Brown, who’s heading the assignment with Bob Donnelly, Marc Rosenberg and Lauren Ruffino of the firm’s Morristown office. Noting that the asset is within walking distance of the MetroPark train station, “the chance to be on a main commuter line to New York is great as mass transit becomes an increasing priority for corporations,” he says. “We expect the opportunity will be particularly appealing to Manhattan-based companies looking for cost savings and convenience.”