Search
 

272,000-SF Office Will Get Makeover

ISELIN, NJ-Spear Street Capital had acquired 101 Wood Ave. South in October for a reported $71 million.

By Eric Peterson | Updated on January 12, 2009

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.