WOODBRIDGE, NJ—In a major repositioning, the owner of 120 Wood Avenue South—also home to the Hotel Woodbridge at Metropark—will enhance the property's office space to meet the demands of the robust Iselin, NJ leasing market. Major capital improvements to common areas and amenities at the 467,575-square-foot, mixed-use asset will commence in the first quarter of 2015.
The extensive redevelopment plan inclues upgrades to the corridors, restrooms, and elevator lobbies on the office floors; improvements to the building's facade and landscaping; exterior window replacement; and repaving of the facility's parking lot.
The capital improvements come even as new and existing tenants continue to sign leases in the building. Colliers International, the exclusive leasing agent for the property, has arranged four new recent transactions, with PC AGE, Ariel Wealth Advisors, Pediatric Pharmaceuticals, and the Quasar Group all taking space. In addition, OS33, Infocom Systems, and SKG Consulting have renewed their leases, with OS33 also expanding within the building. Approximately 58,000 square feet of remaining office space is available.
“This asset already commands aggressive asking rents in Metropark and these new leases and renewals signal the overall strength of the market,” says Richard J. Madison, an executive managing director at Colliers International. Madison and managing director Leslie Meril exclusively represent the building owner. “As renovations commence, we expect to see a continued increase in office leasing velocity.”
“The building offers up to 25,000 square feet of contiguous office space,” says Meril. “Its amenity-rich environment and easy access to the Metropark train station via a free shuttle bus, makes this property an ideal offering for any small to mid-size office tenant.”
The Hotel Woodbridge at Metropark's amenities — accessible to office tenants in the building — include a pool, gym, conference areas, lounges, and restaurants such as Le Café Metro, Spats Steakhouse, Bogart's Lounge, and The Terrace Lounge.
The 11-story building is comprised of the hotel's lobby and amenities on the first floor and part of the second floor; conference spaces on the second floor and half of the third floor; 116,000 square feet of office space on floors 3-6; and hotel rooms on floors 7-11.
Peter Shikar of CBRE represented PC AGE and OS33 in the transactions. David Zimmel of Zimmel Associates represented Ariel Wealth Advisors. Jeff Garibaldi of the Garibaldi Group represented SKG Consulting.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
