The four-story office building and adjacent surface parking area was completed in 2013 and is fully leased to global pharmaceutical company GlaxoSmithKline through 2028.
“Proven rent premiums for redeveloped units in this market make the community an excellent opportunity for a value-add addition to our portfolio,” says Wilkinson Corporation's George Waymire.
"We do believe there is considerable value to add through investments in social, recreational, and business amenities,” says Steve Card, principal and regional director, Mid-Atlantic, for Rubenstein Partners.
“The Hub” development is expected to support a live/work/play environment close to existing corporate, medical, and academic research activity, and near housing, retail and public transportation assets.
Built in 2010, the two-story facility is 31,764 square-feet and situated along Towne Lake Parkway, within a medical office cluster in one of the main retail corridors in Woodstock.
“The entire center will be a valued asset to the city, serving all of our residents and attracting shoppers from Staten Island and Jersey City all the way to Bayonne,” says Bayonne Mayor James M. Davis.
“A rapidly growing job base, increasing household income, and strong demand for quality apartments were all compelling reasons for developing this very well-positioned community," says Austin Knapp of Middleburg.
