Big Office Deal

Tishman Speyer buys 833,300-square-foot Metropark Office Center in Woodbridge.New York City-based real estate developer Tishman Speyer re-entered the New Jersey office market last week. It bought the 833,300-square-foot Metropark Office Center in Woodbridge from Ivy Equities and Rockwell Capital Partners LLC. Ivy, a Montvale-based real estate investor and developer, had teamed up in 2003 with Rockwell, a New York City-based investment company, to purchase the complex from Boston-based private equity firm TA Associates for $147.5 million. The companies did not disclose financial terms of the new deal, but reports said the sale price was at least $200 million.

Built between 1976 and 2000, the campus encompasses three buildings: 194 Wood Avenue South, a nine-story, 480,000-square-foot Class A office tower, and two smaller buildings, the three-story 200 Wood Avenue South and the single-story 190 Wood Avenue South. The portfolio is 100 percent leased to Prudential, which subleases parts of the property to Chase Manhattan Mortgage, Microsoft, IBM and Atlantic Container Lines.