New York City’s Opal Holdings LLC retained Avison Young’s New Jersey office as exclusive leasing agent for a Class A office building in Metropark.
Avison Young NJ announced the assignment for Centra, a 110,500-square-foot office building located at 186 Wood Ave. S. in Iselin on April 4.
The sale of Centra to Opal Holdings was announced in December by Cushman & Wakefield. AY Principal and Managing Director for New Jersey Jeffrey Heller and N.J.-based Principal William McCaffrey will represent Opal Holdings as exclusive agents for the building.
The appointment marks a continuation of collaboration between AY and Opal. In November, the latter enlisted the the former’s New Jersey Project Management Group for a multimillion dollar capital improvement campaign at Metropark194 — a nine-story, 470,692-square-foot trophy office tower also located within Metropark. Avison Young New Jersey also handles leasing at that property.
“We’re thrilled to continue to work with Opal Holdings at another Metropark building as the firm executes its investment strategy across opportunistic office properties in Northern New Jersey,” Heller said in a statement. “By proactively engaging tenants and modernizing its portfolio, Opal is creating office environments that employees want to return to in some of the region’s top performing markets.”
Five-story LEED Platinum property Centra is approximately 89% leased.
According to a statement from McCaffrey, the Woodbridge submarket has rebounded quickly since the onset of the COVID-19 pandemic, with 332,000 square feet in net absorption since the start of 2021. “With its positive market fundamentals and high quality of ownership, Centra is poised for continued leasing success,” he added.
“We have a longstanding relationship with Avison Young and have witnessed firsthand its track record of successful building lease ups and ability to navigate evolving market conditions, which made the firm the clear choice for the assignment,” Opal Holdings CFO Brian Haimm said. “Centra was an excellent addition to our portfolio that aligned with our approach of acquiring well-located properties with value-add potential.”