Metropark Archives

Developer selected for Metropark transit-oriented project (slideshow)

Gov. Phil Murphy was joined by officials and other stakeholders Oct. 12 to announce the selection of DOR Woodbridge LLC – a joint venture of Russo Development, Onyx Equities and Dinallo Development LLC/Terminal Construction – as the developer for a transit-oriented development (TOD) project at Metropark Station in Woodbridge.

The Metropark Development Project will include the creation of Class A office and retail space, housing opportunities (20% of which will be designated as affordable housing), community amenities and station-area improvements, including bicycle, pedestrian and infrastructure upgrades.

“Station by station, line by line, we continue our determined overhaul of one of the world’s most critical transportation networks,” said Murphy. “This comprehensive transformation requires infrastructure investments that are complemented by the promotion of walkable neighborhoods, the construction of affordable housing, and the cultivation of economic opportunity.

Gov. Phil Murphy and NJ Transit — “By leveraging public-private partnerships like the synergies on display today, we stimulate not just transit-oriented development, but future-oriented communities,” Gov. Phil Murphy said about the Metropark Station project Oct. 12, 2022. – OIT/OFFICE OF THE NJ GOVERNOR

“By leveraging public-private partnerships like the synergies on display today, we stimulate not just transit-oriented development, but future-oriented communities,” the governor said.

U.S. Rep Frank Pallone, D-6th District, said the announcement marked an important first step in the Metropark Station’s transformation into a walkable community with direct access to the railway.

“This investment in our public transit infrastructure will enhance the station’s safety and accessibility for commuters who rely on it,” said Pallone.

The announcement comes on the heels of one last month, highlighting investment to overhaul the New Brunswick Train Station. Developing these types of projects is a priority in NJ Transit’s 2030 10-year Strategic Plan, which promotes developing walkable communities while maximizing a value’s property and reducing emissions.

“With the Northeast Corridor running through Metropark Station, NJ Transit’s development promises to be an asset to our local community and to advancing the state’s environmental goals,” said Assembly Speaker Craig Coughlin, D-19th District. “What this competitive process demonstrates is that New Jersey remains a place that businesses want to invest and people want to live.”

“Advancing transit-oriented development such as the Metropark project is key to creating walkable communities that provide easy access to transit and improved quality of life for communities,” said New Jersey Department of Transportation Commissioner and NJ Transit Board Chair Diane Gutierrez-Scaccetti. “This is a significant step forward for an important project that integrates transportation, sustainability and economic development.”

Getting to work

The joint venture overseeing the project will perform site due diligence over the next few months, collaborating with NJ Transit, Woodbridge Township and other stakeholders to advance designs as well as financing, phasic and implementation plans.

Russo Development CEO Ed Russo said that this redevelopment represents an opportunity to reinvent one of the busiest transit hubs into a vibrant mixed-use environment.

“The Murphy Administration’s initiative to create public/private partnerships to drive the redevelopment of high value assets in NJ Transit’s portfolio is not only an imaginative way to catalyze value creation but is visionary in the way it will ultimately enhance the rider experience statewide,” said Russo. “We, along with our partners at Terminal Construction and Onyx Equities, are honored to be part of the team that will make this vision a reality.”

“Metropark is surrounded by a dynamic community of hospitality, office, retail and residential uses that engage and benefit the train station, and with this redevelopment program, the station will now become a more integral part of its neighborhood and community,” said Onyx Equities co-founder Jonathan Schultz.

“Terminal Construction’s legacy is around building train stations and we built the most recent parking structure at Metropark,” said Donald Dinallo, CEO of Terminal Construction. “We’ve participated in a progression that began with simple station buildings and now arrives at a new definition for infrastructure that will include the integration of residential, retail, office and hospitality. It is very satisfying to be part of this team and continue our half-century service to NJ Transit.”

Opal Holdings enlists Avison Young NJ for leasing at Metropark’s Centra

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.

Metropark-located Centra (186 Wood Ave. S.) was recently redeveloped and is LEED Platinum certified, according to Cushman & Wakefield. The five-story office building was redesigned by architectural firm Kohn Pedersen Fox Associates. — Metropark-located Centra (186 Wood Ave. S.) was recently redeveloped and is LEED Platinum certified. The five-story office building was redesigned by architectural firm Kohn Pedersen Fox Associates. – CUSHMAN & WAKEFIELD

“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.”

SJP signs national insurance carrier for newly repositioned Metropark property

Reflecting the success of SJP Properties’ program to reposition the property for the needs of the modern workforce – with a combination of state-of-the-art infrastructure, indoor and outdoor amenities, and purpose-built workspaces – the firm announced Tuesday that a national insurance carrier signed a lease for 21,010 square feet at 200 Wood Ave. S. in Iselin.

The unnamed carrier committed to a long-term lease at Metropark’s 200 Wood Ave. S. due to the building’s unique attributes and SJP’s superior concierge management and project management capabilities, SJP said. It will occupy the new space in the first quarter of 2022.

The office location is in addition to the company’s existing Manhattan headquarters.

Blake Goodman and Erin Moran of JLL represented the tenant in the transaction, while Wes Moore of CBRE represented SJP.

SJP Project Solutions, SJP’s third-party construction management platform, will execute a custom interior build-out to accommodate the tenant’s workforce.

200 Wood Ave. S. in Iselin - SJP PROPERTIES — 200 Wood Ave. S. in Iselin – SJP PROPERTIES

The build-out will include the creation of private offices, executive offices with views of the redeveloped campus, collaborative spaces for employees, and custom glass office fronts throughout, as well as the installation of modern LED linear light fixtures. The space will also feature high finished ceilings made possible by the slab-to-slab heights of the existing interior, with an open ceiling in the office lobby to accentuate both the building’s historic architecture and its concrete waffle slab construction entrance.

“This provider of insurance solutions joins a growing list of prestigious companies that have selected 200 Wood Ave. S. for its standout combination of headquarters-quality office space and exceptional amenities, all within the Metropark submarket that makes commuting convenient to points both north and south,” said Alexander Erdos, senior vice president – Leasing and Marketing at SJP Properties. “We’ve had an overwhelmingly positive response to this property as more companies seek out opportunities for their teams to occupy world-class office environments in strategic, transit-oriented locations.”

SJP acquired 200 Wood Ave. S. in early 2020 and executed a comprehensive strategy to reposition it, paying homage to its postmodernist architecture with a complete interior and exterior renovation, as well as new building systems and indoor/outdoor lifestyle amenities.

The company’s employees will enjoy the building’s brand new lobby, state-of-the-art fitness center, collaborative common areas, including landscaped outdoor meeting areas, nationally recognized food operators within the on-site dining area, and ample on-site parking. SJP is also providing its signature hospitality and concierge services as part of its property management offering.

Spanning 270,000 square feet, 200 Wood Ave. S. offers the ability to attract and retain New Jersey’s top talent where the labor markets converge. It is within walking distance to the Metropark Train Station, which offers New Jersey Transit and Amtrak Acela services. 200 Wood Ave. S. is also conveniently located near the cross-sections of Lincoln Highway, Middlesex Turnpike, and the Garden State Parkway.

Newmark retained as exclusive broker to lease Woodbridge Corporate Plaza

Newmark said Aug. 11 that it was retained as the exclusive broker for Woodbridge Corporate Plaza by new owners, Northeast Capital Group (NECG).

The 630,000 square-foot office campus is currently around 90% leased and can accommodate office requirements ranging from 2,500 to 20,000 square feet. Newmark’s Senior Managing Director Jamie Drummond and Associate Director Andrew Perrotti are exclusively leasing the asset on behalf of ownership.

The six-building office complex was recently acquired by New York-based private equity investment group NECG from KBS and provides a corporate campus environment for tenants.

Newmark’s Tri-State Capital Markets team helped facilitate the sale transaction on behalf of KBS. Under NECG’s experienced and professional stewardship, the firm plans to continue capital improvements at the property to include a new conference/training facility and tenant lounge.

Lobby Building C at Woodbridge Corporate Plaza, 485 Route 1 S., Iselin. — Lobby Building C at Woodbridge Corporate Plaza. – KBS

“Woodbridge Corporate Plaza is a top-of-line choice for office users looking for both an economic and well-located choice in which to expand their business,” said Drummond. “We believe that the asset’s Metro Park location along with ownership’s commitment to the continued property upgrades will make this an obvious choice for employers looking to return to the office.”

Woodbridge Corporate Plaza features modern lobbies, restrooms, directories, building entrance doors and upgraded areas with new flooring, wall coverings and lighting. The asset also offers new signage opportunities for tenants, including new exterior monument signs, an electronic lobby directory and suite signage.

Tenant amenities include a new 6,000-square-foot fitness center, a full-service café, on-site management, day porter, security and engineer. Woodbridge Corporate Plaza offers shuttle service to and from the Metro Park transit hub at no cost to tenants.

“The acquisition of Woodbridge Corporate Plaza is a welcome addition to our stellar portfolio of assets,” said Joel Kiss of NECG. “The property’s location and access are impeccable, and we look forward to adding to the property’s historic success of being well-leased with a diverse tenant base as we take the helm and continue the physical improvements to attract best-in-class tenants to the campus.”

KBS sells 629,000-SF Woodbridge Corporate Plaza in Iselin for $88M

Woodbridge Corporate Plaza, Iselin. - KBS — Woodbridge Corporate Plaza in Iselin. – KBS

KBS on May 24 announced it sold Woodbridge Corporate Plaza, a six-building, Class A office complex in Iselin to Ramapo, N.Y.-based Northeast Capital Group for $88 million.

“The New Jersey office market is home to a diverse roster of Fortune 500 companies and tenants who are drawn to a highly accessible, regional location,” says Marc DeLuca, eastern regional president for KBS. “Woodbridge Corporate Plaza is defined by its proximity to the intersections of Interstates 95, 278 and Route 1 with exceptional mass transit connectivity via Amtrak, New Jersey Transit and the Metropark Station.”

The sale was directed by Newmark on behalf of KBS with Newmark Executive Managing Director Kevin Welsh, Managing Director Brian Schulz, Associate Jason Emrani and Transaction Manager Maria Betancourt, along with support from Jamie Drummond, serving as KBS’ exclusive advisors and representatives for the sale of Woodbridge Corporate Plaza.

“Woodbridge Corporate Plaza has seen close to a half-million square feet of leasing velocity since January 2017,” says Welsh. “The property is 90% leased to a diverse base of 64 tenants with investment-grade anchors, providing stable cash flow and staggered rollover. Moreover, this asset offers Northeast Capital Group a secure income stream with strong cash-on-cash returns at an attractive basis. The property’s dynamic location and market-leading leasing velocity make it a rare investment opportunity in the area.”

The lobby in building C at Woodbridge Corporate Plaza, 485 Rt 1 S., Iselin. - KBS — The lobby in building C at Woodbridge Corporate Plaza, 485 Rt 1 S., Iselin. – KBS

Located at 485 U.S. 1, KBS originally purchased the 629,189 square-foot business park in 2005, completing a multimillion-dollar renovation that included construction of all new corridors and restrooms, upgrading of flooring and lighting, installation of new entrance doors and new signage opportunities for tenants. The property provides a host of sought-after amenities, including a new 6,000 square-foot fitness center, a full-service café and caterer, on-site management office and shuttle service to the Metropark transit hub, according to Stephen Close, asset manager for Woodbridge Corporate Plaza and senior vice president of KBS.

“Northeast Capital Group recognized an extraordinary opportunity to acquire one of Metropark’s most desirable office parks,” says Close. “The renovations KBS completed at this property make this well-located asset even more attractive to existing and prospective tenants. This business park is an excellent addition to the buyer’s portfolio.”

Attorneys Bruce Fischer, Howard Chu and paralegal Amanda Kennedy of global law firm Greenberg Traurig LLP’s Orange County office in California, together with attorney Steven Fleissig in Greenberg’s New Jersey office, represented KBS as legal counsel in the disposition.

“We enjoyed representing KBS in the successful disposition of Woodbridge Corporate Plaza,” said Fischer, Greenberg Traurig’s chair of the west coast real estate practice and co-managing shareholder of the Orange County Office, who led the Greenberg Traurig team.

SJP Properties completes Metropark office building redevelopment in Iselin

SJP Properties on May 24 said it completed the redevelopment of 200 Wood Ave. S. in Metropark, having transformed the building into a next-generation office environment that affords the infrastructure, amenities and purpose-built space required by today’s discerning workforce.

The milestone was capped by the completion of global shipping leader DSV’s new U.S. headquarters at the building, encompassing a 97,000-square-foot interior build-out that was overseen by SJP’s construction management team.

“Welcoming the U.S. headquarters of DSV to 200 Wood Ave. S. is a perfect milestone marking the completion of the building’s transformation and proving that top occupiers seek out top end assets and amenities. This deal also demonstrates the value of working with an owner that is able to serve as a true partner in creating a dynamic work environment that will draw employees back into the office,” said Alexander Erdos, senior vice president — Leasing & Marketing, at SJP Properties, in a prepared statement.

200 Wood Ave. S., Metropark, Iselin. - SJP PROPERTIES — 200 Wood Ave. S., Metropark, Iselin. – SJP PROPERTIES

SJP acquired 200 Wood Ave. S. in early 2020 and executed a comprehensive repositioning strategy. Employees at DSV will enjoy the building’s brand-new lobby, state-of-the-art fitness center, collaborative common areas including landscaped outdoor meeting areas, nationally recognized food operators within the on-site dining area, and ample on-site parking.

SJP is also providing its signature hospitality and concierge services as part of its property management offering.

DSV signed a long-term lease at 200 Wood Ave. S., selecting the building for its strategic location within the Metropark transit hub, which affords exceptional amenities, access to New Jersey’s skilled labor force and ease of commute to New York City.

The company tapped SJP’s construction and development management team, which partnered with architecture firm Parette Somjen Architects to design and execute a custom build-out for DSV’s new headquarters that takes full advantage of the base building conditions, as well as the its spacious layouts, expansive ceiling heights and unique, modern industrial aesthetic.

DSV took occupancy of its space at 200 Wood Ave. S. – comprising the building’s entire third floor – in April.

The building has a resilient and efficient infrastructure, featuring a base-building UPS system, two 1,500 kilowatt power generators, a modern HVAC controls system and upgraded mechanical systems — including air filtration upgrades for improved air quality to create a healthier environment for employees.

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