ISELIN, N.J.--(BUSINESS WIRE)--KBS, one of the largest owners of premier commercial real estate in the nation, today announced the signing of 103,396 square feet in leases at Woodbridge Corporate Plaza in Iselin, New Jersey within the last six months. 13 companies signed new, renewal or expansion leases at the 629,000 square-foot, six-building, Class A office park located in the Central New Jersey submarket of Metropark.
Of these 13 leases, six were new leases, four were renewals and three were expansions, according to Stephen Close, senior vice president for KBS and asset manager of the property.
“This rapid leasing activity is demonstrative of the quality product we are able to provide our tenants as hands-on asset managers,” says Close. “We are attracting new tenants, and maybe more importantly, many of our existing tenants are renewing and expanding within our buildings. These companies have experienced first-hand the types of amenities the property features and caliber of service we offer and are actively choosing to grow within this award-winning property.”
Woodbridge Corporate Plaza won The Outstanding Building of the Year (TOBY) Award in the Renovated Building category last year. The property features a cafe, on-site management, a fitness center with showers and locker rooms, dry cleaning pick-up and drop-off, and a shuttle service to surrounding local amenities such as nearby dining, a farmer’s market and a 24-hour grocery store.
“As one of the largest owners of office properties across the nation, we truly understand what today’s tenants demand, and we are able to meet those demands consistently within our assets,” says Close. “Woodbridge Corporate Plaza is a prime example of this success, and will continue to be a cornerstone asset in the Metropark market. The property will continue to benefit from the region’s ongoing growth and migration of Fortune 500 and 1,000 companies.”
iCreditWorks, a dental loan provider and C.H. Robinson, a leader in freight solutions, are two of the six new companies to relocate to the building. Other new companies at the property include Vlasac & Shumark, Acrisure, Apex, and Hackensack Meridian.
“Metropark has historically proven itself to be a market that performs extremely well over time,” says Marc DeLuca, regional president, Eastern United States, for KBS. “We initially acquired the property in 1996, sold the asset in 1998, and reacquired the property in 2005. These strategic trades are based on the continued strength of this submarket, which continues to demonstrate fundamentals that make Woodbridge Corporate Plaza a valuable asset over the long-term. The Metropark area continues to experience solid population growth, and is located in the heart of Middlesex County, the second most populous county in the state.”
TDK Lambda Americas, a leading manufacturer of high power programmable power supplies; Auto Injury Solutions, a leading provider of casualty claims solutions; and Bank of Tokyo-Mitsubishi, the largest bank in Japan, renewed their leases. Other renewals include MCI Metro, Multimedia Healthcare Comm, Lincoln Investment Planning, and Cipriani & Werner.
“Central New Jersey is a diverse economy that is experiencing meaningful growth and is not dominated by a single industry,” says DeLuca. “Woodbridge Corporate Plaza boasts a strong tenant mix across multiple industries including manufacturing, auto, financial services, and healthcare, among others.”
The NKF team representing KBS in the leases included Jamie Drummond and Andrew Perrotti.
“We are excited to welcome the new tenants and help our current tenants grow their footprints within this innovative campus environment,” says Jamie Drummond, NKF senior managing director. “Metropark is an exceptionally strong market with ongoing job growth, which is a prominent factor in attracting quality tenants.”
Woodbridge Corporate Plaza is easily accessible for commuters with three interstate highways and two highly traveled business routes nearby, including US-1. It is also in close proximity to Newark Airport and the Metro Park train station, allowing access to both New Jersey Transit and Amtrak routes.
Please find photos of Woodbridge Corporate Plaza here.
KBS is one of the largest owners of premier commercial real estate in the nation. As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of approximately $40 billion on behalf of private and institutional investors globally. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial real estate in some of the most successful epicenters in the country. The firm is committed in its business ethics, its business relationships and its constant focus on exceeding the expectations of our investors, partners and tenants. For more information on KBS, please visit www.kbs.com.