194 Wood Ave. South in the Iselin section of Woodbridge — Courtesy: Cushman & Wakefield
By Joshua Burd
Insurance giant AIG has sold a 470,692-square-foot office building in Woodbridge for $140 million, in a transaction announced Friday by Cushman & Wakefield.
Brokers with the firm represented AIG in its disposition of 194 Wood Ave. South, a nine-story property within the Metropark submarket. The buyer, Opal Holdings, paid roughly $297 per square foot for the fully leased building, which is anchored by IBM.
C&W’s Andy Merin, David Bernhaut, Gary Gabriel, Kevin Donner and Frank DiTommaso completed the assignment, with support from local leasing experts Kevin Carton and Todd Elfand. They also credited the role of SJP Properties, the building’s property manager and original developer.
“SJP has done an excellent job operating and maintaining this asset in recent years alongside AIG, preserving its trophy quality and elite status within the submarket,” Gabriel said.
Located just west of the Garden State Parkway and north of Route 1, the property has structured parking and a full-service cafeteria, C&W said. It’s also served by two separate electrical substations and a full-building backup generator.
The building is leased to seven tenants, with investment-grade companies making up nearly 90 percent of the tenant roster.
“SJP has a reputation for building exceptional product that withstands the test of time and this asset is a prime example,” DiTommaso said. “Opal Holdings recognized the rare opportunity to own a premier building in Metropark, which has remained one of the dominant submarkets in the New York Metropolitan Area year after year.”
C&W also touted the adjacent Metropark train station, which offers Amtrak and NJ Transit rail and bus service, making it easily accessible to commuters from northern, central and southern New Jersey and New York City.
