99 Wood Ave. in Iselin — Courtesy: Cushman & Wakefield
By Joshua Burd
An accounting firm has extended its nearly 31,000-square-foot lease in Woodbridge, in one of several newly announced deals in Opal Holdings’ six-building office portfolio in the region.
According to Cushman & Wakefield, which represents the landlord, the transactions took place during the second half of 2022 and include new commitments and renewals totaling 117,381 square feet. Each took place within the Metropark submarket, where Opal Holdings owns six buildings totaling more than 1.5 million square feet.
C&W announced several of the deals on Wednesday, noting that:
- An undisclosed accounting firm signed a 30,721-square-foot lease extension at 99 Wood Ave., a 271,988-square-foot building in Woodbridge’s Iselin section.
- A manufacturer signed a 30,600-square-foot sublease at 101 Wood Ave., a 277,629-square-foot building in Iselin.
- A financial institution signed a 12,000-square-foot lease renewal at 333 Thornall St., a 198,544-square-foot building in Edison.
- Fi-Tek signed an 11,314-square-foot lease renewal at 333 Thornall St.
- Xoriant signed a 9,525-square-foot lease renewal at 343 Thornall St. in Edison.
- A technology consulting company signed an 8,270-square-foot lease at 99 Wood Ave.
- An electronics and cable company signed a 7,145-square-foot lease at 343 Thornall St., a 197,745-square-foot building in Edison.
- Apple Bank signed a 5,256-square-foot lease at 99 Wood Ave. to accommodate its recently launched Equipment Finance business and a full-service branch that focuses on commercial banking customers.
- S. News & World Report signed a 2,550-square-foot lease at 99 Wood Ave.
“Metropark is seeing significant leasing activity despite a challenging environment and looming recession fears, with the asking rent rising to $42 per square foot,” Cushman’s Todd Elfand said. “Opal Holdings continues to attract top-tier tenants by providing a high-quality work environment with best-in-class amenities and a strategic location off the Garden State Parkway steps from the Metropark train station.”
The C&W leasing team includes Elfand, Kevin Carton and Paul Giannone.
“Opal is constantly improving the Metropark buildings to create a more lively and productive work environment for their tenants, with renovations forthcoming at both 343 Thornall and 99 Wood Ave. South,” Carton said. “We’re excited to continue our leasing momentum into 2023 after securing more than 200,000 square feet in 2022.”
Opal, meantime, plans to rebrand the buildings as its Centerline portfolio, capitalizing on a location at the nexus of the Garden State Parkway, the New Jersey Turnpike and several other major highways. The buildings are also within walking distance of the Metropark train station.