Woodbridge Corporate Plaza at 485 Route 1 South in Iselin — Courtesy: Newmark
By Joshua Burd
The new owner of a six-building, 630,000-square-foot office campus in Woodbridge has retained Newmark as its leasing agent at the property.
In a news release, the brokerage team said Woodbridge Corporate Plaza is some 90 percent leased but can accommodate requirements ranging from 2,500 to 20,000 square feet. Newmark Senior Managing Director Jamie Drummond and Associate Director Andrew Perrotti are leading the assignment at 485 Route 1 South, working on behalf of Northeast Capital Group after the private equity firm purchased the complex earlier this year.
“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,” Drummond said. “We believe that the asset’s Metropark 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.”
The assignment comes less than three months after KBS sold the property to Northeast Capital for $88 million, in a deal brokered by Newmark’s capital markets team in the region. The new owner plans to further improve the campus with a new conference and training facility and a tenant lounge, among other upgrades.
Newmark expects the improvements to generate additional buzz in a northern New Jersey office market that has seemingly stabilized from the height of the state’s COVID-19 crisis.
“The acquisition of Woodbridge Corporate Plaza is a welcome addition to our stellar portfolio of assets,” Northeast Capital Group CEO Joel Kiss said. “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.”
The brokers noted that Woodbridge Corporate Plaza features updated common spaces and amenities such as a new 6,000-square-foot fitness center and a full-service café, along with free shuttle service for tenants to and from the Metropark transit hub. Located in the township’s Iselin section, the property is surrounded by retail, restaurants and hotels, with easy access to the Garden State Parkway, the New Jersey Turnpike and other major corridors.
KBS sells 630,000 sq. ft. Woodbridge office campus for $88 million, with Newmark as broker
