170 Wood Ave. in Iselin — Courtesy: JLL
By Joshua Burd
The owner of a nearly 240,000-square-foot office building in Woodbridge has tapped JLL as its leasing agent, in what brokers say is a blank canvas for a corporate or life sciences user.
Located in the township’s Iselin section, the property at 170 Wood Ave. is fully vacant after the departure of Siemens Corp. at the end of last year. Brokers say it’s now the only high-end building in the Metropark submarket with space available greater than 100,000 square feet, offering a compelling opportunity as ownership weighs potential upgrades to its common areas and amenity spaces.
JLL Senior Managing Director John Buckley and Associate Alex Crane are leading the marketing campaign on behalf of the landlord, an affiliate of Argent Ventures.
“170 Wood Ave. is a distinctive Class A property located within New Jersey’s most centrally located corporate campus,” said Joseph Chehova of Argent’s acquisitions and asset management team. “Built to the exacting specifications of a global conglomerate, it features exceptional construction and highly efficient design that can be customized to meet a variety of needs. We are excited to partner with JLL to reintroduce the property in a prime submarket that continues to appeal to globally recognized tenants.”
Siemens built the 239,452-square-foot, eight-story property in 2003 as part of its New Jersey real estate footprint, JLL said. The company inked a 10-year sale-leaseback in 2012 with Boston-based TA Associates Realty and vacated last year at the end of its lease term.
Designed by The Hillier Group, 170 Wood has 30,000-square-foot floor plates, nine-foot ceiling heights and amenities such as a cafeteria, conference and training facilities, 24/7 security, a four-level parking garage and common outdoor space, JLL said in a news release. New York-based Argent Ventures acquired the property late last year and has retained international design firm Ware Malcomb to outline the potential upgrades, as it pitches the building to traditional office users or those in life sciences, medical technology and biomanufacturing.
“Argent Ventures has embraced the first-mover advantage to purchase a best-in-class office asset in a prime corporate corridor where multiple new development initiatives are driving economic growth and world class transportation,” Buckley said. “As the only Class A building in the submarket with space available greater than 100,000 square feet, we anticipate a great deal of interest from companies seeking superior workspace in a prime location populated by a highly skilled workforce.”
JLL noted that Metropark is home to Fortune 500 tenants including IBM, Microsoft, EY, Wells Fargo and BASF. The campus is a 30-minute drive from New York City and 20 minutes from Newark Liberty International Airport, while offering direct access to the Garden State Parkway and the region’s vast highway network.
The firm added that 170 Wood, which holds a gold rating on the U.S Green Building Council’s Leadership in Energy and Environmental Design Scale, is steps from the Metropark train station with NJ Transit and Amtrak service.
