Woodbridge Corporate Plaza in Woodbridge — Courtesy: KBS
By Joshua Burd
A subtenant at a Woodbridge office park has signed a new direct lease for nearly 19,000 square feet, in the largest of six transactions announced Wednesday by KBS.
The user, Allegiance Retail Services, has committed to 18,928 square feet at the six-building, 630,000-square-foot complex known as Woodbridge Corporate Plaza. The other transactions, which comprise one new lease and several extensions and expansions, include:
- Office Evolution signed a long-term lease extension and expanded its total square footage to 14,500 square feet
- ENT & Allergy Associates expanded its lease to 8,090 square feet
- Day & Zimmerman, a new tenant, signed a long-term lease for 5,900 square feet
- Schultheis & Panettieri LLC extended its lease for 2,047 square feet
- Ace Software Solutions extended its lease for 1,546 square feet.
“Demand for well-amenitized office space in the New Jersey office market has ramped up over the last 24 months, which is why assets like Woodbridge Corporate Plaza are attracting new companies and retaining existing tenants,” said Marc DeLuca, KBS’ regional president for the eastern U.S. “With the average asking rent increasing by 10.4 percent during that time, it’s clear that this is a market experiencing robust growth, and all signs point to a continuing upward trajectory.”
Jamie Drummond and Andrew Perrotti of Newmark Knight Frank represented KBS in the leases.
“Woodbridge Corporate Plaza provides its tenants with a modern and conveniently accessible workplace given its proximity to major roadways and Metropark,” Drummond said. “KBS has done an amazing job modernizing and installing a full host of industry-leading amenities on the complex to attract new tenants as well as provide expansion opportunities to existing tenants.”
KBS recently completed a series of renovations at Woodbridge Corporate Plaza, seeking to capitalize on its location adjacent to Route 1 and Exit 132 of the Garden State Parkway.
“We strive to provide our tenants with first-class office space in a convenient location,” said Stephen Close, asset manager of Woodbridge Corporate Plaza and senior vice president at KBS. “The success of this strategy is evident in the addition of Day & Zimmerman to the campus and the fact that current tenants want to renew, extend and expand their leases.”