194 Wood Ave. South in the Iselin section of Woodbridge — Courtesy: Cushman & Wakefield
By Joshua Burd
A landlord has kicked off a renovation of a well-known office building in Woodbridge, having tapped Avison Young to spearhead the multimillion-dollar project.
Opal Holdings LLC, a Manhattan-based investment firm, said its upgrades at 194 Wood Ave. South will include an enhanced lobby with a video screen wall, café renovations, a new fitness center and updated exterior amenity spaces. That work began in late summer, a year after the company acquired the 452,133-square-foot building from AIG for $140 million.
Avison Young’s Tony Beinert, a director on the construction management team, and Mandy Jaust, a project manager, are leading the renovation out of the firm’s New Jersey office.
“Ownership has done a meticulous job upkeeping 194 Wood Avenue South and the renovations that are underway will not only enhance the tenant experience but increase the value of the property,” said Jeffrey Heller, an Avison Young principal and managing director of its New Jersey office, which is based in Morristown.
Located in the Metropark submarket, the nine-story building is already home to an on-site daycare center, a parking deck and a café. The submarket offers direct access to the Garden State Parkway and is minutes from routes 1 and 9, Interstate 287 and the New Jersey Turnpike.
The building now known as Metropark194 is also a short walk from the Metropark train station. Avison Young already serves as the property’s leasing agent.
“Our established rapport with Avison Young coupled with the firm’s demonstrated track record of successfully executing capital improvement projects and construction budget management made them the clear choice to spearhead the renovations at 194 Wood Avenue South,” said Brian Haimm, Opal’s chief financial officer. “We are confident that upgrading the common areas and amenity spaces of the building will benefit our tenants as companies prepare for a return to the workplace.”
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