A rendering of an upgraded lobby at 200 Wood Ave. South, a 270,000-square-foot office building acquired by SJP Properties — Rendering by Gensler/Courtesy: SJP Properties
By Joshua Burd
SJP Properties has completed a new 12,800-square-foot lease at a Woodbridge office building, providing a home for the New Jersey operations of a global banking firm.
The developer and landlord on Monday announced the commitment by Crédit Agricole CIB, which is taking space at 200 Wood Ave. South in the township’s Iselin section. The tenant, the corporate and investment banking arm of Paris-based Crédit Agricole Group, has inked the lease as SJP continues a major overhaul of the 270,000-square-foot property in the Metropark submarket.
The CBRE team of Jonathan Meisel and Wes Moore represented SJP, while Charlie Dillon of JLL of represented Crédit Agricole CIB.
“We look forward to beginning our partner-tenant relationship with Crédit Agricole CIB’s New Jersey team, and are confident that 200 Wood Avenue South is the ideal location for such an esteemed international financial services company,” said Peter Bronsnick, SJP’s New Jersey region president. “This property provides unparalleled access to the state’s highly skilled workforce, redundant power for security and business continuity and more square footage per employee.”
In a news release, SJP said the building’s resilient and efficient infrastructure were key factors in Crédit Agricole CIB’s decision, as the firm also sought a convenient, transit-oriented location for its New Jersey-based employees. The property features a base-building uninterruptable power supply, two 1,500-kilowatt power generators and upgraded mechanical systems, including air filtration upgrades for improved air quality to create a healthier environment for employees.
SJP is in the midst of repositioning 200 Wood Ave. South after acquiring it earlier this year. Its plans also include a complete interior renovation that will result in a new lobby and amenities such as on-site dining, a modern fitness center and collaborative common areas.
Crédit Agricole Group is the 12th-largest banking group worldwide in terms of tier 1 capital, SJP said. The company will also benefit from the building’s direct northbound and southbound access to the Garden State Parkway, proximity to the New Jersey Turnpike and a location that is within walking distance of the Metropark train station.
SJP highlighted additional leasing opportunities at 200 Wood Ave South. The firm added that, for tenants seeking a private outdoor area for their employees, the property features open green space that it says will be the only space of its kind in New Jersey, which is available exclusively for a future tenant to customize into a private patio, outdoor lounge, dining area or garden conferencing space with SJP’s build-out capabilities.
“The team at SJP is excited to offer high-caliber tenants such as Credit Agricole a range of resilient properties across its New Jersey portfolio,” Bronsnick added. “As companies begin to adjust their strategies and adapt their own businesses to a changing workforce landscape, SJP is equipped to respond to those shifts quickly and efficiently.”