KBS signs lease extension with BNP Paribas for 53,186 square feet

KBS signs lease extension with BNP Paribas for 53,186 square feet
KBS' Woodbridge Corporate Plaza Photo: Business Wire

KBS, one of the largest investors in premier commercial real estate in the nation, announced that it has signed a lease extension for 53,186 square feet with BNP Paribas at Woodbridge Corporate Plaza in Iselin, New Jersey.

Woodbridge Corporate Plaza, part of KBS’ client portfolio, consists of six buildings totaling 630,000 square feet of Class A office space conveniently located in the central New Jersey submarket of Metropark.

BNP Paribas, a premier global banking organization, is an existing tenant at Woodbridge Corporate Plaza. With the lease extension, the tenant will continue to fully occupy the first and third floors of Building D at the property.

Woodbridge Corporate Plaza provides a host of sought-after amenities, including a new 6,000-square-foot fitness center, an on-site full-service café and caterer, on-site management and a shuttle service to Metropark transit hub. The campus recently underwent renovations that constructed new modern lobbies and restrooms, upgraded flooring and lighting, installed new entrance doors and provided new signage opportunities for tenants.

Woodbridge Corporate Plaza is located at 485 US-1, Iselin, New Jersey. The complex is adjacent to exit 132 of the Garden State Parkway and is a short distance to several major highways, including Interstate 95. The campus’ ideal location provides office tenants with easy access to major transit centers like Newark Airport and rail providers NJ Transit and Amtrak. Additionally, the complex is in close distance to a number of restaurants and hotels.

“Our ability to retain such an in-demand tenant demonstrates the strength and continued growth of the local market, and the quality of our Metropark asset,” said Stephen Close, asset manager of Woodbridge Corporate Plaza and senior vice president at KBS. “We repositioned the asset to incorporate modern, upscale amenities that are in line with the demands of today’s top companies.”

Last year, Metropark saw an increase in leasing activity, according to Newmark Knight Frank’s Northern New Jersey office market report. Total deals closed in 2019 exceeded 500,000 square feet, which is nearly double the amount seen in each of the previous two years.

“This transaction is a testament to KBS’ strength as a hands-on asset manager that anticipates and immediately responds to the needs of our tenants,” says Marc DeLuca, regional president, Eastern United States, for KBS. “The environments we create provide tenants with optimal service and amenities, which is attracting new tenants and driving existing tenants to renew and extend their leases with us.”

Jamie Drummond and Andrew Perrotti of Newmark Knight Frank represented KBS in the lease extension.

“KBS has done a remarkable job modernizing and upgrading Woodbridge Corporate Plaza to include an impressive list of top-shelf amenities that both attract new tenants and provide expansion opportunities to existing tenants,” says Drummond, senior managing director. “The complex provides tenants with a state-of-the-art workplace that is conveniently located in close proximity to major roadways.”

Joe Messina, Allison Melichar and James Schroeder of JLL represented BNP Paribas.

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