KBS Signs Over 50,000 Square-Feet in Commercial Leases at Class A Office Plaza in the Northern New Jersey Real Estate Market
KBS, one of the largest investors in premier commercial real estate in the nation, announced the signing of 51,011 square-feet of commercial leases at Woodbridge Corporate Plaza in Northern New Jersey real estate market. The leases signed include one new long-term lease and several lease extensions and expansions.
Woodbridge Corporate Plaza is a six-building Class A office complex encompassing 630,000 square feet. Situated in the central New Jersey submarket of Metropark, the asset was recently renovated to include a plethora of new amenities.
“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,” says Marc DeLuca, regional president, Eastern United States, for KBS. “With the average asking rent increasing by 10.4% during that time, it’s clear that this is a market experiencing robust growth, and all signs point to a continuing upward trajectory.”
The leases announced today include:
- Allegiance Retail Services, a current subtenant, signed a direct long-term lease for 18,928 square-feet.
- Office Evolution, an existing tenant, signed a long-term lease extension and expanded its total square footage to 14,500 square-feet.
- ENT & Allergy Associates, an existing tenant, 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, an existing tenant, extended its lease on 2,047 square-feet.
- Ace Software Solutions, an existing tenant, extended its lease on 1,546 square-feet.
“We strive to provide our tenants with first-class office space in a convenient location,” says 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.”
Woodbridge Corporate Plaza recently underwent a series of renovations including the construction of new modern lobbies and restrooms, upgrading of flooring and lighting, installation of new entrance doors and new signage opportunities for tenants. The property 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 asset is located adjacent to Exit 132 of the Garden State Parkway and a short distance from several major highways including Interstate 95. This location allows office tenants easy access to major transit centers such as Newark International Airport and rail providers New Jersey Transit and Amtrak. The property is also in close proximity to a number of restaurants and hotels.
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,” said Drummond. “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.”
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