Real Estate

Colliers Repositions Office Space at ‘Hotel Woodbridge at Metropark’ Building

In a major repositioning, ownership for 120 Wood Avenue South — also home to the Hotel Woodbridge at Metropark — will elevate the property’s office space to meet the demands of the robust Iselin leasing market. Major capital improvements to common areas and amenities at the 467,575-square-foot, mixed-use asset will commence in the first quarter of 2015.

The extensive redevelopment plan calls for upgrades to the corridors, restrooms, and elevator lobbies on the office floors; improvements to the building’s facade and landscaping; exterior window replacement; and repaving of the facility’s parking lot.

The capital improvement program comes even as new and existing tenants continue to sign leases in the building. Colliers International, the exclusive leasing agent for the property, has arranged four new recent transactions, with PC AGE, Ariel Wealth Advisors, Pediatric Pharmaceuticals, and the Quasar Group all taking space. In addition, OS33, Infocom Systems, and SKG Consulting have renewed their leases, with OS33 also expanding within the building. Approximately 58,000 square feet of remaining office space is available.

“This asset already commands aggressive asking rents in Metropark and these new leases and renewals signal the overall strength of the market,” said Richard J. Madison, an Executive Managing Director at Colliers International. Madison and Managing Director Leslie Meril exclusively represent the owner of the building. “As renovations commence, we expect to see a continued increase in office leasing velocity.”

“The building offers up to 25,000 square feet of contiguous office space,” Meril added. “Its amenity-rich environment and easy access to the Metropark train station via a free shuttle bus, makes this property an ideal offering for any small to mid-size office tenant.”

The Hotel Woodbridge at Metropark’s amenities — accessible to office tenants in the building — include a pool, gym, conference areas, lounges, and restaurants such as Le Café Metro, Spats Steakhouse, Bogart’s Lounge, and The Terrace Lounge.

The 11-story building is comprised of the hotel’s lobby and amenities on the first floor and part of the second floor; conference spaces on the second floor and half of the third floor; 116,000 square feet of office space on floors 3-6; and hotel rooms on floors 7-11.

Peter Shikar, of CBRE, represented PC AGE and OS33 in the transactions. David Zimmel, of Zimmel Associates, represented Ariel Wealth Advisors. Jeff Garibaldi, of the Garibaldi Group, represented SKG Consulting.

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