"The timing was right for TA Associates to achieve a return on its investment at 99 Wood Ave.," says Andrew Merin, executive vice president of the Metropolitan Area Capital Markets Group of Cushman & Wakefield. His East Rutherford-based group arranged the sale. "The bidding activity reflects the property's position in the heart of the Woodbridge/Edison region, one of New Jersey's strongest office submarkets," Merin says. He adds that the property went through three rounds of bidding that "drew more than two dozen offers."

The sale price of the asset was not disclosed. Sources tell GlobeSt.com that the building likely traded for a number in the $55-million range; however, sources for both sides would not confirm that figure. Another source estimated the price to be $70.5 million.

According to data recently released by C&W, Woodbridge/Edison's class A rents are the second highest in Central New Jersey, averaging $30.14 per sf. The submarket's direct vacancy rate is also Central New Jersey's second lowest at a shade over 15%. The multi-tenant building is currently largely leased up, including the headquarters office of the law firm of Greenbaum, Rowe, Smith, Savin. Ernst & Young is also a major tenant.

The sale is the second major disposition here by TA Associates in the past few years. Less than two years ago, the firm sold off the nearby Metro Park Office Center, a three-building, 757,408-sf class office complex. A partnership headed by Ivy Equities of Montvale paid just under $148 million, or about $195 per sf in late summer of 2003. That particular asset is 100% occupied by Prudential. TA picked up both 99 Wood Ave. and the Metro Park Office Center in the late 1990s.