KBS Inks More Than 51,000 SF in Deals at Woodbridge Corporate Plaza
Allegiance Retail Services, a current subtenant, signed a direct long-term lease for 18,928 square-feet at the property. In addition, Office Evolution, an existing tenant, signed a long-term lease extension and expanded its total square footage to 14,500 square-feet.
ISELIN, NJ—KBS reports it has signed a total of 51,011 square feet of commercial lease deals at its Woodbridge Corporate Plaza complex here.
The leases include one recently negotiated new direct lease with a prior subtenant, one direct long-term lease and a number of lease extensions and expansions at the six-building 630,000-square-foot property located in the Metropark submarket.
Allegiance Retail Services, a current subtenant, signed a direct long-term lease for 18,928 square-feet at the property. In addition, Office Evolution, an existing tenant, signed a long-term lease extension and expanded its total square footage to 14,500 square-feet.
There were a total of four other lease transactions—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 and Ace Software Solutions, an existing tenant, which extended its lease for 1,546 square-feet of space.
“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.”
Woodbridge Corporate Plaza, located adjacent to Exit 132 of the Garden State Parkway, 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’s amenities include 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.