AIG Sells NJ Trophy Office Tower for $140M
The 470,692-square-foot, class A, office asset sold to Opal Holdings, for a sales price that represented $297 per square-foot.
ISELIN, NJ – Opal Holdings has purchased the 470,692-square-foot, trophy office tower, 194 Wood Ave. S., in Iselin, NJ, from AIG, in a $140 million transaction.
Cushman & Wakefield arranged the sale of the class A, nine-story, office asset, for a final sales price that represented $297 per square-foot.
The IBM-anchored property is currently 100% leased to seven tenants; nearly 90% of which are investment-grade companies.
Located within the Metropark submarket, the office tower is situated near the New Jersey Turnpike, Garden State Parkway, Interstate 287 and Rte. 1.
The property offers structured parking, a full-service cafeteria and is served by two separate electric substations and a full building backup generator.
Cushman & Wakefield’s investment sales team, comprising Andy Merin, David Bernhaut, Gary Gabriel, Kevin Donner and Frank DiTommaso, represented the seller, AIG, in the transaction. The investment sales team was additionally supported by Cushman & Wakefield’s local leasing experts, Kevin Carton and Todd Elfand.
“SJP has a reputation for building exceptional product that withstands the test of time and this asset is a prime example,” states DiTommaso. “Opal Holdings recognized the rare opportunity to own a premier building in Metropark, which has remained one of the dominant submarkets in the New York metropolitan area year after year.”
“SJP has done an excellent job operating and maintaining this asset in recent years alongside AIG, preserving its trophy quality and elite status within the submarket,” states Gabriel.
