Both the tenant and the landlord, KBS Realty Advisors of Newport Beach, CA, were represented by Drew Persson of GVA Williams of New Jersey, Parsippany. Terms of the transaction were not disclosed. "This is the second opportunity I've personally had to work with Progressive," Persson says.
KBS acquired the six-building, 625,000-sf Woodbridge Corporate Plaza earlier this year from a local partnership for a reported $85.6 million or about $137 per sf. The acquisition marked the first in the Garden State for KBS. The sale was engineered by GVA Williams of New Jersey, which subsequently picked up the leasing and management assignment for the property.
The plaza occupies a 45-acre site across from the Woodbridge Commons Mall and near the MetroPark train station. Besides Progressive, other lead tenants include MetLife and BNP Paribas. The asset has had its common areas and tenant interiors upgraded since KBS picked it up.
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