The tenant was represented in the transaction by Jacqueline Witmondt, senior vice president, and Douglas Rowe, vice president of GVA Williams New Jersey, Parsippany. Landlord Metro Corporate Campus One, which is also the alternate name for the building, was represented by Cushman & Wakefield. Terms were not released, but available space in the building has been listed with an asking price of $30 to $32 per sf plus tenant electric. The Woodbridge/Edison/Metropark submarket is also one of the priciest in Central New Jersey with an average asking price for direct class A space of more than $30 a foot, according to various market reports.
"The firm's goal was to continue its presence in the Metropark area in a class A building," Rowe says. "They wanted to be within minutes of the major highways in the state. This location satisfied that need. Greenbaum, Rowe renewed their lease due to the property's accessibility to the Garden State Parkway."
Owner Metro Corporate Campus One is an affiliate of Rreef. As reported by GlobeSt.com,the San Francisco-based investment advisor acquired the asset in July 2005 from the Boston-based TA Associates after what brokers from Cushman & Wakefield, who orchestrated the deal, termed a "bidding war." The sale price was not disclosed, by various sources put the number anywhere from $55 million to $70 million.
The building currently has minimal space available. Besides Greenbaum, Rowe, its occupants include Ernst & Young; FiberTower, a wireless networks company that uses the site as its East Coast corporate offices; Pharmos Corp., a pharmaceutical company with Israeli ownership; CSAV, a Chilean shipping company which maintains a regional office; among others.
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