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ISELIN, NJ-Chemical giant BASF has put the entire 270,000-sf class A office building at 101 Wood Ave. South here on the sublease market. The building was developed in the late 1980s as the world headquarters for the Englehard Corp., but the space became surplus in the wake of BASF’s recent acquisition of the company.

BASF has also tapped Cushman & Wakefield of New Jersey, East Rutherford, to find a sub-tenant or sub-tenants for the property. “We are optimistic that 101 Wood Ave. South will be well received,” says C&W vice chairman Robert Donnelly, who is heading the assignment with executive vice president Marc Rosenberg. “It represents the largest block of space available within one of New Jersey’s tightest corporate office markets. With much of the region’s institutional-quality inventory near full occupancy, it is simply a great opportunity.”

According to the Q3 market report recently released by C&W, the class A vacancy rate in the Woodbridge/Edison submarket is just 9%. Leasing activity produced nearly 608,000 sf of transactions through the first nine months of the year, putting the market on course to achieve its highest leasing totals in some six years.

The 10-story building itself is owned by PRU 101 Wood LLC, an affiliate of Prudential Financial. It’s part of the Metro Corporate Campus, located near Exit 131A of the Garden State Parkway and within walking distance of NJ Transit’s Metropark train station. On-site features include a trading floor, training facilities, a full-service cafeteria, covered parking and an executive area.

As far as terms, the rent for a limited amount of direct space available in the companion 99 Wood Ave. South building is currently listed with an asking price of from $30 to $32 per sf plus electric. The Woodbridge/Edison/Metropark submarket is also one of the priciest in the region, with an average asking price for direct class A space of more than $30 per sf, according to various market reports.

BASF has not announced its timetable for vacating the premises, but has indicated that it will expand its existing US headquarters in Florham Park, NJ to accommodate staffers relocating there from the Wood Ave. facility in the wake of the acquisition. Employees working in BASF’s new Catalysts Division will stay in Iselin, in buildings located at 21 Middlesex Turnpike.

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