ISELIN, NJ-Insurance giant MetLife has extended its current lease for 51,000 sf at 485 Route 1 South within Woodbridge Corporate Plaza. The 623,000-sf office park is owned and managed by KBS Realty Advisors of Newport Beach, CA, which bought it on behalf of one of its funds from Corporate Plaza Associates in early 2005 for a reported $85.6 million.

“MetLife has been an excellent tenant for more than 10 years and we are excited that they have decided to renew their lease with us,” says Charlie Valentino, senior vice president of KBS. KBS was represented by Drew Persson of GVA Williams NJ, Parsippany, and Tom Reilly of Jones Lang LaSalle, also Parsippany, represented MetLife. Terms were not released; available space at the property is currently listed with an asking price of $24 per sf.

Woodbridge Corporate Plaza is located on Route 1, near the Garden State Parkway and the New Jersey Turnpike. Two nearby malls provide shopping and dining options, and the Metropark train station is two miles away. The office park is currently 90% leased.

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