Cushman & Wakefield Named Exclusive Agent for The Offices at Metropark
Commercial real estate services firm Cushman & Wakefield, Inc. has been retained by Tishman Speyer as the exclusive leasing agent for The Offices at MetroPark, a 907,000-square-foot, three-building complex situated on 34 acres in Central New Jersey's Middlesex County. The Edison-based Cushman & Wakefield team of Paul Giannone, Kevin Carton and Todd Elfand is handling the assignment.
Constructed in 2000, 194 Wood Avenue South is a premier 472,000-square-foot office building with 77,000 square feet currently available. And 200 Wood Avenue South, constructed in 1976 and completely renovated in 2001, is a 285,000-square-foot office building with a current availability of 30,000 square feet. The two buildings are connected by an enclosed walkway constructed in 2001. Current tenants include major companies in the technology, insurance and financial services sectors. The assignment also includes 190 Wood Avenue South, a 150,000-square-foot flex building that currently also has 68,000 square feet available.
On-site amenities include dual power feeds and redundant UPS and generator back-up power, as well as day care, a full-service cafeteria, 24/7 security guards, substantial storage space, data centers available for lease, and on-site management and building engineers. The site provides 2,950 parking spaces between a 2,530-car, five-level covered parking garage and 420-car surface lot, located directly off of Exit 131A of the Garden State Parkway. It is also within walking distance of the MetroPark Train Station offering Amtrak and NJ Transit services.
"Very few assets in this market are served by two substations and offer redundancy backup by UPS and generators," said Giannone. "This is especially appealing to tenants - such as financial services and other major corporations - that require mission critical operations that must remain operational in the event of a power outage. That is particularly important today due to vulnerability of our electrical grid. During super storm Sandy, this was one of the very few buildings in this submarket that was operational immediately after the storm."
"The properties' location is also an important asset, with its road access via the Garden State Parkway and New Jersey Turnpike, as well as rail accessibility to the entire Boston-to-Washington corridor," said Carton. "This location provides the ability for a company to consolidate operations and draw employees from a broad geographic range."
The Cushman & Wakefield team has recently concluded several other transactions in the MetroPark submarket. The team represented the ownership in an 87,000-square-foot lease signed with Eisner Amper, a transaction that completed the successful lease-up of the 255,000-square-foot class A MetroTop office building in Iselin, as well as a total of 60,760 square feet of leases at Metroview Corporate Center I in Edison.