9-11-20

2B — September 11 - 24, 2020 — New Jersey — M id A tlantic Real Estate Journal

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AIG sells $140 million 194 Wood Ave. South Cushman&Wakefield handles sale of Iselin office tower

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SELIN, NJ — Cush- man & Wakefield has arranged for the sale of 194 Wood Ave. South, a 470,692 s/f, class A, trophy office tower in the Metropark complex in Iselin. The final sale price was $140 million, equating to $297 psf. The Cushman & Wakefield investment sales team of Andy Merin, David Bernhaut, Gary Gabriel, Kevin Don- ner and Frank DiTommaso represented the seller, AIG , in the transaction. The team was supported by Cushman & Wakefield’s local leasing experts Kevin Carton and Todd Elfand . The asset was purchased by Opal Holdings . Built by SJP Properties in 1999 and continuously man- aged by the company, 194 Wood Avenue South is a nine- story trophy office tower that offers structured parking, a full-service cafeteria and two separate electric substations along with a full building backup generator. Anchored by IBM, the prop- erty is 100 percent leased to seven tenants, with invest- ment-grade companies making up nearly 90 percent of the tenant roster. “SJP has done an excellent job operating and maintain- I

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194 Wood Ave. South

ing this asset in recent years alongside AIG, preserving its trophy quality and elite status within the submarket,” said Gabriel. “SJP has a reputation for building exceptional product that withstands the test of time and this asset is a prime example,” added DiTommaso. “Opal Holdings recognized the rare opportunity to own a pre- mier building in Metropark, which has remained one of the dominant submarkets in the New York Metropolitan Area year after year.”

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