Opal Holdings, Avison Young continue Metropark partnership with 110,500 sq. ft. Class A office building

Opal Holdings LLC on Monday said it retained Avison Young‘s New Jersey office as the exclusive leasing agents for Centra, a 110,500-square-foot Class A office building in Iselin. Opal acquired the property earlier this year.

Located at located at 186 Wood Ave. S., Centra is a LEED Platinum, five-story property located in New Jersey’s Woodbridge submarket. The multitenant building is approximately 89% leased to a diverse tenant roster.

Avison Young Principal and Managing Director of Avison Young New Jersey Jeffrey Heller and New Jersey-based Principal William McCaffrey will represent Opal Holdings as the exclusive leasing agents for the building.

Jeffrey Heller. (File photo)

“We’re thrilled to continue to work with Opal Holdings at another Metropark building, as the firm executes its investment strategy across opportunistic office properties in northern New Jersey,” Heller said. “By proactively engaging tenants and modernizing its portfolio, Opal is creating office environments that employees want to return to in some of the region’s top performing markets.”

Opal Holdings and Avison Young worked together on Metropark194, a nine-story, 470,692-square-foot trophy office tower also located in the Metropark office complex.

McCaffrey added: “The Woodbridge submarket specifically has rebounded quickly since the start of the pandemic, registering 332,000 square feet in net absorption since the start of 2021. With its positive market fundamentals and high quality of ownership, Centra is poised for continued leasing success.”

“We have a longstanding relationship with Avison Young and have witnessed firsthand its track record of successful building leaseups and ability to navigate evolving market conditions, which made the firm the clear choice for the assignment, “said Brian Haimm, chief financial officer of Opal Holdings. “Centra was an excellent addition to our portfolio that aligned with our approach of acquiring well-located properties with value-add potential.”