Following a strong first and second quarter, Cushman & Wakefield on Wednesday said it arranged multiple lease transactions totaling 117,381 square feet within Opal Holdings’ six-building MetroPark office portfolio in closing out 2022.
The transactions took place within 99 Wood Ave. S., 101 Wood Ave. S., 333 Thornall St. and 343 Thornall St., within Iselin and Edison.
Cushman & Wakefield’s Todd Elfand, Kevin Carton and Paul Giannone represented the landlord, Opal Holdings, in the transactions.
Select transactions include:
- An accounting firm signed a 30,721-square-foot lease extension at 99 Wood Ave.;
- A manufacturer signed a 30,600-square-foot sublease at 101 Wood Ave.;
- A financial institution signed a 12,000-square-foot lease renewal at 333 Thornall St.;
- Fi-Tek signed an 11,314-square-foot lease renewal at 333 Thornall St.;
- Xoriant signed a 9,525-square-foot lease renewal at 343 Thornall St.;
- A technology consulting company signed an 8,270-square-foot lease at 99 Wood Ave.;
- An electronics and cable company signed a 7,145-square-foot lease at 343 Thornall St.;
- Apple Bank signed a 5,256-square-foot lease at 99 Wood Ave. to accommodate its recently launched Equipment Finance business and a full-service branch that focuses on commercial banking customers; and
- U.S. News & World Report signed a 2,550-square-foot lease at 99 Wood Ave.
“Metropark is seeing significant leasing activity despite a challenging environment and looming recession fears, with the asking rent rising to $42 per square foot,” Elfand said. “Opal Holdings continues to attract top-tier tenants by providing a high-quality work environment with best-in-class amenities and a strategic location off the Garden State Parkway steps from the MetroPark train station.”
“Opal is constantly improving the MetroPark buildings to create a more lively and productive work environment for their tenants, with renovations forthcoming at both 343 Thornall and 99 Wood Ave. S.,” Carton added. “We’re excited to continue our leasing momentum into 2023 after securing more than 200,000 square feet in 2022.”
The Opal portfolio in MetroPark will be rebranded under the Centerline name and brand.
99 Wood Ave. S. is a Class A office building totaling 271,988 square feet. The 10-story building is currently being renovated and features a dramatic two-story lobby, full-service café, fitness center with locker rooms, a shared conference facility and outdoor seating.
101 Wood Ave. S. is a 10-story Class A office building. The 277,629-square-foot building features a vast two-story lobby, fitness and conference facilities and a full-service café with an outdoor seating plaza.
333 Thornall St. is a 10-story Class A office building with a newly renovated lobby. The 198,544-square-foot building features a conference facility and a 160-seat restaurant with an elevated patio that overlooks scenic landscaping and a bird sanctuary.
343 Thornall St. is an eight-story Class A office building totaling 197,745 square feet. The building is currently being renovated and boasts a newly renovated lobby, fitness center and conference facility.
The office portfolio is strategically located near the Garden State Parkway, New Jersey Turnpike, Route 440, Routes 1 and 9 and the Interstate 287 interchange, as well as within walking distance to the MetroPark Train Station and Amtrak.
Blocks ranging from 1,300 square feet to 60,000 square feet are available for lease.