KBS, a Newport Beach, California-based commercial real estate investor, announced on Wednesday it has signed a lease extension for BNP Paribas at the Woodbridge Corporate Plaza in Iselin.
The Class A plaza, which is part of KBS’ portfolio, consists of six buildings totaling 630,000 square feet. BNP, a global banking firm, is an existing tenant there and with the extension will now fully occupy 53,186 square feet of the first and third floors of Building D.
The plaza, which is located at 485 US-1, boasts amenities such as a new 6,000-square-foot fitness center, a full-service cafe, on-site management and shuttle service to the Metropark transit hub. It also recently underwent renovations that created a new lobby and restrooms, upgraded flooring and lighting, new entrance doors and signage for tenants. It is within close access to Exit 132 of the Garden State Parkway and Interstate 95.
“Our ability to retain such an in-demand tenant demonstrates the strength and continued growth of the local market, and the quality of our Metropark asset,” Stephen Close, asset manager of Woodbridge Corporate Plaza and senior vice president at KBS, said. “We repositioned the asset to incorporate modern, upscale amenities that are in line with the demands of today’s top companies.”
Newmark Night Frank’s Jamie Drummond and Andrew Perrotti represented KBS in the deal.
“This transaction is a testament to KBS’ strength as a hands-on asset manager that anticipates and immediately responds to the needs of our tenants,” Marc DeLuca, regional president, Eastern United States, for KBS, said. “The environments we create provide tenants with optimal service and amenities, which is attracting new tenants and driving existing tenants to renew and extend their leases with us.”
JLL’s Joe Messina, Allison Melichar and James Schroeder represented BNP.
“KBS has done a remarkable job modernizing and upgrading Woodbridge Corporate Plaza to include an impressive list of top-shelf amenities that both attract new tenants and provide expansion opportunities to existing tenants,” Drummond, senior managing director, said. “The complex provides tenants with a state-of-the-art workplace that is conveniently located in close proximity to major roadways.”
