Woodbridge office park thriving with 143,000 sq. ft. in leasing since late 2022 – Real Estate NJ

Woodbridge Corporate Plaza at 485 Route 1 South in Iselin — Courtesy: Newmark

By Joshua Burd

A private equity firm is reaping the benefits of upgrading a Woodbridge office campus, where it has secured more than 140,000 square feet of leasing activity since late 2022.

According to Newmark, the leasing agent at Woodbridge Corporate Plaza, the complex at 485 Route 1 South has attracted new tenants such as GFI Group, a financial services firm, which is taking 17,371 square feet. Other notable deals at the 630,000-square-foot property include:

• A new 6,957-square-foot lease by Transatlantic Reinsurance, a leading international reinsurance organization
• A new 6,182-square-foot lease by Centene Corp., a publicly traded managed care company
• A new 4,967-square-foot lease by Fresenius, a European multinational health care company

The activity at the campus, located in the township’s Iselin section, is part of 71,368 square feet of new tenant leases and 71,696 square feet of renewals over the last 15 months, according to the agency. Newmark Senior Managing Director Jamie Drummond and Associate Director Andrew Perrotti make up the leasing team, an assignment they took on following Northeast Capital Group’s acquisition of Woodbridge Corporate Plaza in 2021.

“Following a substantial capital improvement program to improve the property’s amenity offerings, we have witnessed a steady uptick in existing and new tenant demand,” Drummond said. “Woodbridge Plaza is also ideally located near a major transit hub, accessed via an on-site complimentary shuttle service creating an even stronger demand for space at the asset.”

Located at the junction of Route 1 and the Garden State Parkway, Woodbridge Corporate Plaza totals six buildings. Ownership recently completed a major upgrade to complement the campus’ location and amenity-rich environment, delivering new lobbies, restrooms, directories and building entrance doors, as well as a new tenant conference and training center.

The amenities join the existing 6,000-square-foot fitness center, an on-site full-service café that provides catering and delivery services to tenants and a complimentary shuttle service to the Metropark transit hub. Tenants, meantime, are minutes from a host of restaurants, hotels and retail amenities, including Woodbridge Center Mall, Menlo Park Mall, Renaissance Woodbridge, Woodbridge Hilton, Sheraton at Raritan Center and others, while they have easy access to area highways and Newark Liberty International Airport.