{"id":1004107207,"date":"2014-11-10T07:27:59","date_gmt":"2014-11-10T15:27:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004107207"},"modified":"2022-12-07T13:52:28","modified_gmt":"2022-12-07T21:52:28","slug":"ta-associates-buys-272-ksf-office-tower-in-iselin-nj","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ta-associates-buys-272-ksf-office-tower-in-iselin-nj\/","title":{"rendered":"TA Associates Buys 272 KSF Office Tower in Iselin, NJ"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/EY.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004107209\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ta-associates-buys-272-ksf-office-tower-in-iselin-nj\/ey\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/EY.jpg\" data-orig-size=\"1800,1200\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;9&quot;,&quot;credit&quot;:&quot;Dan Fish&quot;,&quot;camera&quot;:&quot;Canon EOS 6D&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1401304856&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;70&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;1.3&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"E&#038;Y\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/EY.jpg?w=1024\" class=\"alignright size-medium wp-image-1004107209\" alt=\"E&amp;Y\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/EY.jpg\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/EY.jpg 1800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/EY.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/EY.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/EY.jpg?resize=1024,683 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/EY.jpg?resize=1536,1024 1536w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/i><\/p>\n<p>TA Associates Realty\u00a0has acquired 99 Wood Ave.\u00a0S., a 272,000-square-foot trophy office building\u00a0in Iselin, N.J.\u2019s resurgent Metropark office market.<\/p>\n<p>The 10-story office tower\u2019s market-leading features were recognized with the 2012 TOBY Award (The Outstanding Building of the Year).<\/p>\n<p>Cushman &amp; Wakefield\u2019s metropolitan area capital markets group brokered the sale.<\/p>\n<p>\u201cThe property was appealing on a couple of different levels,\u201d Gary Gabriel, Cushman &amp; Wakefield\u2019s executive vice president of its capital markets group, told <i>Commercial Property Executive<\/i>. \u201cFirst is visibility. There are very few in the way of core-build properties that are out there for sale. It\u2019s in the right location, has a strong amenity package and a strong tenant roster.\u201d<\/p>\n<p>The building has consistently outperformed the market and\u00a0historically maintains a consistently high level of occupancy.<\/p>\n<p>According to a recent office market report by C&amp;W, the Metropark submarket is among the best mass transit-served office locations in New Jersey, with both occupancy rates and lease rates recovering nicely since the recession\u2019s end. The report shows demand for quality space now exceeds supply, which has generated strong investor interest in the sub market.<\/p>\n<p>The building has high visibility from the Garden State Parkway and benefits from its transit hub location\u00a0at the crossroads of the Garden State Parkway, NJ Turnpike,\u00a0Routes 1, 9, and 440, and\u00a0I-287.<\/p>\n<p>\u201cThe extra grab for this is its proximity and being walkable to mass transit, which is what makes the Metropark work,\u201d Gabriel added. \u201cI refer to it as an office oasis. It\u2019s unusual in New Jersey to have a marketplace like this.\u201d<\/p>\n<p>At the time of the sale,\u00a099 Wood Ave. S.\u00a0was 91 percent leased, with proposals out to\u00a0fill the\u00a0balance of the building.\u00a0Its roster\u00a0of tenants includes Ernst &amp; Young, Citibank, M&amp;T Bank, and Greenbaum, Rowe, Smith &amp; Davis.<\/p>\n<p>According to Gabriel, the previous owner did approximately $3 million in improvements in the 10 years it owned the property and TA Associates Realty\u00a0is planning to do some select upgrades and touches, but nothing monumental.<\/p>\n<p>Working with Gabriel were Cushman &amp; Wakefield team members Andrew Merin, David Bernhaut, Kyle Schmidt and Brian Whitmer, along with office specialist\u00a0Ed Duenas.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TA Associates Realty has acquired 99 Wood Ave. S., a 272,000-square-foot trophy office building in Iselin, N.J.\u2019s resurgent Metropark office market.<\/p>\n","protected":false},"author":451,"featured_media":1004107209,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,10,21747],"tags":[],"class_list":["post-1004107207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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