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KBS Signs Over 50,000 Square-Feet in Commercial Leases at Class A Office Plaza in the Northern New Jersey Real Estate Market

Newmark Knight Frank represented KBS in the leases

KBS, one of the largest investors in premier commercial real estate in the nation, announced today the signing of 51,011 square-feet of commercial leases at Woodbridge Corporate Plaza in Northern New Jersey real estate market. The leases signed include one new long-term lease and several lease extensions and expansions.

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KBS' Woodbridge Corporate Plaza (Photo: Business Wire)

Woodbridge Corporate Plaza is a six-building Class A office complex encompassing 630,000 square feet. Situated in the central New Jersey submarket of Metropark, the asset was recently renovated to include a plethora of new amenities.

"Demand for well-amenitized office space in the New Jersey office market has ramped up over the last 24 months, which is why assets like Woodbridge Corporate Plaza are attracting new companies and retaining existing tenants," says Marc DeLuca, regional president, Eastern United States, for KBS. "With the average asking rent increasing by 10.4% during that time, it’s clear that this is a market experiencing robust growth, and all signs point to a continuing upward trajectory."

The leases announced today include:

  • Allegiance Retail Services, a current subtenant, signed a direct long-term lease for 18,928 square-feet.
  • Office Evolution, an existing tenant, signed a long-term lease extension and expanded its total square footage to 14,500 square-feet.
  • ENT & Allergy Associates, an existing tenant, expanded its lease to 8,090 square-feet.
  • Day & Zimmerman, a new tenant, signed a long-term lease for 5,900 square-feet.
  • Schultheis & Panettieri, LLC, an existing tenant, extended its lease on 2,047 square-feet.
  • Ace Software Solutions, an existing tenant, extended its lease on 1,546 square-feet.

"We strive to provide our tenants with first-class office space in a convenient location," says Stephen Close, asset manager of Woodbridge Corporate Plaza and senior vice president at KBS. "The success of this strategy is evident in the addition of Day & Zimmerman to the campus and the fact that current tenants want to renew, extend and expand their leases."

Woodbridge Corporate Plaza recently underwent a series of renovations including the construction of new modern lobbies and restrooms, upgrading of flooring and lighting, installation of new entrance doors and new signage opportunities for tenants. The property provides a host of sought-after amenities, including a new 6,000 square-foot fitness center, an on-site full-service café and caterer, on-site management and a shuttle service to Metropark transit hub.

The asset is located adjacent to Exit 132 of the Garden State Parkway and a short distance from several major highways including Interstate 95. This location allows office tenants easy access to major transit centers such as Newark International Airport and rail providers New Jersey Transit and Amtrak. The property is also in close proximity to a number of restaurants and hotels.

Jamie Drummond and Andrew Perrotti of Newmark Knight Frank represented KBS in the leases.

"Woodbridge Corporate Plaza provides its tenants with a modern and conveniently accessible workplace given its proximity to major roadways and Metropark," said Drummond. "KBS has done an amazing job modernizing and installing a full host of industry-leading amenities on the complex to attract new tenants as well as provide expansion opportunities to existing tenants."

Please find photos of the Woodbridge Corporate Plaza here.

About KBS

KBS is one of the largest investors in premier commercial real estate in the nation. As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of approximately $40 billion on behalf of large institutions, such as public and private pension plans, endowments, foundations, sovereign wealth funds, seven public non-traded real estate investment trusts (REITs), and having served as the US asset manager for two REITs listed in Singapore. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial real estate in some of the most successful epicenters in the country. The firm is committed in its business ethics, its business relationships and its constant focus on exceeding the expectations of its investors, partners and tenants. SEC registration as an investment advisor does not imply any particular level of skill or training. For more information on KBS, please visit www.kbs.com.

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended including statements relating to KBS’ ability to invest in and manage a diverse portfolio, and the performance of Woodbridge Corporate Plaza and of the Iselin, New Jersey real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS’ and/or Woodbridge Corporate Plaza’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

About Newmark Knight Frank

Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

Discussion of Forward-Looking Statements about Newmark

Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200318005097/en/

Contacts

Danielle Fornabaio
FT Consulting for Newmark Knight Frank
newmarkkf@ftconsulting.com
212-850-5731

Lexi Astfalk or Jenn Quader
Brower Group for KBS
949-458-6262
lastfalk@brower-group.com

Ginny Walker
KBS Public Relations Manager
949-417-6535
gwalker@kbs.com