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AIG sells $140M New Jersey office tower

Cushman & Wakefield has arranged for the sale of 194 Wood Avenue South, a 470,692-square-foot, Class A, trophy office tower in the Metropark complex in Iselin, NJ. The final sale price was $140,000,000, equating to approximately $297 per square foot.

The Cushman & Wakefield investment sales team of Andy Merin, David Bernhaut, Gary Gabriel, Kevin Donner and Frank DiTommaso represented the seller, AIG, in the transaction. The team was supported by Cushman & Wakefield’s local leasing experts Kevin Carton and Todd Elfand. The asset was purchased by Opal Holdings.

Built by SJP Properties in 1999 and continuously managed by the company, 194 Wood Avenue South is a nine-story trophy office tower that offers structured parking, a full-service cafeteria and two separate electric substations along with a full building backup generator.

Anchored by IBM, the property is 100 percent leased to seven tenants, with investment-grade companies making up nearly 90 percent of the tenant roster.

“SJP has done an excellent job operating and maintaining this asset in recent years alongside AIG, preserving its trophy quality and elite status within the submarket,” said Gabriel.

“SJP has a reputation for building exceptional product that withstands the test of time and this asset is a prime example,” added DiTommaso. “Opal Holdings recognized the rare opportunity to own a premier building in Metropark, which has remained one of the dominant submarkets in the New York Metropolitan Area year after year.”

Opal Holdings is a New York City-based real estate investment and development firm led by Shaya Prager.

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