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New York & Tri-State  + New Jersey  + Office  |  August 31, 2020
Paul Bubny
By: Paul Bubny

CushWake Arranges $140M Sale of Iselin Offices

A Cushman & Wakefield investment sales team arranged the sale of 194 Wood Ave. So., a 470,692-square-foot, Class A, trophy office tower in the Metropark submarket of Iselin, NJ. The final sale price was $140,000,000.

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.

The team gave plaudits to SJP Properties, the property manager and original developer of 194 Wood Ave. So. “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.

Anchored by IBM, 194 Wood Ave. So. is 100% leased to seven tenants, 90% of which are investment-grade.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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