JLL has arranged a series of new office leases totaling approximately 80,000 square feet at 170 Wood Ave. in Iselin, NJ, working on behalf of owner Argent Ventures. The transactions mark a significant step in the ongoing repositioning of the eight-story, 235,077-square-foot Class A office building within the Metropark corporate campus, which was originally developed as the New Jersey headquarters for Siemens.
The recent leasing activity is anchored by two full-floor commitments. TP ICAP, described as a leading global intermediary in the wholesale financial, energy and commodities markets, has signed a 28,000-square-foot full-floor lease. In a separate transaction, a government finance department has taken a 32,000-square-foot full-floor space at the property.
Rounding out the new activity, Citco Funds, a global hedge fund administrator, has leased 20,000 square feet at 170 Wood Ave. Combined, the three transactions reflect a meaningful volume of leasing for the building and advance Argent Ventures’ strategy to reposition the former single-tenant corporate facility as a multi-tenant Class A office asset within the Metropark campus.
Ownership was represented in each lease by a JLL agency leasing team led by executive managing director Tim Greiner, managing director Michael Pietrowicz and vice president Alex Crane, who serve as the exclusive leasing agents for the property. Their mandate includes marketing the repositioned asset and negotiating terms with prospective tenants on behalf of Argent Ventures.
On the tenant side, TP ICAP was represented by a team including JLL professional Shannon Rzeznikiewicz, along with Jeff Arnold of Forge Commercial Real Estate and JLL’s Scott Panzer. Citco Funds was advised by a CBRE team comprising Rémy deVarenne, Evan Bernard, Ramsey Rehrer, Cara Chayet and Christopher Mansfield. The government finance department was represented by JLL brokers Jon Compitello and William Korchak.
The new leases at 170 Wood Ave. highlight ongoing leasing engagement at a repositioned suburban Class A office property that previously served as a corporate headquarters. With multiple full-floor commitments from financial and government-related tenants, the property continues to transition from its original single-tenant use toward a multi-tenant profile within the Metropark corporate campus.
