Assignment

NAI DiLeo-Bram & Co. (NAIDB)’s Executive Vice President Robert Dinner represents Atlantic Realty Development Corp, a leading real estate developer and owner of 90 Woodbridge Center Drive in Woodbridge, NJ, serving as the exclusive leasing agent to market office space at this Class-A office tower. While the property has always been a prominent building in the marketplace, due to market conditions, NAIDB commenced a new marketing plan at a time when the property had a 15% vacancy rate.    

The Class A asset, which features 10 office floors totaling 245,000SF, has an average floor size of 26,000SF. In addition, 90 Woodbridge Center Drive had been the subject of a multi-million-dollar, ownership-focused capital improvement campaign. NAIDB’s assignment was to procure corporate-caliber tenancies for the unoccupied spaces while retaining current occupiers. 

Solution

At a time when the commercial real estate office sector as a whole was less than robust, NAIDB kept sight of its client’s vision to maximize the value of the asset through retention and procurement of existing and new tenants.   

While tenants have been adjusting their workplace usage and strategies, NAIDB has played an important role in getting in front of these organizations and offering office-space solutions that prioritize and satisfy their requirements. 

NAIDB leveraged 90 Woodbridge Center Drive’s Class A amenities and excellent location. Collectively, these amenities attracted tenant interest throughout a critical period of ever-evolving market dynamics. 

On-site features designed to have broad appeal to tenants include:

• Full-service café and outdoor seating terrace
• Owner occupied and managed
• 10,000 SF Tenant Event Center for meetings/events/training
• Computer-monitored energy-efficient HVAC system and controls with air purification ionization technology for eliminating pathogens
• New elevator cabs and a completely renovated two-story Atrium Lobby featuring a security attendant, new seating areas, revolving entry doors and electronic tenant directory
• Repaved parking lot with striping and electric charging stations
• Connectivity for Verizon, Comcast and Lightpath
• High visibility presence from the Garden State Parkway and NJ Turnpike, with access to I-287, Route 440 and the Outerbridge Crossing  
• Corporate business environment surrounding 90 Woodbridge Center Drive with immediate-area major retail centers, including Woodbridge Center Mall and Menlo Park Mall; restaurants, hotels; banks; day care; and fitness centers. 
• Newark International Airport (20 min.); Metro Park Train Station and Woodbridge Train Station less than 3 miles; NJ Transit bus stops along Woodbridge Center Drive        

Result

Since implementing the new marketing plan, 90 Woodbridge Center Drive has consistently achieved a near-full occupancy level – significantly outperforming the average vacancy rates within the Central New Jersey new office market. 

NAIDB, with the support of ownership, delivered on its property repositioning and tenant stabilization assignment by: 

• Arranging 6 transactions totalling +30,000SF bringing the occupancy rate to 95%.
• Solidifying a top-caliber tenant base with tenants including:
  

• • Wilentz, Goldman & Spitzer, one of New Jersey’s largest and most established law firms 
  • Several Fortune-500 companies
    • BDO, one of the industry’s largest accounting and professional service firm networks
    • Equitable, serving clients with an array of life insurance and financial products including retirement investment tools 
    • Nationwide Insurance, a global leader in finance and professional services that maintains a legal division in the building
    • Amboy Bank, which offers a full-service ATM on site and is a New Jersey-focused bank serving consumer and commercial clients with branches throughout Middlesex and Monmouth Counties
    • Hudson Reporting & Video, an expert court-reporting services firm serving the New York Metro and nationally.