AIG Sells New Jersey Office Asset for $140M

The nine-story building was fully leased to seven tenants at the time of sale.
194 Wood Ave. S. Image courtesy of Cushman & Wakefield

AIG has closed on the $140 million disposition of a 470,692-square-foot, Class A office high-rise in Iselin, N.J. Opal Holdings purchased the property for $297 per square foot. Cushman & Wakefield represented AIG in the transaction.

The insurance company had owned the asset since 2016, when it acquired it from Tishman Speyer, according to Yardi Matrix data.

Located on 14 acres at 194 Wood Ave. S., the nine-story building was completed in 2000. Amenities include multi-level structured parking and a cafeteria. The tower features six elevators, two electric substations and a full building backup generator. The tower is fully leased to seven companies, including anchor-tenant IBM. Investment-grade companies make up almost 90 percent of the tenant roster.

The property is situated just off Garden State Parkway, which also provides access to U.S. Route 1. Other major thoroughfares in the area include interstates 95 and 287 and Lincoln Highway. Additionally, the site is roughly 30 miles southwest of Midtown Manhattan.

The Cushman & Wakefield investment sales team included David Bernhaut and Andy Merin, Gary Gabriel, Kevin Donner and Frank DiTommasso. Todd Elfand and Kevin Carton also assisted their colleagues in the deal. Earlier this month, the brokerage firm closed the sale of Gwinnett Commons, a 1.2 million-square-foot business campus in Norcross, Ga.