SOURCE: KBS Realty Advisors

KBS Realty Advisors

August 08, 2011 12:00 ET

KBS Signs Five Leases in New Jersey MetroPark Submarket

New and Renewal Leases Total More Than 94,000 Square Feet at Woodbridge Corporate Plaza in Iselin

ISELIN, NJ--(Marketwire - Aug 8, 2011) - KBS Realty Advisors, one of the nation's leading commercial real estate investment advisors, finalized five leases totaling 94,632 square feet at its 616,491-square-foot Woodbridge Corporate Plaza complex in the New Jersey MetroPark submarket of Iselin. KBS acquired the property in 1996, sold it in 1998 and repurchased it 10 years later.

The five leases are:

  • HomeGoods, a subsidiary of TJX Companies, inked a new lease agreement for a 3,500-square-foot space on building A's second floor.

  • Advanced Therapy of America and affiliate Dr. James Neubrander, signed two seven-year leases totaling 9,300 square feet on floors one and three in building A.

  • EPCOS Inc., a leading manufacturer of electronic components, modules and systems headquartered in Tokyo, Japan, expanded its lease by 4,500 square feet and now occupies the entire 23,000-square-foot second floor in building B. The company has been a Woodbridge Corporate Plaza tenant since 2009.

  • BNP Paribas, a global bank headquartered in Paris, signed an expansion lease agreement of 18,928 square feet and now occupies 72,000 square feet on multiple floors in building D. BNP has been in the building for three years.

  • TJX Companies, an international discount retailer of apparel and home fashions based in Framingham, Mass., has maintained 3,500 square feet at Woodbridge Corporate Plaza since 2008, and will expand its lease to 5,062 square feet on the third floor of building A.

HomeGoods and TJX Companies were represented by Josh Cohen and Jordan Rovito of Cushman & Wakefield in Morristown, N.J. and Advanced Therapy and Dr. Neubrander were represented by Dan DePalma of Jones Lang LaSalle in New York. EPCOS was represented by Ed Duenas in Cushman & Wakefield's East Rutherford office in New Jersey and BNP Paribas used in house representation.

The Rutherford, N.J. Newmark Knight Frank team of Jamie Drummond, David Simson, Michael Marchese and Michael Staskiewicz exclusively represent KBS on all transactions at Woodbridge Corporate Plaza.

Located at 485 Rt. 1 South, Woodbridge Corporate Plaza has immediate access to Route 1 and the New Jersey Turnpike, and it is approximately one mile from the MetroPark train station and 15 minutes to Newark Airport. Developed between 1980 and 1985, the six-building 45-acre campus features recently renovated common areas and upgraded office interiors.

KBS-affiliated companies also own the 134,991-square-foot Mountain View Corporate Center in Basking Ridge and the trophy Park Avenue at Morris County property located in Florham Park, for a total statewide presence of approximately 1.8 million square feet.

About KBS
KBS Realty Advisors is a private equity real estate company and SEC-registered investment advisor founded in 1992 by Peter Bren and Chuck Schreiber. Since 1992, KBS-affiliated companies have completed transactional activity of approximately $20 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbsrealty.com.

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including discussions regarding KBS Realty Advisors use of proceeds and certain other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include changes in general economic conditions, changes in real estate conditions, construction delays, changes in interest rates, lease-up risks, lack of financing availability and lack of capital proceeds.

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