4/3/2007

Tishman Speyer acquires N.J. office park for $227.5M

by

MetroPark Office Center

Global real estate investment firm Tishman Speyer bought a three-building Class A office complex in Woodbridge, N.J. for $227.5 million from a partnership between private investment firms Ivy Equities and Rockwood Capital on April 3.

The Ivy/Rockwood partnership bought the property for $147.5 million from TA Associates in 2003.

The Metropark Office Center was built in 1976 and covers 866,000 sq. feet. It consists of a nine-story, 480,000-sq.-foot tower, a three-story, 280,000-sq.-foot building and a single-story, 150,000-sq.-foot storage facility.

The complex is 100 percent occupied. Its primary tenant is Prudential, which subleases space to Chase Manhattan, Microsoft and IBM.

Fried, Frank, Harris, Shriver & Jacobson LLP represented Tishman Speyer in the transaction. Cushman & Wakefield was the broker for the seller.

Address: 190-200 Wood Ave., Woodbridge, N.J.

Size: 833,000 sq. feet

Built: 1976

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Filed Under: Office

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