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New Ownership’s Entrepreneurial Spirit Boosts Leasing Velocity at Class A Office Property

OLD BRIDGE, N.J., October 21, 2019 – In less than seven months under new ownership, 100 Matawan Road in Old Bridge has seen more than half of its square footage newly leased or renewed, announced Cushman & Wakefield. The commercial real estate services firm serves as exclusive agent for the 132,000-square-foot, Class A office building, which sits just off Exit 120 of the Garden State Parkway.

Kevin Carton, Todd Elfand, Paul Giannone and Joe Vacca – based in Cushman & Wakefield’s Iselin office – head the 100 Matawan Road leasing team. They represented ownership Signature Acquisitions in the following four long-term transactions:

  • Key Food committed to 38,311 square feet on the building’s first and second floors. Joe Sarno, Wes Moore and Joe Sarno III from CBRE served as tenant representatives for the independent supermarket cooperative, which relocated its headquarters to Old Bridge from Staten Island, N.Y.
  • CentralReach, an electronic health record and practice management solutions provider, leased 14,287 square feet on the building’s plaza level, represented by the same CBRE team. The firm moved its headquarters to 100 Matawan Road from Brooklyn, N.Y.
  • Contract manufacturing and turnkey supply chain solutions firm Coda Resources leased 7,319 square feet on the third floor at 100 Matawan Road. Cushman & Wakefield’s Carton and Elfand represented Coda Resources in the transaction, which involved a regional office move from Brooklyn.
  • Rossow USA has again renewed their lease for 1,750 square feet.
  • Finally, Duferco Steel Inc., a global steel distributor and long-time 100 Matawan Road tenant, renewed its 10,961-square-foot, fourth-floor lease, with CBRE’s Moore serving as tenant broker.

“100 Matawan Road is thriving under its new ownership – which has quickly established an entrepreneurial spirit by working with us to structure creative deals and increase leasing velocity,” Elfand noted. “Each of the new tenants was drawn by the property’s outstanding access and amenities, along with the region’s deep labor pool and excellent highway infrastructure. These same attributes contribute to a strong track record for renewals here – 100 Matawan is an ideal place to establish roots and stay.”

The ownership also is planning a program of common area and amenity upgrades at the property, which was recently renovated under its prior owner. The five-story building features a dramatic, light-filled atrium lobby, outdoor deck and patios, tenant lounge with gourmet coffee bar and WiFi, 24/7 access, covered parking and on-site NJ Transit bus service. It’s just minutes away from commuter rail lines to Newark and New York, and convenient to the New Jersey Turnpike, Routes 9, 34, and 35 and Newark Liberty International Airport.

Cushman & Wakefield is currently marketing availabilities starting at 2,000 square feet at 100 Matawan Road.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

About Signature Acquisitions

Signature Acquisitions is the most active player in the New Jersey suburban office market-having acquired almost 4 million square feet of class A space in less than two years. They have invested in premier office parks as well as the single buildings in some of the best markets in the state. These distinguished properties are homes to some of the biggest and best companies in the country, including Prudential Insurance, Phillips Van Heusen, Allstate Insurance Company, Deloitte and Avis.

MEDIA CONTACT:
Karen Ravensbergen/Irene Zampetoulas
Caryl Communications
201-796-7788
karen@caryl.com/irene@caryl.com

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