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194 Wood Avenue South Unveils Multimillion-Dollar Capital Improvements ProgramNovember 3, 2021
194 Wood Avenue South Unveils Multimillion-Dollar Capital Improvements Program
The class A office park will receive upgrades to its amenities and communal spaces
Morristown, NJ – Avison Young announced today that its New Jersey Project Management Group has been retained by Opal Holdings, LLC to oversee the construction of the multimillion-dollar capital improvements planned at Metropark194, located at 194 Wood Avenue South in Iselin, NJ. Having commenced construction in late summer, the class A trophy office park will receive a newly upgraded lobby with video screen wall, café renovations, a new fitness center and updated exterior amenity spaces.
Avison Young’s Tony Beinert, a Director on the Construction Management team based in the New Jersey office, and Mandy Jaust, a Project Manager based in the New Jersey office, will lead the construction management efforts of the renovations.
“Ownership has done a meticulous job upkeeping 194 Wood Avenue South and the renovations that are underway will not only enhance the tenant experience but increase the value of the property,” said Jeffrey Heller, Principal and Managing Director of Avison Young’s New Jersey office.
Brian Haimm, CFO, at Opal Holdings, LLC added, “Our established rapport with Avison Young coupled with the firm’s demonstrated track record of successfully executing capital improvement projects and construction budget management made them the clear choice to spearhead the renovations at 194 Wood Avenue South. We are confident that upgrading the common areas and amenity spaces of the building will benefit our tenants as companies prepare for a return to the workplace.”
194 Wood Avenue South is a 452,133-square-foot class A trophy office park located in the highly desirable Metropark submarket of Iselin, NJ. Office leasing at the building is also handled by Avison Young, who was brought on when Opal Holdings acquired the property in 2020. The nine-story building comprises modern office suites and a comprehensive amenities package, which includes an onsite daycare center, parking deck, café, year-round security and soon-to-be-added fitness center. 194 Wood Avenue South offers direct access to a variety of major thoroughfares and mass transit options, with direct access to the Garden State Parkway and just minutes away from Routes 1 and 9, Interstate 287 and the New Jersey Turnpike. The building is also a short walk from the Metropark Train Station.
Opal Holdings is a prominent real estate investment firm based in New York City. Using strategic partnerships, Opal’s real estate portfolio is valued at a market capitalization of over $2,000,000,000.
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