JLL leases 80K-SF at 170 Wood Ave

ISELIN, N.J., August 22, 2026 - JLL announced today that it has completed approximately 80,000 square feet of new leasing at 170 Wood Ave., marking a major milestone in the repositioning of the eight-story, 235,077-square-foot Class A office building in the Metropark corporate campus.

The transactions have triggered the property's next phase of redevelopment, with construction now underway on a hospitality-inspired amenity package designed to meet the evolving needs of today's office tenants.

Recent leasing activity includes a 28,000-square-foot full-floor lease to TP ICAP, a leading global intermediary in the wholesale financial, energy and commodities markets, a 32,000 square-foot full-floor lease to a government finance department, and a 20,000-square-foot lease to Citco Funds, a global hedge fund administrator. The transactions leave just a handful of opportunities remaining with proposals being actively negotiated for all of them, including highly visible building signage available to tenants leasing two or more floors.

"The momentum we've seen over the past several months reinforces our conviction that companies continue to seek best-in-class office environments in strategic, transit-oriented locations," said a spokesperson for Argent Ventures. "When we acquired 170 Wood Ave., we recognized the opportunity to reposition an exceptional asset for today's workplace needs. These leases validate that strategy, and our investment in new amenities reflects our long-term commitment to creating one of New Jersey's premier office destinations."'

Argent Ventures is known for owning and investing in trophy quality assets and its New Jersey portfolio includes 1 University Square in Princeton and 115 Tabor Rd in Morris Plains, both anchored by investment grade tenants.

The new leases at 170 Wood Ave. coincide with the launch of an extensive renovation program, with Unity Construction mobilizing on site and completion anticipated by January 2027. The renovations will deliver a new conference center and outdoor patio, updated food service and café seating, a tenant lounge with a golf simulator and a redesigned lobby experience.

Designed to create a more collaborative and hospitality-driven workplace, the new amenity package complements the building's efficient 30,000-square-foot floor plates, structured parking and headquarters-quality infrastructure.

A JLL team led by Executive Managing Director Tim Greiner, Managing Director Michael Pietrowicz and Vice President Alex Crane serves as exclusive leasing agent for the property and represented ownership in each of the transactions.

TP ICAP was represented by JLL's Shannon Rzeznikiewicz, Jeff Arnold of Forge Commercial Real Estate and Scott Panzer. Citco was represented by Rémy deVarenne, Evan Bernard, Ramsey Rehrer, Cara Chayet and Christopher Mansfield of CBRE. The finance department was represented by Jon Compitello and William Korchak of JLL.

"Metropark is one of New Jersey's most desirable office markets, and we're seeing companies move quickly when high-quality, amenity-rich opportunities become available," said Pietrowicz. "These leases reinforce the flight-to-quality trend that continues to shape the market. Combined with Argent Ventures' strategic investment in the property, they're creating the kind of momentum that positions 170 Wood Ave. to compete for some of the region's most sought-after office tenants."

Located adjacent to Metropark Station, 170 Wood Ave. offers direct rail service to New York City, Philadelphia, Boston and Washington, D.C., while providing immediate access to the Garden State Parkway, Interstate 287, the New Jersey Turnpike and Routes 1 and 9. The surrounding Metropark district is also benefiting from significant public investment, including the state's planned transit-oriented redevelopment around the station.

Originally developed in 2003 as Siemens' New Jersey headquarters, the LEED Gold and ENERGY STAR-certified property is being repositioned by Argent Ventures as a premier multi-tenant office destination.

Metropark recorded more than 171,000 square feet of positive net absorption during the first half of 2026, according to JLL research, one of the strongest performances among Central New Jersey office markets. With no new office development underway and demand continuing to favor upgraded Class A buildings, owners investing in modern workplace amenities are increasingly well positioned to capture tenant demand.

JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.

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