Business brisk as Cushman takes over leasing at 99 Wood Ave.

On the heels of purchasing 99 Wood Ave. South in Iselin, N.J., RREEF has named Cushman & Wakefield of New Jersey Inc. as the office building's exclusive leasing agent.

Within days of the assignment, RREEF secured its first commitment at the 271,000 s/f MetroPark property when Studley leased 7,670 s/f for its local operations.

According to Ed Duenas, of Cushman & Wakefield in East Rutherford, who is handling the assignment with Kevin Murphy of the firm's Parsippany office and Jeremy Neuer of its Iselin office, activity at the building is brisk. "We have leases and proposals out for the balance of the available space, which totals only 12,000 s/f," he said. "This demand is a testament to 99 Wood Ave. South as one of the most sought-after destination locations in the MetroPark neighborhood."

RREEF is planning an extensive capital improvement program focused on the lobby and common areas in the 10-story building, according to David Nenner, vice president of New Jersey operations for Hackensack-based RREEF.

"Already, 99 Wood Ave. South offers the image, quality and amenities of a true trophy property," Duenas said. "The national strength of its new ownership and the planned improvements will reinforce and improve its competitive position. We are pleased to be working with RREEF to market such a great property."

The building sits in the heart of the Woodbridge/Edison region, one of New Jersey's healthiest office submarkets. It has the highest class A rental rates, at $30.90 per s/f, and the second lowest direct vacancy rate, at 16.4%, according to Cushman & Wakefield's New Jersey research services team.

MetroPark, where 99 Wood Ave. is located, is recognized as one of the region's most desirable corporate communities. The building lies just off Exit 131A of the Garden State Parkway, adjacent to a Hilton hotel and conference center, and near the MetroPark rail station and two local malls.