JLL Completes 80,000 SF of Office Leasing at 170 Wood Ave. in Iselin's Metropark, Triggering Argent Ventures Renovation

JLL has completed approximately 80,000 square feet of new leasing at 170 Wood Ave. in Iselin, New Jersey, marking a major milestone in the repositioning of the 235,077-square-foot Class A office building owned by Argent Ventures. The transactions have triggered the next phase of a capital improvement program at the property, located in the Metropark corporate campus adjacent to Metropark Station.

Three Tenants Drive 80,000 SF of Leasing Activity

The leasing activity comprises three separate transactions. TP ICAP, a global intermediary in wholesale financial, energy, and commodities markets, signed a 28,000-square-foot full-floor lease. A government finance department signed a 32,000-square-foot full-floor lease. Citco Funds, a global hedge fund administrator, signed a 20,000-square-foot lease. Together, the three deals bring the building to approximately 34% leased based on total rentable square footage of 235,077.

JLL noted that only a handful of availabilities remain at the property and that proposals are actively being negotiated for all of them. Building signage is 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," an Argent Ventures spokesperson said. "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."

Capital Improvement Program Underway

The new leases coincide with the launch of an extensive renovation program, with Unity Construction mobilized on site and completion anticipated by January 2027. The renovation 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. The amenity package is designed to complement the building's approximately 30,000-square-foot floor plates, structured parking, and existing headquarters-quality infrastructure.

170 Wood Ave. was originally developed in 2003 as Siemens' New Jersey headquarters. Siemens executed a sale-leaseback in 2012 and vacated at the end of its lease term, leaving the building fully vacant prior to Argent Ventures' acquisition of the property in 2023. The building holds LEED Gold and ENERGY STAR certifications. Argent Ventures' New Jersey portfolio also includes 1 University Square in Princeton and 115 Tabor Rd. in Morris Plains, both anchored by investment-grade tenants.

Brokerage Teams

A JLL team led by Executive Managing Director Tim Greiner, Managing Director Michael Pietrowicz, and Vice President Alex Crane served as exclusive leasing agent for the property and represented Argent Ventures in each transaction.

TP ICAP was represented by JLL's Shannon Rzeznikiewicz, Jeff Arnold of Forge Commercial Real Estate, and Scott Panzer. Citco Funds was represented by Rémy deVarenne, Evan Bernard, Ramsey Rehrer, Cara Chayet, and Christopher Mansfield of CBRE. The government 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," Pietrowicz said. "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."

Metropark Market Context

170 Wood Ave. sits adjacent to Metropark Station, which offers direct rail service to New York City, Philadelphia, Boston, and Washington, D.C. The property also provides immediate access to the Garden State Parkway, Interstate 287, the New Jersey Turnpike, and Routes 1 and 9. The surrounding Metropark district is the subject of a planned state transit-oriented redevelopment around the station.

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 in the submarket, owners investing in upgraded amenities are positioned to capture tenant demand concentrated in existing Class A inventory.

Sources: JLL Newsroom, August 22, 2026