Advance Realty Announces Formation of Advance Real Estate Solutions
Industry Veteran and Cofounder of Workstage, Don Slaght, Appointed Managing Director of New Division; Focused on Providing Solutions to Corporations and Investors
Advance Realty, a leading Northeast U.S. owner and developer of Class A office, mixed-use and flex-space properties, today announced the formation of Advance Real Estate Solutions, a new division of the company that will provide corporations, building owners and investors with a comprehensive platform of real estate solutions.
Commercial real estate industry veteran Don Slaght, a 25-year executive and Cofounder of national design-build company Workstage, has been selected by Advance to oversee this new division, which will be focused on the Northeast Corridor from Maine to Virginia.
Founded in 1979, Advance Realty has grown to become one of the most active and respected commercial real estate development, investment and management companies in the Northeast. Throughout its history, the company has acquired and developed several million square feet of commercial and mixed-use space and has worked with a diverse array of corporations to fulfill a myriad of requirements from sale/leasebacks to redevelopment and built-to-suit development.
Advance Real Estate Solutions is an outgrowth of Advance’s successful history as an innovative, solutions-oriented development and investment company. Advance Real Estate Solutions seeks to create value and capitalize on market opportunities for corporate clients and investment partners by leveraging Advance’s talented development, leasing and investment teams on new development and redevelopment projects. The division has the ability to invest in projects, including those where a development project is inadequately funded or where an investor is looking for a new operating partner. Advance has the capital and in-house resources to enhance value and move projects forward to successful completion.
“In today’s marketplace, Advance is uniquely positioned to be a dominant real estate solutions provider to corporations and investors,” stated Peter Cocoziello, CEO of Advance. “We are one of the remaining developers that has all of the necessary resources in place — development, investment, construction, leasing, asset management and marketing. We also have the in-house financial capabilities to be able to invest in this capital-restrained marketplace, and have the track record, platform and investment capital to address a diverse array of requirements in the market.
“In an era where there is limited new investment and innovation, we are proud to launch this new division at such a critical time in our industry, and to welcome Don to our senior leadership team,” Cocoziello added.
Advance also maintains a co-investment platform, which includes institutions and select private investors, and provides value to tenants and corporations that are looking to sell, buy, leaseback or lease real estate. Additionally, for building and portfolio owners wanting to sell, reposition or recapitalize their assets, Advance is positioned to acquire or partner and create value by deploying Advance Realty’s in-house resources.
Prior to joining Advance Realty, Slaght was Cofounder and Executive Vice President of Workstage LLC, a start-up national development company that created award-winning, high-performance buildings throughout the United States. The company, formed by Steelcase and Gale and Wentworth, and backed by Morgan Stanley Real Estate Funds, developed a portfolio of 30 buildings and campuses for a prestigious list of corporations, including ADP, PayPal, Northrop Grumman, Cox Communications, Royal Caribbean Cruise Lines and many others.
Slaght earned his bachelor’s degree in Finance from The University of Richmond’s Robins School of Business Administration. He is also the Vice Chairman and former Chairman of the Board of Directors of Special Olympics New Jersey; a member of the Board of Directors of local access cable TV station HomeTowne Television; and an active supporter of numerous charities, including the Summit Area YMCA and the Grant W. Koch Scholarship Fund.
“I am very pleased to be joining Advance Realty, a company that I have long admired,” stated Slaght. “This new division fills a void in the market and will provide a conduit through which we will create value for our clients and investors. Advance Real Estate Solutions is the perfect fit for my skill set and will provide the talented, fully integrated team at Advance additional opportunities to create successful outcomes.
“I look forward to working with the local brokerage community to assist them in solving their clients’ needs from either a capital or development solutions standpoint, and capitalizing on Advance’s tremendous strength and experience in addressing a wealth of real estate requirements,” Slaght added.
About Advance Realty
Advance Realty, headquartered in Bedminster, N.J., is an owner and developer of office, flex, industrial, retail and multifamily properties. With 4.5 million square feet of operating properties and a development portfolio consisting of 6 million square feet of commercial projects and 6,500 residential units, Advance is one of the leading real estate owners in the Northeast. For more information, call Advance Realty at (908) 719-3000 or visit www.advancerealtygroup.com.