Advance Realty Announces LEED Gold Certification of Tenant’s Corporate Headquarters at Advance@Southgate
Substantial Redevelopment of Morris Township Building Laid Groundwork for Covanta Energy’s Pursuit of LEED Status
Advance Realty, a leading Northeast U.S. owner and developer of Class A office, mixed-use and flex-space properties, announced today that Covanta Energy Corporation, an anchor tenant at Advance@Southgate, has received Leadership in Energy and Environmental Design (LEED®) for Commercial Interiors Gold Certification for the build-out of its corporate headquarters space in the 320,000-square-foot, Class A office building.
When Covanta, an internationally recognized owner and operator of large-scale energy-from-waste and renewable energy projects, sought out new office space in 2009, the company had a stated goal of finding a state-of-the-art building with infrastructure in place that would allow it to pursue LEED for Commercial Interiors certification — the recognized system for certifying high-performance green interiors that are healthy, productive places to work; are less costly to operate and maintain; and have a reduced environmental footprint.
Covanta made the decision to lease approximately 105,000 square feet from Advance Realty, which has redeveloped Advance@Southgate to new building standards by adding on-site amenities including a brand-new fitness facility, common conference rooms, and full-service cafeteria, as well as covered executive parking. The building is located at 445 South Street in Morris Township, N.J.
Advance, which owns the building in a joint venture with Strategic Capital Partners, won the 2010 New Good Neighbor Award from the New Jersey Business and Industry Association (NJBIA) for the upgrades and improvements made to the property.
“One of the main reasons Covanta selected Advance@Southgate was due to the extensive redevelopment work we had completed to substantially upgrade the property,” Advance Realty Chief Operating Officer Kurt Padavano said. “When the transaction was signed, Covanta executives noted that the state-of-the-art facility was an ideal selection to support their plans to build-out their space to achieve LEED certification status.”
Other major tenants at the building include The Travelers Indemnity Company, which leased 105,698 square feet, and Marsh USA, which signed a deal for 54,376 square feet of space. Approximately 55,000 square feet of prime office space is currently available at Advance@Southgate.
“Advance@Southgate is the premier business address in Morris County,” said Advance Realty’s Vice President of Leasing Brian Banaszynski. “The exceptional quality of the building has attracted a distinguished tenant roster and its location in the heart of Morris County provides numerous advantages.”
Tenants of Advance@Southgate are served by the building’s close proximity to downtown Morristown, which hosts a myriad of banking facilities, shops and restaurants, as well as the Morristown Memorial Hospital and Morristown Airport, which is used heavily by corporate executives. Nearby hotels include the Madison Hotel, Westin Governor Morris and the Hamilton Park Conference Center.
Advance@Southgate offers immediate access to Interstate 287 and close proximity to Route 24 and Interstates 78 and 80. The building offers convenient access to three NJ Transit train stations providing direct service to Midtown Manhattan, and is easily reached from Newark Liberty Airport.
About Advance Realty
Headquartered in Bedminster, N.J., Advance Realty 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.
