Advance Realty Announces New Lease with Concurrent Technologies Corp. at Picatinny Applied Research Campus in Morris County, N.J.
Advance Realty, a leading Northeast owner and developer of Class A office, mixed-use and flex-space properties, today announced that Concurrent Technologies Corporation (CTC) has signed a 2,613-square-foot lease at the company’s flex building at The Picatinny Applied Research Campus (The PARC), a new high-tech office/research park located at Picatinny Arsenal in Morris County, N.J.
Advance Realty’s 27,500-square-foot, single-story, flex building is part of The PARC’s initial development phase that will feature approximately 100,000 square feet of office/lab space within Picatinny’s “downtown” area. Overall, The PARC is a planned multi-phase development of one- to three-story build-to-suit and multi-tenanted buildings with labs, Class A office space and multi-purpose flex space for high tech, defense and academic tenants and users.
Establishing a new field office at The PARC, CTC is a company that conducts impartial, in-depth assessments and technical evaluations and delivers reliable, unbiased solutions that emphasize increased quality, enhanced effectiveness, and rapid technology transition and deployment.
Kim Ford and Tom Semler of CRESA Partners represented CTC in the transaction. Vice President of Leasing Brian Banaszynski provided in-house representation for Advance Realty.
“We’re pleased that Concurrent Technologies Corporation — a leader in its field — has decided to establish a new field office at The Picatinny Applied Research Campus,” stated Banaszynski. “As a result of this new lease, CTC will now have direct access to the base’s extensive resources and high-tech equipment, helping to enhance its business operations.
“This new lease brings the first building at The PARC to 60 percent leased, with strong interest among other firms for the balance of the space, and builds upon the already incredible roster of tenants we have at the building, including Raytheon, BAE Systems, ATK, Booz Allen and InSitech,” Banaszynski added.
In addition to providing access to the amenities of Picatinny Arsenal, which include food service, recreational fields and an 18-hole golf course, The PARC also affords access to high technology equipment and extensive high-tech laboratory space, as well as thousands of on-site scientists, research development and engineering personnel. Planned to provide formal and informal collaboration between contractors and Government workers, The PARC enables the exchange of information among various tenants and groups in concert with the concept of technology transfer envisioned by Advance.
About Picatinny Arsenal
Picatinny Arsenal is located on approximately 6,500 acres of land with access from N.J. State Highway Route 15, a mile from a full interchange on Interstate 80 in Morris County. Picatinny has a distinguished history in armaments and munitions development and production dating back to the Revolutionary War. Today, the installation employs over 4,000 full-time government and contractor personnel. More than 2,000 of Picatinny’s government employees are engineers and/or scientists. Picatinny has approximately $1.5 billion invested in state-of-the-art, cutting edge technological equipment and $115 million in new R&D facility projects in the planning stages or under construction. Many of the technologies support research applications across a broad range of industry, government and university endeavors.
About Advance Realty
Celebrating its 30th anniversary in 2009 and 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 9,400 residential units, Advance is one of the leading real estate owners in the Northeast. For more information, call David Fisher with Advance Realty at 301-429-1170 or visit www.advancerealtygroup.com.