Advance Realty Announces Relocation of Arch Reinsurance Headquarters to Advance@Southgate in Morris Township, N.J.
Company Signs 21,604-Square-Foot Lease at Ideally Located, Class-A Site
Advance Realty, a leading Northeast U.S. owner and developer of Class A office and mixed-use properties, announced today that Arch Reinsurance Company has signed a 21,604-square-foot lease to join the marquis tenant roster at Advance@Southgate, Advance’s state-of-the-art office property at 445 South Street in Morris Township, N.J.
The reinsurer is relocating its corporate headquarters from Morristown, N.J.
“At Advance@Southgate, Arch Reinsurance joins companies such as Covanta, Travelers and Marsh USA,” Banaszynski said. “This roster of high-quality tenants is a testament to the building’s premier location and first-class amenities.”
Advance was represented in the transaction in-house by Managing Director Brian Banaszynski, while CBRE Executive Vice President Paul Jacobs and Senior Vice Presidents Colin Reilly and David Opper represented Arch.
The 320,000-square-foot, Class A office building is owned by Advance in a joint venture with Strategic Capital Partners. Advance completely redeveloped the site 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. Advance 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.
Advance@Southgate is now more than 90-percent occupied, with approximately 30,344 square feet of prime office space on the first floor currently available.
Tenants are served by the building’s proximity to downtown Morristown, which features numerous 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 also offers abundant parking, 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
Advance Realty, headquartered in Bedminster, New Jersey, is a privately held real estate development, investment and management company. Since its inception in 1979, Advance Realty has acquired or developed more than seven million square feet of commercial, residential, mixed-use and industrial projects. Advance continues to be one of the most active and respected commercial real estate companies in the New Jersey and Washington, D.C. markets.
Advance Realty is well positioned for smart growth in its core markets. The company’s strong capital base, outstanding talent and flexibility as a privately held, fully integrated real estate company ensure continued success at the forefront of the commercial real estate industry.