Advance Realty Celebrates 30th Anniversary as Leader in Commercial Real Estate and Business Sectors
One of Region’s Most Successful Companies Well Positioned for Future Growth
Advance Realty, a leading Northeast owner and developer of Class A office, mixed-use and flex-space properties, is celebrating its 30th anniversary in 2009.
Founded in 1979 by Peter J. Cocoziello, Advance has established itself as one of the region’s premier developers, with more than $2 billion of signature properties and development projects in the New Jersey and Washington, D.C. markets since its inception.
The company adheres to a core philosophy — maintaining quality, long-term relationships with tenants, the brokerage industry, leading businesses and the communities in which it invests. This foundation, coupled with Advance’s ongoing ability to adapt to changing market conditions, has enabled the company to consistently maintain its competitive edge as it continues to operate at the forefront of market trends 30 years after its founding.
“Our organization’s ability to anticipate and adapt to changes in the marketplace is the cornerstone of our success,” said Cocoziello, president and CEO of Advance Realty. “At the same time, we’ve stayed true to the core fundamentals and principals on which this company was founded. Knowing what opportunities exist is important. But knowing what opportunities are the right ones to pursue requires in-depth knowledge of market trends, as well as a clear vision of the evolving needs of corporations. Understanding how to help a tenant control their costs now and in the future remains our primary goal. In today’s market, this is more critical than ever before.”
Advance Realty originated in Somerset County, N.J., first focusing on the development of small to mid-sized office buildings in suburban locations. The company’s ability to provide cost-effective, strategically planned real estate solutions for tenants fostered its growth over the years from a developer of office condos, to a developer of multi-tenant office buildings and then build-to-suit office spaces for major U.S. companies. This strong tenant/landlord relationship propelled the company to create a Tenants’ Bill of Rights, the only one of its kind in the industry and a testament to Advance’s commitment to servicing the needs of its tenant base.
In 1998, the company expanded into the greater Washington D.C. area market with its acquisition of a 580,000 square-foot, nine-building office complex in Maryland that the company took from 60 percent occupancy to 100 percent occupancy within just 15 months.
Shortly after, Advance entered the Northern Virginia and Boston markets, while re-investing in and building its full-service commercial real estate platform, including development, asset and property management, leasing, acquisitions and dispositions.
“Our full-service platform is one of the characteristics that distinguish Advance from other commercial real estate investors and owners,” stated Kurt Padavano, COO of Advance Realty. “It’s also a major driving force behind our ability to adapt to and capitalize on changing market conditions. As we identify growth opportunities, we are able to move forward by leveraging an extensive in-house network of resources that many other firms just don’t have. I am very proud of the team we have assembled at Advance and we are extremely well positioned to continue our growth.”
As a result of market conditions and its adherence to smart development practices, the company has increased its commitment to transit-oriented, Brownfield and urban redevelopment acquisition and development opportunities.
In 2002, Advance purchased Riverview Executive Park, a 330,000 square-foot office complex adjacent to Waterfront Park in Trenton, N.J.; as well as One Gateway Center, the first of four buildings in a landmark office/retail/hotel complex in downtown Newark directly connected to Newark Penn Station. Since acquiring One Gateway Center, Advance has earned numerous awards and recognition for its work at the tower, including the ’09 New Jersey Smart Workplaces Winner’s Circle for promoting sustainability and BOMA New Jersey’s prestigious Office Building of the Year Award in ’07.
Additionally, Advance is continuing the redevelopment of The Riverbend District in Harrison, N.J., one of the largest Brownfield, mixed-use transit districts underway in the state. The redevelopment is a model of Smart Growth, with Phase I to feature more than 800,000 square feet of retail space; including a cinema, multiple restaurants and cafes, wellness center, health club and grocery; a 200-room hotel and a 350-room, full-service hotel; 1.5 million square feet of corporate and boutique office space; and 1,950 for-sale and rental residential units.
In total, Advance Realty’s portfolio currently spans 4.5 million square feet of operating properties and a development pipeline consisting of six million square feet of commercial projects.
Advance Realty has always maintained the highest standards of integrity in the industry. This philosophy is evidenced by Advance’s active presence in the commercial real estate trade, business and non-profit sectors, where members of the Advance team have consistently played a leadership role in serving the industry’s associations including ULI, BOMA, NAIOP, and CoreNet Global, as well as numerous charitable organizations.
The company is also one of the most celebrated businesses in the state, having been bestowed with numerous industry awards and accolades, including the New Good Neighbor Award by the New Jersey Business and & Industry Association; the International Office Building of the Year Award by BOMA; the Economic Business Development Award by the Morris County Chamber of Commerce; the Outstanding Business People designation for a large corporation by the Somerset County Chamber of Commerce; and the Lifetime Achievement, Developer of the Year and Impact awards by the New Jersey Chapter of NAIOP, amongst many others.
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 Advance Realty at (908) 719-3000 or visit www.advancerealtygroup.com.