Advance Realty Celebrates Completion of Redevelopment at Advance@Southgate With Ribbon-Cutting Ceremony
Event Highlights Significant Renovations at Morris Township Class A Office Building, Resulting in More Than 260,000 Square Feet of Lease Transactions
Advance Realty, a leading Northeast U.S. owner and developer of Class A office, mixed-use and multi-family properties, held a ribbon-cutting ceremony on Jan. 18 to celebrate the completion of the redevelopment of Advance@Southgate, a 320,000-square-foot, Class A office building located at 445 South Street in Morris Township, N.J.
Since acquiring Advance@Southgate, which Advance owns in a joint venture with Strategic Capital Partners, the developer has completely renovated the entire building as part of a capital improvement program, transforming it into a world-class headquarters facility.
The ribbon-cutting event celebrated Advance Realty’s repositioning and renovation of the building, which resulted in the signing of leases by three substantial new tenants. The companies’ relocations combine to occupy more than 260,000 square feet of space at the building, generating a significant positive impact on the local economy.
“The ribbon-cutting ceremony not only marked the completion of our redevelopment of Advance@Southgate, but also the beginning of an exciting new chapter for Morris County,” stated Peter Cocoziello, CEO of Advance Realty. “The recent lease signings prove that Advance@Southgate is highly sough-after among top quality companies in search of a strategically located trophy building.”
Earlier this year, Advance won the 2010 New Good Neighbor Award from the New Jersey Business and Industry Association (NJBIA) for the upgrades and improvements the company made to Advance@Southgate. The New Good Neighbor Awards are bestowed upon New Jersey companies that have recently built, expanded or renovated commercial buildings, thereby improving the local economy as well as the landscape of the state.
“We are extremely pleased that world-class companies are deciding to make 445 South Street their new address,” stated Morris Township Mayor Scott Rosenbush. “Advance@Southgate has proven to be an attractive location for companies in search of a top-flight office environment in the heart of Morris County, and the companies that call Morris Township home provide much-appreciated ratables for the local community.”
Advance@Southgate’s on-site amenities include a recently expanded fitness facility, common conference rooms and full-service cafeteria, as well as expansive parking.
Tenants of Advance@Southgate are served by the building’s close proximity to downtown Morristown, which hosts numerous banking facilities, shops and restaurants, as well as the Morristown Memorial Hospital and Morristown Airport. Nearby hotels include the Madison Hotel, Westin Governor Morris and the Hamilton Park Conference Center.
Located in the heart of Morris County — one of New Jersey’s most desired office locations — 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.
“With this redevelopment, Advance@Southgate will serve as a state-of-the-art headquarters for its tenants,” stated Brian Banaszynski, Advance Realty’s vice president of leasing. “We are dedicated to satisfying the needs of our tenants, and are constantly looking for ways to improve our properties. At Advance Realty, we understand that companies require an efficient work environment that features the most sought-after amenities.”
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.advancerealtyinterests.com.