Advance Realty Completes Largest New Office Lease In Morris County for 2009
New Lease for +/- 105,000 Square Feet at 445 South Street in Morris Township is for Covanta Energy’s U.S. Headquarters
Advance Realty, a leading Northeast U.S. owner and developer of Class A office, mixed-use and flex-space properties, has announced that Covanta Energy Corporation has leased the entirety of the fourth floor and additional first-floor space in Advance @ Southgate, a 320,000-square-foot, Class A office building located at 445 South Street in Morris Township that Advance owns in a joint venture with Strategic Capital Partners. The long-term +/- 105,000-square-foot lease is the largest new office lease in Morris County for 2009, according to CB Richard Ellis.
Covanta is an internationally recognized owner and operator of large scale energy-from-waste and renewable energy projects, providing communities with an environmentally sound solution to their solid waste disposal needs by using municipal solid waste to generate clean, renewable energy. The company is currently located in Fairfield, N.J.
Vice President of Leasing Brian Banaszynski provided in-house representation for Advance Realty. Jeffery Heller and Linda Dow of CB Richard Ellis represented Covanta in the transaction. Ed Butler, Esq. of McCarter & English was legal counsel for the landlord, and Robert Klausner, Esq. of Day Pitney was the legal counsel for the tenant in the lease negotiation.
“We are very pleased to welcome such a prestigious corporation as Covanta to Advance @ Southgate,” Banaszynski said. “Covanta required a facility that would serve as a suitable corporate headquarters as its business continues to grow, and we are happy to have delivered at this location. Advance @ Southgate offers tenants such as Covanta a unique corporate real estate solution in a pristine, campus-like setting.”
445 South Street has been completely redeveloped by Advance to new building standards. On site amenities include a brand new fitness facility, common conference rooms and full-service cafeteria, as well as expansive parking. Advance has plans to expand the fitness center and cafeteria, further enhancing the amenities and services available to tenants of the building.
“We conducted a long and comprehensive search for a new location to serve as our corporate headquarters. 445 South Street is an ideal site, providing us with a large, flexible floor space in a building incorporating state-of-the art facilities and amenities, ample parking and a convenient location. It is also a space in which LEED certification can be pursued,” stated Mike Wright, Covanta’s senior vice president and chief human resources officer. “We are confident that this location will be suitable now and provide us with ample room to grow, and are working towards a Fall 2010 move.”
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.
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.
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 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.
