Advance Realty Ends 30th Year of Business With Exceptional Leasing Activity and Strong Market Position
Nearly 600,000 Square Feet of Lease Transactions in 2009 Driven by Quality Management of Company’s Portfolio
Advance Realty, a leading Northeast owner and developer of Class A office, mixed-use and flex-space properties, celebrated its 30th year of business in 2009 with exceptionally strong leasing activity throughout its 4.5 million-square-foot portfolio of New Jersey and Washington, D.C.-area office and industrial properties.
“We are proud to be able to say that our 30th year in commercial real estate was another successful one, despite challenges in the marketplace,” stated Kurt Padavano, COO of Advance Realty. “Our leasing velocity over the past year was a significant accomplishment in these tough economic times. The quality of our portfolio, coupled with our ongoing commitment to achieving the highest standards of building management and service for our tenants, makes us well-positioned to continue to capitalize on opportunities in 2010.”
Some of the highlights of Advance’s 2009 lease transactions, which totaled nearly 600,000 square feet, include:
• Covanta Holdings Corporation leased 105,000 square feet at Advance @ Southgate, located at 445 South Street in Morris Township, N.J., for its new headquarters, representing the largest new office lease completed in Morris County for 2009.
• At One Gateway Center in Newark, N.J., Advance completed several lease transactions, totaling 85,817 square feet. Notable transactions include a 40,000-square-foot, new lease transaction by EpsteinBeckerGreen and a 15,575-square-foot renewal by Landman Corsi Ballaine.
• At MiddleBrook Crossroads, an 18-building office/flex park in Bridgewater, N.J., Advance completed 149,779 square feet of lease transactions, including a renewal and expansion of 31,200 square feet by Steps to Literacy.
• CSC renewed for 30,592 square feet at MetroEast Business Campus in Landover, Md.
• GSA/IRS renewed for 39,268 square feet at 8100-8300 Corporate Drive in Landover, Md.
• Trimble Navigation Limited signed a new lease for 13,681 square feet at Avion Business Park in Chantilly, Va.
• The Solutions Developers Corp. signed a new lease for 8,400 SF at Loudon Plaza One in Sterling, Va. In addition, Schnabel Foundation renewed for 8,722 square feet.
In addition to its long list of lease transactions in 2009, Advance Realty made significant progress in the construction of its 80-acre Riverbend District. Located in Harrison, N.J., the Riverbend District is one of the largest redevelopments underway in New Jersey. The project, poised to be Northern New Jersey’s foremost urban, mixed-use development, will have horizontal infrastructure work completed in time for the opening of Red Bull Soccer Arena in Spring of 2010.
At The Picatinny Applied Research Campus (PARC), a newly developed high-tech office/research park located at Picatinny Arsenal in Morris County, N.J., Advance signed four leases, new tenants include Booz Allen Hamilton, BAE Systems, InSitech and Raytheon.
Advance’s ability to provide cost-effective, strategically planned real estate solutions for its tenants has fostered its growth over the years from a developer of office condos to a developer of multi-tenant office buildings and 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 July, One Gateway Center was one of just 23 buildings honored among Building Owners and Managers Association (BOMA) International’s first class of 360 Performance Buildings. Selected by the BOMA International 360 Performance Program Council, honorees were recognized for maintaining the industry’s best practices in building management and operations.
• In recognition of Advance’s work in reducing traffic congestion and improving air quality by promoting work-site based employee commuting options at One Gateway Center, Advance was invited in April by the State of New Jersey’s Department of Transportation to be part of the 2009 NJ Smart Workplaces winners’ circle.
Advance Realty’s ongoing commitment to community service also continued its strong activity during 2009.
• The New Jersey Metro Chapter of the National Multiple Sclerosis (MS) Society held the 22nd Annual Great New Jersey Country Bike MS Ride at Advance Realty’s Southgate building at 445 South Street in Morristown, N.J.
• Advance donated warehouse space and employee support for the United Way of Somerset County’s “Gifts of the Season” program.
• At One Gateway Center, Advance donated the use of the One Gallery to Newark Now for several fundraisers and to Brighter Holidays, which hosted an event with proceeds benefitting Newark-based charities.
• Additionally Advance, in partnership with Book Fair Fun, held several book fairs throughout 2009 at One Gateway Center with ten percent of all Book Fair Fun proceeds being donated to Newark-based charities.
“Our support of charitable groups that service the needs of the communities in which we do business continues to be a cornerstone of our corporate culture, and we look forward to continuing our commitment to community service in the coming year,’ stated Padavano.
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.