Advance Realty Experiences Influx of Solar Companies Throughout New Jersey Portfolio
Firms Choose Strategically-Located Sites to Grow Business in Region
To meet the increasing demand for solar power in New Jersey — the Solar Energy Industries Association recently reported that The Garden State is now the nation’s top commercial solar market, accounting for 24 percent of all photovoltaic installations in the United States — a growing number of international and domestic developers of solar are establishing headquarters in the state, according to Advance Realty.
Advance, a leading Northeast U.S. owner and developer of Class A office, mixed-use and flex-space properties, is reporting increased demand for office space throughout its portfolio as a result of the many solar companies that are establishing regional offices in New Jersey.
Advance today announced the following transactions:
• India-based Lanco Solar has signed a 4,500-square-foot lease at One Gateway Center in Newark. The space will serve as the company’s U.S. headquarters location.
• Johnson Controls, a Fortune 500 company based in Milwaukee, Wis., signed a 3,500-square-foot lease at 400 Riverview Plaza in Trenton. The location will serve as the regional office for the company’s solar industry efforts.
• KDC Solar, a privately held subsidiary of Kamine Development Corporation, has established its New Jersey headquarters in a 4,000-square-foot space at 1545 Route 206 in Bedminster. Going beyond the typical role of a tenant, KDC is installing ground-mounted solar arrays, rooftop panels and solar carports at the property, and is preparing to do the same at another Advance property, 445 South Street in Morris Township.
“These transactions are indicative of the increasing presence of solar energy firms throughout the state, as these companies are drawn to well-located, energy-efficient spaces in the market,” said Brian Banaszynski, Advance Realty’s Managing Director. “New Jersey is now considered by some to be emerging as the solar capital of the country, and we anticipate additional firms will decide to establish dedicated offices here as the solar energy industry continues to grow.”
“On multiple levels, Advance is seeing the impact of solar business taking hold in New Jersey,” Banaszynski said. “We will continue to monitor the sector, as we believe it is a great stimulator for the state’s economy.”
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.