Advance Realty Finishes 2008 with 316,500 SF of Leasing Activity, Several Building Dispositions, and Overall Portfolio Occupancy over 90 Percent
Advance Realty, a leading Northeast U.S. owner and developer of Class A office properties and mixed-use developments, is celebrating its 30th anniversary this year following a 2008 performance that resulted in the sale of several high performing assets and 316,543 square feet of consummated lease transactions, putting overall occupancy at more than 90 percent at its New Jersey and Washington, D.C., region portfolio of Class A office and industrial buildings.
Highlights of 2008 lease transactions within Advance’s 4.5 million-square-foot portfolio include:
• Intersections, Inc. leased 88,273 square feet at two buildings within the Avion Business Park in Chantilly, Va.
• UPS extended its 33,600-square-foot lease at MiddleBrook Crossroads in Bridgewater, N.J.
• Bridgewater Vehicle Sales renewed for 26,400 square feet at MiddleBrook Crossroads
• Techlaw, Inc. renewed for 14,506 square feet at 14500 Avion Parkway within the Avion Business Park
• Tri-Tech Tool & Design Company, Inc. extended its 12,182-square-foot lease at MiddleBrook Crossroads
• OST, Inc. leased 11,456 square feet at 8400 Corporate Drive within the Metro East Business Campus in Landover, Md.
• UBS Financial Services Inc. renewed for 11,256 square feet at 1420 Route 206 in Bedminster, N.J.
• Greenhorne & O’Mara, Inc. renewed for 11,041 square feet at 3635 Concord Parkway within the Avion Business Park
Advance Realty’s 2008 dispositions of assets that achieved investment objectives included:
• Park Place campus in Florham Park, N.J., to Normandy Real Estate Partners
• 7 Entin Road in Parsippany, N.J., to Pressler and Pressler
• 14550 (Mid-Rise III) and 14560 (Mid-Rise IV) Avion Parkway in Chantilly, Va., to CBRE Realty Trust
• 16E Chimney Rock Road in Bridgewater, N.J., to United Parcel Service
The company also made significant progress on its various development projects, highlighted by the completion of the first building and subsequent first lease signing at The Picatinny Applied Research Campus, a planned, multi-phase 1.1 million-square-foot high-tech office/research park located at Picatinny Arsenal in Morris County, N.J.
Additionally, Advance Realty completed Phase 1 remediation of the 80-acre Riverbend District, one of the largest brownfield, mixed-use, redevelopment transit districts underway in New Jersey. The company will soon begin horizontal infrastructure construction of site utilities and roadways, which Advance expects to complete in time for the late Autumn 2009 opening of the 25,000-seat Red Bull Arena, one key element of the Riverbend District (www.riverbenddistrict.com). Phase 1 of Riverbend District will feature more than 800,000 square feet of retail space, two hotels totaling approximately 500 rooms with a conference center, 1.5 million square feet of professional and corporate office space, and approximately 1,800 for sale and rental residential units.
“Even in an extremely challenging economic environment, Advance Realty concluded 2008 with a strong leasing performance within our Class A office and industrial portfolio,” said Peter Cocoziello, president and CEO of Advance Realty. “Overall, we strengthened our entire portfolio occupancy, sold numerous assets that achieved investment objectives, made significant progress on several development projects, and well-positioned the company for our 30th anniversary year (2009) and beyond. Our 2008 success further highlights the appeal of Advance Realty’s world-class business environments as well as our exceptional reputation for superior property management that is backed by the industry’s only Tenants Bill of Rights©.”
About Advance Realty
Celebrating its 30th anniversary in 2009 and headquartered in Bedminster, N.J., Advance Realty is an owner and developer of office, mixed-use, flex, industrial, retail and multifamily properties. One of the company’s prominent projects includes the 80-acre Riverbend District, a new, urban mixed-use district in Harrison, N.J., that will feature more than 1.2 million square feet of retail space, two hotels totaling approximately 500 rooms with a conference center, 4.5 million square feet of professional and corporate office space, and approximately 4,000 for sale and rental residential units.
Advance Realty is also in the process of developing and leasing The Picatinny Applied Research Campus (The PARC), a new, high-tech office/research park located at Picatinny Arsenal in Morris County, N.J. The PARC is a planned, multi-phase 1.1 million-square-foot development of one- to three-story build-to-suit and multi-tenanted buildings with labs, Class A office space, and multi-purpose flex space.
Overall, with 4.5 million square feet of operating properties and a development portfolio consisting of six million square feet of commercial projects and 9,400 residential units, Advance Realty is one of the leading real estate owners in the Northeast. For more information, call (908) 719-3000 or visit www.advancerealtygroup.com.
