Advance Realty Group Acquires 260 Cherry Hill Road in Parsippany, New Jersey From NY Life
MULTIMILLION DOLLAR REPOSITIONING TO TARGET DATA CENTER USERS
Advance Realty Group, a Bedminster, New Jersey-based commercial real estate owner and developer, has announced the acquisition of 260 Cherry Hill Road in Parsippany, New Jersey, a 121,544 square-foot office building from NY Life. Advance Realty Group is planning a multi-million dollar repositioning of 260 Cherry Hill Road, which will include substantial interior and exterior improvements.
Additionally, the facility is expandable by approximately 100,000 square feet.
David Simson, president, along with David Csontos, senior vice president of investment sales for GVA Williams of New Jerseyand Bob Sass, executive managing director, GVA Williams New York, represented NY Life in this transaction.
Built as a corporate headquarters in the early 1970’s, 260 Cherry Hill Road was subsequently acquired by NY Life and utilized by the company as a state-of-the-art data center and trading desk. The 121,544-square-foot facility is situated on a beautifully landscaped, pastoral site and features approximately 30,000 square feet of conference center and cafeteria space, fitness center and a helipad. Offering exceptional redundant power capability and new HVAC systems, 260 Cherry Hill Road is a stand alone facility allowing prospective tenants the opportunity to operate in a highly secured environment making it ideal as a data center or disaster recovery or business interruption usages. Based on its prominent Morris County location, 260 Cherry Hill Road also presents potential users with a high-profile, sophisticated corporate identity.
“The acquisition of 260 Cherry Hill Road represents an outstanding opportunity for tenants seeking a strategically located facility offering substantial, redundant power,” stated Robert Martie, Senior Vice President & Regional Managing Director, Advance Realty Group. “We recognized that this building, while in need of cosmetic upgrades, offers some of the most powerful technological infrastructure of any building in northern New Jersey. We’ve already received substantial tenant interest as both a data center and a disaster recovery, as well as a corporate headquarters location,” Martie continued.
According to David Simson, President of GVA Williams New Jersey, “Advance was a clear leader in the very competitive bidding process for 260 Cherry Hill Road. Their commitment to the building is evident and they will be a great corporate citizen in Parsippany.”
“As the economy continues to expand, buildings like 260 Cherry Hill Road will be prime locations for corporate users requiring infrastructure and corporate identity. Advance’s corporate skill-set makes this property an excellent investment in a rebounding market. We look forward to creating a “First in Class” workplace environment for a world-class corporation,” stated Greg Senkevitch, Advance Realty Group’s chief operating officer.
Advance has retained Grad Associates to design a comprehensive renovation program for 260 Cherry Hill Road. Plans call for extensive changes to the buildings exterior façade and landscaping as well as upgrades to all interior common areas. The renovations are expected to commence immediately and be completed September.
Located at the entrance to Morris Corporate Center, one of the most desirable corporate campuses in New Jersey, 260 Cherry Hill Road is in close proximity to I-80, I-287 and Route 46. 260 Cherry Hill Road is situated in a picturesque setting in the heart of the desirable Morris County marketplace. Prestigious corporate neighbors include HSBC, Time Inc., Sun Chemical, Cadbury Schweppes, Prudential, Deloitte & Touche and St. Paul RE. The area is also home to several prominent hotels, conference centers, restaurants, and shopping centers.
Advance Realty Group is an owner and developer of office, flex, industrial, retail and multifamily properties. With five million square feet of operating properties and a development portfolio consisting of eight million square feet of commercial projects and 9,400 residential units, Advance is one of the leading real estate owners in the Northeast.
