Advance Realty Group Announces Acquisitions And Growth In Its New Jersey Region
Greg Senkevitch, chief operating officer of Advance Realty Group, announced today that the Company has completed the acquisition of its partner’s interests in Park Place at Florham Park, New Jersey. Advance Realty Group paid approximately $80 million to acquire the interests of its pension fund advisory partner for the remaining Park Place interests. Advance utilized internally generated funds to complete this transaction.
Greg Senkevitch stated, “Advance is proud to now own 100 percent of this world-class asset which has been completely redeveloped and is 90 percent leased. Our acquisition of Park Place completes an active year of expanding our portfolio in New Jersey. In 2004, we purchased $140 million of properties, including several key development sites, with $100 million of this year’s activity occurring in the New Jersey region.” Advance’s acquisitions were funded off its balance sheet through its extensive corporate capital base.
Park Place consists of a total of 350,000 square feet in four, three-story Class A office buildings. Formerly the world headquarters of ExxonMobil International, Advance completely redeveloped the complex into a state-of-the-art, multi-tenant campus. Amenities at the campus include an on-site cafeteria and fitness center, covered executive parking, 24/7 access and a direct shuttle to Morristown and Convent Station train stations. Notable tenants at Park Place include Altana Pharmaceuticals, Lehman Brothers, Global Crossing and Odyssey Pharmaceuticals, Inc.
In 2004, Advance signed over 600,000 square feet of leases. “Bob Martie, senior vice president and regional managing director of the New Jersey region, and his team have done a superb job in meeting the market demand for quality space solutions. We also thank the New Jersey brokerage community for recognizing our ability to go that extra mile to make a deal. The key to our leasing results continues to be our commitment to tenant service,” Senkevitch added.
Advance Realty Group also announced several additions to the New Jersey regional staff:
Eric R. Becher has been appointed vice president and regional acquisition officer. He previously served as vice president of acquisitions/capital markets. Eric has been with Advance Realty Group for over six years and has over twelve years of industry experience.
Jason R. Bogart has been appointed vice president – leasing. Previously, he served as a development director. Jason has been with Advance for four years.
Renee Rodriguez as project director for One Gateway Center in Newark. She previously served as a development director. Renee joined Advance approximately one year ago and has ten years experience in the real estate industry.
“Eric, Jason and Renee bring a great deal of experience, expertise and commitment to our New Jersey regional team,” said Senkevitch. “Under Bob Martie’s leadership, our New Jersey region has grown into a highly respected, top-line oriented operation. With our recent growth and pending deals in the pipeline, the consolidation of all our New Jersey leasing activity into Bob Martie’s group, we aligned our staff for increased activity in the new year,” Senkevitch added.
As for 2005, Advance is poised to maintain its leadership position in New Jersey.
“One Gateway Center in Newark will be our primary focus in 2005,” stated Senkevitch. Advance recently completed a multi-million dollar renovation of the building’s lobby and retail concourse. “This is New Jersey’s premier transit-oriented real estate development, and the addition of Renee Rodriguez as One Gateway’s project director, highlights our emphasis on New Jersey’s urban core. Renee will be our senior on-site professional at One Gateway and will spearhead our asset management, leasing and community outreach efforts in Newark,” he concluded.
Advance’s New Jersey region is its largest with 2.3 million square feet owned and an additional one million square feet under management. The region is also responsible for leasing 7.5 million square feet of the Company’s commercial development holdings.
For the second straight year, Advance Realty Group has scored among the top five of national office building owners for tenant service and satisfaction, according to a leading national poll. A full 90 percent of Advance’s properties from Boston to Washington, D.C. have been rated ‘outstanding’ by this independent national survey.
Having recently celebrated 25 years in business, 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 and is headquartered in Bedminster, New Jersey.
For more information, contact Advance Realty Group at (908) 719-3000 or visit www.advancerealtygroup.com