Company Also Makes Major Strides with Several Development Projects
Advance Realty Group, a leading Northeast U.S. owner and developer of Class A office properties, reaffirmed its industry leadership position with a 2007 performance that resulted in 311,038 square feet of consummated lease transactions, increasing overall occupancy to 94.20 percent at its New Jersey and Washington, D.C., region portfolio of office buildings.
The company also made significant progress on more than 500,000 square feet of development projects, highlighted by the groundbreaking of the Morris County, N.J.-based Picatinny Applied Research Campus, a planned 1.1 million-square-foot development. Phase I, which broke ground in September of 2007, includes 100,000 square feet of office/flex space within the boundaries of the base’s high security enclosure (Picatinny’s “downtown area”). Phase II includes one million square feet of office space to be developed just outside of the base’s high security area.
Additional progress in Advance’s more than $1 billion development pipeline was the completed renovation of the 320,000-square-foot Advance @ Southgate office building in Morris Township, N.J., and the completion of demolition for Harrison MetroCentre in Harrison, N.J. Phase I of the Harrison MetroCentre transit village will include retail space, a cinema and fitness center, a 350-room hotel, office space, and residential units.
“We concluded 2007 with significant momentum and results following several new and completed development projects, as well as a strong leasing performance within our existing Class A office portfolio,” said Peter Cocoziello, president & CEO of Advance Realty Group. “Overall, we raised our entire portfolio occupancy rate, made significant progress of several in-progress development projects, and well-positioned the company for a strong 2008 and beyond.”
Highlights of 2007 lease transactions within Advance’s 5.5 million-square-foot, Class A office building portfolio include:
Lockheed Martin renewed for 71,507 square feet at 14550 Avion Parkway in Chantilly, Va.
Simonik Moving & Storage, Inc., expanded to 52,200 square feet at Advance@Middlebrook Crossroads in Bridgewater, N.J.
Hewlett-Packard Company renewed for 35,513 square feet at Advance at Branchburg in Branchburg, N.J.
The Mitre Corporation leased 30,940 square feet at Metro East Business Campus in Landover, Md.
Ortho-Biotech Incorporated renewed for 23,000 square feet at Advance at Branchburg in Branchburg, N.J.
Maquet, Inc., leased an additional 17,910 square feet at Advance@Middlebrook Crossroads in Bridgewater, N.J.
Mobile Access Networks renewed and expanded to 11,962 square feet at 8391 Old Courthouse Road in Vienna, Va.
HQ Global Workplaces renewed for 11,755 square feet at One Gateway in Newark, N.J.
Meyner & Landis, LLP renewed for 10,154 square feet at One Gateway in Newark, N.J.
About Advance Realty Group
Advance Realty Group is an owner and developer of office, flex, industrial, retail and multifamily properties. With 5.5 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, N.J. For more information, call Advance Realty Group at (908) 719-3000 or visit www.advancerealtygroup.com.