First Building Set to Open in Early Summer
Advance Realty Group, a leading Northeast U.S. owner and developer of Class A office properties, today announced that it has completed demolition and started construction on the first building of The Picatinny Applied Research Campus (The PARC), a new, high-tech office/research park located at Picatinny Arsenal in Morris County, N.J.
Advance Realty Group’s selected contractor, ICS Builders, Inc., will soon begin erecting the steel for the 27,500-square-feet, single story, flex building. Simultaneously, Grassie & Sons Excavating has begun work on a new parking lot and other site work. In total, the initial phase will feature the development of approximately 100,000 square feet of office/lab space within Picatinny’s “downtown” area.
Overall, The PARC is a planned 1.1 million-square-foot development of one- to three-story build-to-suit and multi-tenanted buildings with labs, office space and multi-purpose space for high tech, defense and academic tenants and users. The properties will offer Class A office and flex space designed for maximum flexibility in floor plan layouts and tenant fit-outs.
“With the first building set to open this summer, demand for modern office/flex space has been strong from government contractors at Picatinny, as well as from research colleges and universities, communications, electronics, homeland defense/homeland security, and emerging technology companies throughout the United States,” said Brian Banaszynski, vice president of leasing, Advance Realty Group. “While we’ll soon announce our first tenants, interested companies are attracted to Picatinny’s $1.5 billion of high technology equipment, more than 64 high-tech laboratories, more than 1,000 on-base scientists, research, development and engineering personnel, as well as many intellectual assets, some of which only exist at the base.”
PARC tenants will also have access to the amenities of Picatinny Arsenal, which include food services, recreational fields and an 18-hole golf course. In addition, Advance’s plans for future buildings in The PARC include videoconference capabilities, meeting rooms, an auditorium, and classrooms. These amenities will help spur formal and informal collaboration between contractors and government workers, further enabling the exchange of information among various tenants and groups in concert with the concept of technology transfer envisioned by Advance and InSitech.
The PARC stems from an Enhanced Use Leasing (EUL) agreement between Advance and InSitech, Inc., a partnership intermediary for the US Army’s Picatinny Arsenal/Armament Research, Development and Engineering Center (ARDEC). The U.S. Army’s EUL program for non-excess real property gives Department of Defense installations the authority and incentive to obtain a broad range of in-kind consideration in exchange for leasing revenue.
About Picatinny Arsenal
Picatinny Arsenal is located on approximately 6,500 acres of land with access from N.J. State Highway Route 15, a mile from a full interchange on Interstate 80 in Morris County. Picatinny has a distinguished history in armaments and munitions development and production dating back to the Revolutionary War. Today, the installation employs over 4,000 full-time government and contractor personnel. More than 1,600 of Picatinny’s government employees are engineers and/or scientists. Picatinny has approximately $1.5 billion invested in state-of-the-art, cutting edge technological equipment and $115 million in new R&D facility projects in the planning stages or under construction. Many of the technologies support research applications across a broad range of industry, government and university endeavors.
Headquartered at the U.S. Army’s Picatinny Arsenal in Morris County, N.J., InSitech is an integral driver in the Army’s transformation strategy, and Picatinny’s base optimization plan. Representing the business interests of Picatinny/ARDEC as their non-profit partnership intermediary, InSitech is focused on accelerating technology exchange, licensing and commercialization opportunities, through business combination with the Government, University and Private Sectors.
About Advance Realty Group
Headquartered in Bedminster, N.J., 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. For leasing information on Picatinny Applied Research Campus, contact Brian Banaszynski, vice president, Advance Realty Group at (908) 719-3000 or visit www.advancerealtygroup.com.