Advance Realty Group Continues Aggressive Acquisition Program Throughout New Jersey
445 SOUTH STREET IN MORRIS TOWNSHIP TO BE REPOSITIONED AND RENAMED ADVANCE AT SOUTHGATE
Advance Realty Group, a Bedminster, New Jersey-based commercial real estate owner and developer, continues its aggressive acquisition program with its most recent purchase of 445 South Street in Morris Township. The three-story, 320,000-square-foot building has been renamed Advance at Southgate.
Advance Realty Group is repositioning 445 South Street into a world-class corporate business environment. The building will feature a dramatic new entryway and two-story lobby. Advance’s capital improvement program will consist of an entirely new roof, HVAC systems, upgraded window systems, tenant lobbies and common areas, as well as extensive site work and landscaping.
Bob Martie, senior vice president and regional managing director, Advance Realty Group, commented, “We are excited to announce the acquisition of 445 South Street and look forward to delivering a world-class office environment to the Morris County market within the next six months. Advance at Southgate is our third repositioning effort in the vibrant Morris County market in the past few years. When completed in mid-2006, we will be targeting those world-class corporate users that need large blocks of Class A space. We are confident that the building’s premiere address in the pathway of corporate growth, along with our signature corporate environment, will generate very strong demand for Advance at Southgate.”
Advance at Southgate consists of three, above-grade floors of 90,000 square feet, with an additional below-grade space of 50,000 square feet, which provides space for a data center, café, fitness center, repro center and storage.
With immediate access to I-287, Advance at Southgate is also in close proximity to I-24, I-78 and I-80, as well as commuter rail, which provides direct access to Manhattan from the nearby Morristown and Madison train stations. Area amenities include a plethora of prestigious hotels, the Park Avenue Club, Dolce International’s Hamilton Farm Conference Center, Morristown Memorial Hospital and the Morristown Airport. The property is served by NJ Transit “Wheels” transit shuttle, which provides daily pick-up and drop-off service to and from the train station.
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.
