Advance Realty Group Reports Robust 2006 Performance
Portfolio Near Full Occupancy at 92 Percent
Over 540,000 Square Feet of Leasing Activity
More than 500,000 Square Feet of New 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 2006 performance that resulted in 543,357 square feet of consummated lease transactions, increasing overall occupancy to 92 percent, at its New Jersey and Washington, D.C., region portfolio. Coupled with Advance’s more than 500,000 square feet of new development projects, 2006 ranked as one of the company’s most successful years in its over 25-year history.
In 2006, Advance strengthened its presence in the Northeast through strong leasing activity, new development projects, valued at more than $250 million, and investment in core operations. “Through several new and completed development projects, as well as a strong leasing performance within our existing Class A office portfolio, Advance Realty Group concluded 2006 with significant momentum and results,” said Greg Senkevitch, COO of Advance Realty Group.
Senkevitch continued, “We broke ground on Harrison MetroCentre, started redevelopment of the 320,000-square-foot Advance at Southgate office building, completed the new 209,000-square-foot Eisai U.S. headquarters in Woodcliff Lake, New Jersey, and saw our leasing efforts result in significant existing portfolio leasing. It was a milestone year in the company’s history and one of the best performing ever. We are well-positioned in 2007, as we begin our newest development at Picatinny Arsenal in Morris County, New Jersey.”
Highlights of 2006 lease transactions at Advance’s 5.5 million-square-foot, Class A portfolio include:
Gibbons Del Deo, Dolan, Griffinger & Vecchione leased 105,851 square feet at One Gateway in Newark, N.J.
Lockheed Martin renewed for 81,500 square feet at Riverview Corporate Center in Cherry Hill, N.J.
Giant Food leased 53,556 square feet at Metro East Business Campus in Landover, MD.
Bridgewater Basketball leased 33,600 square feet at Advance@Middlebrook Crossroads in Bridgewater, N.J.
Delancy Tool Corporation leased 31,200 square feet at Advance@Middlebrook Crossroads in Bridgewater, N.J.
Diakon Logistics leased 22,000 square feet at Advance@Middlebrook Crossroads in Bridgewater, N.J.
Herrick, Feinstein leased 18,638 square feet at One Gateway in Newark, N.J.
Computer Sciences Corporation renewed for 10,958 square feet at Metro East Business Campus in Landover, MD.
Mirant Mid-Atlantic, LLC, leased 16,015 square feet at Metro East Business Campus in Landover, MD.
United States Postal Service leased 10,450 square feet at Metro East Business Campus in Landover, MD.
The company also broke ground and has already completed demolition and site work on its mixed-use Harrison MetroCentre transit village in Harrison, New Jersey. Streets and utilities are slated for completion by May 2008. When completely built-out, Harrison MetroCentre will feature three million square feet of mid-rise and high-rise Class A office space, 3,500 residential units, 300,000 square feet of retail space, over 10,000 decked parking spaces, and Red Bull Park, a 25,000-seat soccer and entertainment stadium that also broke ground last year.
Advance also continued to invest in its team of professionals with several new hires, including:
Kevin Tartaglione as senior vice president and COO for Advance Realty Development. Tartaglione is responsible for development projects from final design through construction and completion.
Brian T. Banaszynski as vice president – leasing. Banaszynski oversees leasing of Advance’s 3.5 million-square-foot New Jersey office portfolio.
Larry Hilaire as vice president – development. Hilaire oversees construction and development responsibilities including managing all contractors.
Industry veteran Kevin D. Schreiber, senior property manager, to manage its approximately 750,000-square-foot suburban Maryland office portfolio.
Nicholas J. Spadavecchia as vice president – marketing. Spadavecchia is responsible for corporate and property level marketing, PR and advertising.
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, New Jersey. For more information, call Advance Realty Group at (908) 719-3000 or visit www.advancerealtygroup.com
