Advance Realty Group’s Completes Multi-Million Dollar Capital Improvement Program at Advance @ Southgate
Company Transforms 445 South Street Into Class A Office Property, Now Ready for Tenant Occupancy
Advance Realty Group, a leading Northeast U.S. owner and developer of Class A office properties, today announced that it has completed its more than $20 million transformation of 445 South Street from a functionally obsolete building into Advance @ Southgate, one of the company’s signature Class A “World Class Business Environments.”
Located in Morris Township, N.J., and acquired by Advance Realty Group in December 2005, the four-story, 320,000-square-foot building now features a dramatic new entryway and two-story lobby, an upgraded roof and elevator system, new bathrooms, HVAC system, tenant lobbies, common areas and windows, as well as amenities such as a conference center, café, fitness center and covered parking.
“Advance @ Southgate offers significant leasing flexibility due to its unique, core-less, three wing design, which provides ideal layout efficiencies for tenants leasing the entire building, individual floors, an entire wing, or a partial floor,” said Peter Cocoziello, president and CEO, Advance Realty Group. “The building’s center atrium contains a beautiful new lobby entry and elevators, allowing tenants private access to their own leased space.”
Laurie Smith, senior vice president of acquisitions, Strategic Capital Partners, added, “One of the reasons we invested in Advance @ Southgate is that beyond being a virtually new, Class A office building, Advance @ Southgate sits in the heart of Morris County, between Morristown and Madison, which both offer significant amenities to tenants. The building is also ideally located for tenants commuting by car or train, and for tenants needing to fly.”
Advance @ Southgate is only 18 miles from Newark Liberty International Airport, five minutes from Morristown Airport, and has immediate access to I-287, with its close connections to Route 24 and I-80, as well as commuter rail that provides direct access to Manhattan from the nearby Morristown and Madison train stations. Area amenities include the Park Avenue Club, Dolce International’s Hamilton Park Hotel & Conference Center, such prestigious hotels as the Hyatt and Westin, and the downtown centers of Morristown and Madison. The property is also served by the NJ Transit “Wheels” transit shuttle, which provides daily pick-up and drop-off service to and from the nearby train stations.
About Strategic Capital Partners
Strategic Capital Partners, LLC is a privately-held real estate investment management firm that employs a value-added investment strategy of acquiring commercial and multi-family properties via joint ventures with experienced local real estate operators. Strategic Capital Partners is focused on properties across the United States that can be repositioned, re-leased and/or redeveloped. The Company is headquartered in Chicago with offices in Indianapolis and New York City.
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 leasing information on Advance @ Southgate, contact Brian Banaszynski, vice president of leasing, Advance Realty Group at (908) 719-3000 or visit www.advancerealtygroup.com.
