Advance Realty Group’s Purchase and Sale of 260 Cherry Hill Road in Parsippany Culminates Successful Marketing Strategy for Asset
TIME INC. ACQUIRES 132,000-SF OFFICE BUILDING
Advance Realty Group, a Bedminster, New Jersey-based commercial real estate owner and developer, has announced the sale of 260 Cherry Hill Road in Parsippany, New Jersey, a 132,000 square-foot office building to Time Inc, which will be the sole occupant of the facility. Advance acquired the asset from NY Life in July 2005.
Bob Martie, senior vice president and regional managing director, along with Eric R. Becher, vice president of acquisitions, negotiated this transaction on behalf of Advance Realty Group. Marc Rosenberg, Bob Donnelly and Bill Brown of Cushman & Wakefield represented Time Inc. in this transaction.
Bob Martie stated, “We are pleased to announce the disposition of 260 Cherry Hill Road to Time Inc. This asset was an excellent investment in a rebounding market. The facility perfectly met Time’s business goals and real estate strategies, and this sale also reflects our team’s ability to successfully market a property to prospective corporations. Having successfully sold this property within two months of our acquisition is a reflection of the building’s outstanding technological infrastructure and superb location.”
Marc Rosenberg added, “This acquisition capped a 12-month site search for an appropriate backup data center for Time’s corporate offices in Manhattan. The 260 Cherry Hill Road property’s substantial mechanical infrastructure, location and expansion potential created an ideal situation for our client.” Cushman & Wakefield, over the years, has represented Time Inc. in real estate transactions both domestically and internationally.
This building was developed as a corporate headquarters in the early 1970’s, 260 Cherry Hill Road was subsequently acquired by NY Life and utilized by the company as a state-of-the-art data center and trading desk. The 132,000-square-foot facility is situated on a beautifully landscaped, pastoral site and features approximately 30,000 square feet of conference center and cafeteria space, fitness center and a helipad. Offering exceptional redundant power capability and new HVAC systems, 260 Cherry Hill Road is a stand alone facility allowing prospective tenants the opportunity to operate in a highly secured environment making it ideal as a data center or disaster recovery or business interruption usages. Based on its prominent Morris County location, 260 Cherry Hill Road also presents potential users with a high-profile, sophisticated corporate identity.
Located at the entrance to Morris Corporate Center, one of the most desirable corporate campuses in New Jersey, 260 Cherry Hill Road is in close proximity to I-80, I-287 and Route 46. 260 Cherry Hill Road is situated in a picturesque setting in the heart of the desirable Morris County marketplace. Prestigious corporate neighbors include HSBC, Sun Chemical, Cadbury Schweppes, Prudential, Deloitte & Touche and St. Paul RE. The area is also home to several prominent hotels, conference centers, restaurants, and shopping centers.
Advance Realty Group is an owner and developer of office, flex, industrial, retail and multifamily properties. With five 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.
