Advance Realty Holds Groundbreaking Ceremony for Panasonic Corporation of North America’s Technology Center in Harrison, N.J.
Leading global electronics corporation will occupy 48,500-square-foot build-to-suit facility
Mayor Raymond McDonough joined Advance Realty President and CEO Peter Cocoziello and Panasonic Controller and Vice President Mike Riccio on Oct. 9 for the official groundbreaking of the Panasonic Corporation of North America Technology Center.
The 48,500-square-foot technology center is being developed by Advance Realty, a leading Northeast U.S. owner and developer of Class A office, multifamily, mixed-use and flex-space properties. The build-to-suit facility will house the company’s engineering offices, a lab and various testing facilities.
Located adjacent to Red Bull Arena, within Advance’s Riverbend District, the turnkey facility is one of the largest urban redevelopment projects underway in New Jersey. Occupancy is scheduled for the summer of 2013.
“We welcome the addition of Panasonic to Harrison,” said Harrison Mayor Raymond McDonough. “The prestige of the Panasonic brand and the company’s commitment to innovation in green electronics will mean a lot to the Harrison Redevelopment Area; it will mean employment opportunities for our residents.”
”Panasonic is pleased to be on track to take advantage of all the flexible technical capabilities the planned Harrison Technology Center will offer us,” said Mike Riccio, Panasonic Corporation of North America Controller and Vice President, Finance. “With a new headquarters already being developed at Two Riverfront Plaza in Newark, and now this Technology Center under construction in Harrison, we expect to be able to smoothly transition all of our operations from Secaucus by summer.”
As a transit-oriented community, the Riverbend District is within close proximity to multiple modes of mass transit, including NJ Transit, Amtrak and a centrally located, onsite PATH station that will benefit from the Port Authority of NY and NJ’s plan to invest $256 million to completely redevelop and modernize the station. The district is also only 15 minutes by train to Manhattan, is highly accessible by all major roadways in Northern New Jersey, and is just minutes from Newark Liberty International Airport via rail service or car.
“As developer of the Riverbend District in Harrison, Advance is a firm believer in the extraordinary potential of this ideally located city,” stated Peter Cocoziello, President and CEO of Advance Realty. “We look forward to the completion of this project and fully expect that other high-caliber firms will follow Panasonic’s example and seek out Harrison as a dynamic location for their businesses.”
About Advance Realty
Advance Realty, headquartered in Bedminster, New Jersey, is a privately held real estate development, investment and management company. Since its inception in 1979, Advance Realty has acquired or developed more than seven million square feet of commercial, residential, mixed-use and industrial projects. Advance continues to be one of the most active and respected commercial real estate companies in the New Jersey and Washington, D.C. markets.
Advance Realty is well positioned for smart growth in its core markets. The company’s strong capital base, outstanding talent and flexibility as a privately held, fully integrated real estate company ensure continued success at the forefront of the commercial real estate industry.
About Panasonic Corporation of North America
Currently based in Secaucus, NJ, Panasonic Corporation of North America provides a broad line of digital and other electronics products for consumer, business and industrial use. The company is the principal North American subsidiary of Osaka, Japan-based Panasonic Corporation (NYSE: PC), and the hub of Panasonic’s U.S. branding, marketing, sales, service and R&D operations. Panasonic is pledged to practice prudent, sustainable use of the earth’s natural resources and protect our environment through the company’s Eco Ideas programs. For more information about Panasonic, please visit http://panasonic.com/.
Information about Panasonic Eco Ideas initiatives is available at http://panasonic.net/green _innovation. Information about Panasonic and its products is available at www.panasonic.com and its Full HD 3D site at www.panasonic.com/3D. Additional company information for journalists is also available at www.panasonic.com/pressroom.