Advance Realty Inks New Lease with SAIC at Picatinny Applied Research Campus in Morris County, N.J.
Advance Realty, a leading Northeast owner and developer of Class A office, mixed-use and flex-space properties, today announced that SAIC has signed a 2,715-square-foot office lease at The Picatinny Applied Research Campus (The PARC), a high-tech office/research park located at Picatinny Arsenal in Morris County, N.J.
Advance Realty’s 27,500-square-foot, single-story, flex building is part of The PARC’s initial development phase that will feature approximately 100,000 square feet of office/lab space within Picatinny’s “downtown” area. With limited leasing opportunities remaining at the building, Advance has announced that a second building at The PARC, a +/-25,000-square-foot building is now available.
Future plans for The PARC include additional development of one- to three-story build-to-suit and multi-tenanted buildings with labs, Class A office space and multi-purpose flex space for high tech, defense and academic tenants and users.
SAIC is a FORTUNE 500® scientific, engineering and technology applications company focused on national security, energy and the environment, critical infrastructure, and health.
Advance Realty Vice President of Leasing Brian Banaszynski provided in-house representation for Advance in this transaction. SAIC was represented by Steve Fleming, Senior Vice President at Jones Lang LaSalle.
“This modern building provides direct access to high-tech equipment and lab space, making it an ideal location for SAIC to establish its new field office,” stated Banaszynski. “The PARC has become a hub for advanced technology in New Jersey, and the addition of SAIC is a reflection of the unique opportunity offered by this complex.”
SAIC joins a high-quality roster of tenants at The PARC, including technology firm Raytheon; ATK, a supplier of aerospace and defense products; consulting firm Booz Allen Hamilton; and Concurrent Technologies Corporation, an applied research and development organization.
Tenants of The PARC will have access to the amenities of Picatinny Arsenal, which include food services, recreational fields and an 18-hole golf course. In addition, Advance’s plans for future buildings in The PARC include videoconference capabilities, meeting rooms, an auditorium and classrooms. These amenities will help spur formal and informal collaboration between contractors and Government workers, further enabling the exchange of information among various tenants and groups in concert with the concept of technology transfer envisioned by Advance.
About Picatinny Arsenal
Picatinny Arsenal is located on approximately 6,500 acres of land with access from N.J. State Highway Route 15, a mile from a full interchange on Interstate 80 in Morris County. Picatinny has a distinguished history in armaments and munitions development and production dating back to the Revolutionary War. Today, the installation employs over 4,000 full-time government and contractor personnel. More than 2,000 of Picatinny’s government employees are engineers and/or scientists. Picatinny has approximately $1.5 billion invested in state-of-the-art, cutting edge technological equipment and $115 million in new R&D facility projects in the planning stages or under construction. Many of the technologies support research applications across a broad range of industry, government and university endeavors.
About Advance Realty
Advance Realty, headquartered in Bedminster, N.J., is an owner and developer of office, flex, industrial, retail and multifamily properties. With 4.5 million square feet of operating properties and a development portfolio consisting of 6 million square feet of commercial projects and 6,500 residential units, Advance is one of the leading real estate owners in the Northeast. For more information, call Advance Realty at (908) 719-3000 or visit www.advancerealtygroup.com.
