Advance Realty Reports Strong and Diverse Leasing Activity and Significant Progress in Development Pipeline in 2012
Developer Attains Higher Than 90-Percent Tenant Retention Rate Throughout Portfolio
Advance Realty, a leading Northeast owner and developer of Class A office, mixed-use and multifamily properties, today announced that it completed more than 35 lease transactions and achieved an overall tenant retention rate higher than 90 percent throughout its portfolio in 2012. The company also made considerable progress on a number of major development projects.
“As we look forward to 2013, it’s important to take time to reflect on what we’ve accomplished over the past year,” Advance Realty President and CEO Peter Cocoziello said. “It was a very positive year for Advance Realty and the industry as a whole, and the progress we’ve made portends the increased leasing and development activity we anticipate to see in the coming years, as the office market stabilizes, and the retail and multifamily sectors continue to experience a resurgence.”
Advance completed the following transactions throughout its New Jersey portfolio in 2012: Panasonic Corporation signed a lease to occupy the Panasonic Corporation of North America Technology Center, a 48,500-square-foot, build-to-suit facility located within The Riverbend District, Advance’s vibrant mixed-use development project in Harrison.
The State of New Jersey signed a 68,356-square-foot, long-term lease renewal at 506 Jersey Avenue, a 101,612-square-foot building in New Brunswick.
Arch Reinsurance signed a lease for 21,604 square feet of space at 445 South Street in Morris Township, bringing the office building to above 90-percent occupancy.
Cimquest renewed its 10,146-square-foot lease at 1545 Route 206 in Bedminster.
Doctors Express signed a new lease at Middle Brook Center in Bound Brook, bringing the neighborhood retail center to 100-percent occupancy.
Thanks to new lease transactions with CACI, Dynamics Research Corporation and EOIR Technologies, phase one of the Picatinny Applied Research Campus (PARC), a high-tech office/research park located at Picatinny Arsenal in Morris County, is now fully leased.
At One Gateway Center in Newark, which earned the prestigious BOMA 360 Designation for the second time and continues to attract premier law firm tenants, Advance completed several lease renewal transactions. Meyner and Landis leased 10,154 square feet; Anderson, Kill & Olick, P.C. leased 5,683 square feet deal; Friedman Kaplan Seiler & Adelman LLP leased 4,300 square feet; and HQ Regus leased 11,755 square feet. In addition, a pharmacy has signed a new lease to add to the diverse mix of retail tenants within the Gateway Center Retail Concourse.
Within its Maryland portfolio, Advance executed several lease transactions at Metro East Office Park, retaining a high-quality tenant roster that includes Northrup Grumman, CSC, SAIC and Accenture Federal Services, LLC. Heitech Services, Inc., took occupancy of 21,008 square feet of space this year.
On the acquisition front, Advance purchased Windsor Hights Shopping Center, a 132,733-square-foot, neighborhood retail site in East Windsor, N.J. The company plans to re-tenant and reposition the property, which offers tenants excellent visibility in a dynamic submarket.
The company also made significant advances in a number of its development projects. At Riverbend District, a groundbreaking ceremony was held for the Panasonic Corporation of North America Technology Center. At Willow14, a new mixed-use development in Hoboken, N.J., Advance held a “Bottoming Out” ceremony, marking the start of construction for the building’s five-level, below-grade parking garage. When complete, Willow14 will feature 140 luxury apartments, 22,000 square feet of retail space and a four-level underground parking garage with 363 spaces. Advance also completed phase one of PARC, and is nearing completion of soil remediation at a development site on Vauxhall Road in Union, N.J. The next phase of the project will include the development and construction of residential units.
“We are pleased to have realized such a high retention rate in our portfolio because it validates that tenants are responding to the exceptional quality of our buildings, building management and tenant services,” Cocoziello said. “We have also made tremendous progress in our development pipeline and are on target to continue to attain strong results in the coming months and years.”
The Advance team also took time out in 2012 to help others by holding a number of successful community outreach efforts such as an E-Covanta Recycling event throughout its entire New Jersey portfolio, a Bike Ride at 445 South Street to benefit The National Multiple Sclerosis Society and a book drive at One Gateway Center with proceeds going toward Hurricane Sandy relief.
For more information on Advance Realty, visit www.advancere.com.
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.