Advance Realty Signs Two New Leases 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 two new leases have been signed at the company’s new flex building at The Picatinny Applied Research Campus (The PARC), a new 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. Overall, The PARC is a multi-phase 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.
The two new tenants at The PARC are:
• Booz Allen Hamilton, a leading strategy and technology consulting firm that works with government agencies, corporations, institutions and infrastructure organizations, leased approximately 2,700 square feet in Building 356, a one-story, 27,500-square-foot office/flex building. Vice President of Leasing Brian Banaszynski represented Advance Realty in this transaction. J.C. Giordano of Jones Lang LaSalle represented Booz Allen Hamilton.
• BAE Systems, a global company engaged in the development, delivery and support of advanced defense, security and aerospace systems in the air, on land and at sea, leased approximately 2,700 square feet, also in Building 356. Vice President of Leasing Brian Banaszynski represented Advance Realty in this transaction, while Tom Semler of CRESA Partners represented BAE Systems.
“With two more of the world’s most respected companies selecting PARC for their new offices, the complex is quickly becoming the epicenter of advanced technology in New Jersey,” stated Brian Banaszynski, vice president of leasing, Advance Realty. “We are excited to welcome Booz Allen Hamilton and BAE Systems to this modern building. The PARC provides access to high technology equipment and extensive high-tech laboratory space, as well as thousands of on-site scientists, research development and engineering personnel.”
Tenants of The PARC will also 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
Celebrating its 30th anniversary in 2009 and headquartered in Bedminster, N.J., Advance Realty 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.
