Advance Realty’s Advance@Southgate Wins 2010 NJBIA New Good Neighbor Award
NJBIA Award Winner to be Honored June 4
Advance Realty, a leading Northeast U.S. owner and developer of Class A office, mixed-use and flex-space properties, has announced that Advance@Southgate, the 320,000-square-foot, Class A office building located at 445 South Street in Morris Township that Advance owns in a joint venture with Strategic Capital Partners, has won the 2010 New Good Neighbor Award from the New Jersey Business and Industry Association (NJBIA).
New Good Neighbor Awards are bestowed upon New Jersey companies that have recently built, expanded or renovated commercial buildings, thereby improving the economy as well as the landscape of the state. This is the second time Advance has won this award from NJBIA. In 2006, Advance won the New Good Neighbor Award for its Park Place development in Florham Park, N.J.
Advance Realty will accept the award at a luncheon that will be held on Friday, June 4, at The Pines Manor in Edison, N.J.
“We strive to be an exceptional corporate neighbor in the communities in which we are active,” stated Peter Cocoziello, CEO of Advance Realty. “We are extremely proud that our investment in Advance@Southgate has been recognized for making a positive contribution to New Jersey.”
Since acquiring Advance@Southgate, Advance has completely redeveloped the entire building as part of a significant capital improvement program, transforming it into a world-class headquarters facility.
The property now features a new, architecturally significant glass entryway, a dramatic two-story lobby, common areas, and a variety of amenities including a fitness center, conference/training rooms and a full-service cafeteria. In addition, Advance has installed new building systems, roof systems, windows and elevator cabs, helping to ensure the comfort and safety of all tenants.
“Many of the improvements completed at Advance@Southgate have resulted in enhanced energy efficiency for the building,” stated Kurt Padavano, COO of Advance Realty. “New HVAC rooftop equipment with variable frequency drive-controlled motors help to reduce energy usage and costs; low-e glass double-pane windows help control internal temperatures; and the bathrooms have been updated to include water conservation installations, reducing the amount of water used throughout the building.”
The improvements have extended even further to include a new parking lot and landscaping that enhance the campus’s park-like setting. Of particular importance is a new lawn irrigation system that not only keeps the landscaping looking great, but also helps to conserve water in comparison with outdated sprinkler systems.
As a direct result of Advance’s investment and efforts, Covanta Energy, an internationally recognized owner and operator of large-scale, environmentally sound energy-from-waste and renewable energy projects, recently committed to relocate its U.S. headquarters to Advance@Southgate, representing the largest new office lease completed in Morris County, N.J. in 2009.
“Covanta will be relocating 450 jobs to Morris County as a result of its new lease at Advance@Southgate,” stated Padavano. “This is an incredible boost to the local economy in an otherwise highly challenging environment. Covanta has also committed to building out their headquarters space to be LEED certified, further ‘greening’ this outstanding building.”
Advance has also made a considerable effort to involve the community at Advance@Southgate. For the past three years, the start/finish of the annual New Jersey Country Bike MS Ride, hosted by New Jersey Metro Chapter of the National Multiple Sclerosis Society, has been held at Advance@Southgate.
Tenants of Advance@Southgate are served by the building’s close proximity to downtown Morristown, which hosts a myriad of banking facilities, shops and restaurants, as well as the Morristown Memorial Hospital and Morristown Airport. Nearby hotels include the Madison Hotel, Westin Governor Morris and the Hamilton Park Conference Center.
Located in the heart of Morris County – one of New Jersey’s most desired office locations – Advance@Southgate offers immediate access to Interstate 287 and close proximity to Route 24 and Interstates 78 and 80. The building offers convenient access to three NJ Transit train stations providing direct service to Midtown Manhattan, and is easily reached from Newark Liberty Airport.
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.