Department of Defense Provider Signs Lease at Advance Realty’s Picatinny Applied Research Campus in Morris County, N.J.
EOIR Technologies Attracted to Site’s $1.5 Billion of High-Tech Equipment and Lab Space, Thousands of On-Site Scientists, Research Development and Engineering Personnel
Advance Realty, a leading Northeast U.S. owner and developer of mixed-use, multi-family, and Class A office properties, announced today that EOIR Technologies has signed a lease at The Picatinny Applied Research Campus (The PARC), a high-tech office/research park located at Picatinny Arsenal in Morris County, N.J.
A technology services company serving agencies within the Department of Defense, Department of Homeland Security, and several segments of the Intelligence Community, EOIR Technologies will occupy 2,715 square feet of The PARC’s flex building — a 27,500-square-foot, single-story site.
The space will serve as EOIR Technologies’ new field office location, and will support its work with the U.S. Army’s Night Vision and Electronic Sensors Directorate (NVESD), which has been EOIR’s biggest customer for nearly 30 years. The firm has numerous East Coast sites and already has New Jersey locations in Eatontown and Montville.
Advance Realty Managing Director Brian Banaszynski represented the landlord in the transaction, while CBRE First Vice President Randy L. Eigen negotiated on behalf of the tenant.
“EOIR Technologies is precisely the type of premier tenant Advance had hoped to attract to The PARC, and this addition will greatly enhance the site’s dynamic work environment,” Banaszynski said. “Government contractors, in particular, appreciate The PARC’s independently designed office units and the unique opportunity to gain direct access to all that the base has to offer.”
The 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. 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. Currently, the base has $1.5 billion of high technology equipment, extensive high-tech laboratory space, thousands of on-site scientists, research development and engineering personnel. In addition, 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.
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, 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.