NJ Chapter of NAIOP Honors Advance Realty With ‘Deal of the Year’ Award at 23rd Annual Gala
Covanta Energy’s’ Relocation to Advance@Southgate in Morris Township Wins Coveted Award
Advance Realty, a leading Northeast U.S. owner and developer of Class A office, mixed-use and flex-space properties, announced today that its lease with Covanta Energy Corporation to relocate to Advance@Southgate in Morris Township, N.J., has earned the highly coveted “Deal of the Year” award from The New Jersey Chapter of NAIOP, the Commercial Real Estate Development Association.
The approximately 109,000-square-foot lease was the largest new office lease completed in Morris County in 2009 and will result in Covanta occupying the entire fourth floor and additional first-floor space at Advance@Southgate, a 320,000-square-foot, Class A office building located at 445 South Street in Morris Township that Advance Realty owns in a joint venture with Strategic Capital Partners.
“After a comprehensive search for a facility that would serve as a suitable corporate headquarters for its growing business, Covanta chose Advance@Southgate for its state-of-the-art facilities and amenities, ample parking and convenient location,” stated Peter Cocoziello, CEO of Advance Realty. “NAIOP’s prestigious ‘Deal of the Year’ award is a validation of the work that went into facilitating this significant lease, as well as the tremendous impact it has had on the real estate industry and economy in New Jersey by retaining an important corporation within the state.”
Covanta is an internationally recognized owner and operator of large scale energy-from-waste and renewable energy projects, providing communities with an environmentally sound solution to their solid waste disposal needs by using municipal solid waste to generate clean, renewable energy. The company is currently located in Fairfield, N.J.
Vice President of Leasing Brian Banaszynski provided in-house representation for Advance Realty in the transaction. Jeffery Heller, Linda Dow, Craig Eisenhardt and Brad Fenlon of CB Richard Ellis represented Covanta in the transaction.
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.
On-site amenities include a brand new fitness facility, common conference rooms and full-service cafeteria, as well as expansive parking. Advance has plans to expand the fitness center and cafeteria, further enhancing the amenities and services available to tenants of the building.
Earlier this year, Advance won the 2010 New Good Neighbor Award from the New Jersey Business and Industry Association (NJBIA) for the upgrades and improvements the company made to Advance@Southgate. The 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.
Tenants of Advance@Southgate are served by the building’s close proximity to downtown Morristown, which hosts numerous banking facilities, shops and restaurants, as well as the Morristown Memorial Hospital and Morristown Airport, which is used heavily by corporate executives. 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.
The New Jersey Chapter of NAIOP’s “Deal of the Year” nominees were judged by Dr. James Hughes, Dean of the Edward J. Bloustein School of Planning & Public Policy at Rutgers University; Dianne R. Brake, President of PlanSmart New Jersey; Edward A. Glickman, Adjunct Professor of Finance at the New York University School of Business and President and COO of the Pennsylvania Real Estate Investment Trust; Lawrence Pobuda, Chairman of NAIOP and co-founder of the Stewart Lawrence Group; and Michael Seeve, President of regional developer Mountain Development Corp.
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 9,400 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.
