Repositioning of Advance at Southgate Underway
COMPLETION OF CAPITAL IMPROVEMENT PROGRAM EXPECTED IN 1st QUARTER 2007
Advance Realty Group, a leading Northeast US commercial real estate owner and developer, reports that a $15 million capital improvement program at its newly acquired Advance at Southgate in Morris Township is underway with an expected completion in the first quarter of 2007. Currently, the entire building is being gutted down to its exterior walls and will be renovated with a new lobby, interiors, and building and mechanical systems.
The three-story, 320,000-square-foot building, located at 445 South Street will be completely redeveloped into one of Advance’s Class A signature “World Class Business Environments.” Advance’s capital improvement program will consist of a dramatic new entryway and two-story lobby, an entirely new roof, HVAC systems, upgraded window systems, tenant lobbies and common areas, as well as extensive site work and landscaping.
Bob Martie, senior vice president and regional managing director, Advance Realty Group, commented, “We are excited to be moving forward with the repositioning of Advance at Southgate, and look forward to delivering another Advance world-class office environment to the Morris County market within the next six months. Advance at Southgate is our third repositioning effort in the vibrant Morris County market over the past several years. With few large blocks of Class A space available in the market, we already have several large users interested in the property.”
Advance at Southgate consists of three, above-grade floors of 90,000 square feet over covered parking and additional below-grade space of 50,000 square feet, which provides space for a data center, café, fitness center, repro center and storage.
With immediate access to I-287, Advance at Southgate is also in close proximity to I-24, I-78 and I-80, as well as commuter rail, which provides direct access to Manhattan from the nearby Morristown and Madison train stations. Area amenities include a plethora of prestigious hotels, the Park Avenue Club, Dolce International’s Hamilton Farm Conference Center, Morristown Memorial Hospital and the Morristown Airport. The property is served by NJ Transit “Wheels” transit shuttle, which provides daily pick-up and drop-off service to and from the train station.
About Advance Realty Group
Advance Realty Group is an owner and developer of office, flex, industrial, retail and multifamily properties. With 5.5 million square feet of operating properties and a development portfolio consisting of eight million square feet of commercial projects and 9,400 residential units, Advance is one of the leading real estate owners in the Northeast.