Strong Leasing Activity and Significant Development Achievements Mark Successful 2011 For Advance Realty
Developer Achieves 100-Percent Occupancy at Multiple Locations and Begins Construction and Environmental Remediation at Hoboken Mixed-Use Site
Advance Realty, a leading Northeast owner and developer of Class A office, mixed-use and multifamily properties, announced today that it completed 53 lease transactions, totaling more than 275,000 square feet, throughout its portfolio in 2011.
Advance achieved 100-percent occupancy within its Bedminster, N.J., portfolio, which consists of four buildings totaling 143,500 square feet, and at 400 Riverview Drive, situated along the Delaware River waterfront in Trenton, N.J. Additionally, leasing activity drove occupancy higher than 90 percent at two Advance properties — Advance @ Southgate, the company’s 320,000-square-foot office building in Morris Township, N.J., and One Gateway Center, a 500,000-square-foot office tower in Newark, N.J.
“The high quality of our portfolio, combined with a commitment to providing superior building management and tenant services, ensured that 2011 was a successful year for Advance Realty.” Advance Realty President and CEO Peter Cocoziello said. “Heading into 2012, we are well-positioned to continue strong leasing activity, in addition to further expanding our Real Estate Solutions division and making significant progress on our development projects.”
Notable transactions included:
• A 21,604-square-foot lease with Arch Reinsurance Company at 445 South Street.
• The Times of Trenton signed a 5,605-square-foot lease for space on the first floor of 400 Riverview Plaza.
• Amarin Pharmaceuticals Ireland Ltd. signed a new lease for 9,747 square feet at 1430 Route 206 in Bedminster.
• Merrill Lynch, Pierce, Fenner & Smith Incorporated renewed for 13,635 square feet at One Gateway Center in Newark.
• HeiTech Services, Inc. signed a new lease for 21,008 square feet at 8400 Corporate within the MetroEast Business Campus in Landover, Md.
• At Avion Business Park in Chantilly, Va., American Registry for Internet Numbers renewed for 14,817 square feet and Webco General Partnership renewed for 14,427 square feet.
Within the company’s development portfolio, Advance commenced construction and remediation at Willow14, the company’s first Hoboken, N.J. development project. The project, when complete, will feature 140 luxury apartments, 22,000 square feet of retail space, and a 376-space, below-grade parking garage. Additionally, Advance will pursue Leadership in Energy and Environmental Design (LEED) certification for the development.
Advance also completed the $7.25-million disposition of a 4.86-acre land parcel in Morris Plains, N.J., for which the company had previously obtained site plan approvals for 70 townhomes.
At 1545 Route 206 within the company’s Bedminster portfolio, Advance completed its first solar energy project in 2011. Additionally, Advance has obtained the approvals to install a large-scale solar energy project at Advance@Southgate, a 320,000-square-foot building located at 445 South Street in Morris Township, N.J.
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.