With Strong Leasing Activity, Advance Realty Reports Another Successful Year in 2010
Company Strengthens Market Position With Launch of New Service Division and More Than 570,000 Square Feet of Lease Transactions
Advance Realty, a leading Northeast owner and developer of Class A office, mixed-use and multi-family properties, announced today that it executed 50 lease transactions in 2010. With a total value of more than $74 million, the 570,000 square feet of office leasing activity solidified the company’s status as one of the region’s most active real estate companies.
“As most of the commercial real estate market recovers, the high quality of our portfolio, combined with our commitment to providing superior building management and tenant services, ensured that 2010 was a successful year for Advance Realty,” stated Kurt Padavano, COO of Advance Realty. “Heading into 2011, we are well positioned to continue our strong leasing activity, in addition to further expanding our real estate solutions division and making additional progress on our development projects.”
Some of the highlights of Advance’s 2010 lease transactions include:
• Two significant leases were signed at Advance @ Southgate, located at 445 South Street in Morris Township, N.J. The Travelers Insurance Company leased 105,698 square feet at Advance @ Southgate — one of the largest new office leases completed in Morris County for 2010. Additionally, Marsh USA executed a lease for 55,000 square feet at the building.
• Northrup Grumman renewed and expanded into a 60,860-square-foot full building lease at 8300 Professional Place, located within MetroEast Business Campus in Landover, Md.
• IRS/GSA renewed its 39,258-square-foot lease at 8100 Corporate Drive, also located within MetroEast Business Campus.
• Lane Construction Corporation signed a new lease for 20,041 square feet at 14500 Avion Parkway, located within Avion Business Park in Chantilly, Va.
• SRC, Inc. signed a new lease for 42,757 square feet at 14685 Avion Parkway, also located within Avion Business Park.
• At The Picatinny Applied Research Campus (PARC), Advance’s high-tech office/research park located at Picatinny Arsenal in Morris County, N.J., Advance signed new leases with SAIC and Concurrent Technologies Corporation (CTC).
In addition to its long list of transactions completed in 2010, Advance Realty made significant progress in the construction of its 80-acre Riverbend District. Located in Harrison, N.J., the Riverbend District is one of the largest redevelopments underway in New Jersey. The project, poised to be Northern New Jersey’s foremost urban, mixed-use development, has completed horizontal infrastructure work with vertical construction slated to begin in spring 2011.
Additionally in 2010, Advance formed Advance Real Estate Solutions, an outgrowth of the company’s successful history as an innovative, solutions-oriented development and investment company. Advance Real Estate Solutions seeks to create value and capitalize on market opportunities for corporate clients and investment partners by leveraging Advance’s talented development, leasing and investment teams on new development and redevelopment projects.
A testament to Advance’s commitment to servicing the needs of its tenant base, the company received a number of awards in 2010:
• NAIOP bestowed its “Deal of the Year Award” on Advance Realty for its 108,252-square-foot lease transaction with Covanta Energy at Advance@Southgate.
• Advance’s One Gateway Center in Newark, N.J. received the “Outstanding Building of the Year” honor from the Building Owners and Managers Association (BOMA) of New Jersey, representing the second time that BOMA has honored One Gateway Center for the TOBY Award in the “500,000-1,000,000 Square Feet” category.
• In recognition of Advance’s work in reducing traffic congestion and improving air quality by promoting work-site based employee commuting options at One Gateway Center, for the third year in a row, Advance was named as a member of the State of New Jersey Department of Transportation’s NJ Smart Workplaces winners’ circle.
• For the upgrades and improvements the company made to Advance@Southgate, Advance received NJBIA’s “Good Neighbor” award, bestowed upon companies that are improving the economy as well as the landscape of the state.
• For its role in the Harrison Waterfront Redevelopment, The Riverbend District received PlanSmart NJ’s Resource Efficiency Achievement Award, given to companies and organizations that demonstrate outstanding leadership in promoting reduction in the costs of government, living and conducting business in New Jersey.
Advance Realty’s ongoing commitment to community service also continued its strong activity during 2010. Highlights include hosting a book fair, school supply drive and suit drive for the charity Newark Now; sponsorship of the Newark Downtown District walking club; sponsorship of the Multiple Sclerosis Bike Ride in Morris Township, raising more than $775,000; hosting a series of sustainability events to promote “green” practices amongst tenants; a toy drive held throughout Advance’s Washington D.C. Region portfolio. Additionally, Peter J. Cocoziello was an honoree for his commitment and support at the Twenty-Eighth Annual Awards Dinner for The Tri-County Scholarship Fund, which raised more than $800,000 to be used to send disadvantaged children to school.
About Advance Realty
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
