Heading that leasing team is Stephen B.Siegel, global brokerage chairman for CBRE. Others involved in the effort from the New York and New Jersey offices are senior vice presidents Jeffrey Babikian, Carl Eriksen and S. Bleecker Totten, and vice presidents David Opper and Peter Simel.

"MetroCentre is one of the most highly anticipated new, mixed-use urban development in New Jersey," says Siegel.

"Steve's joining our team is another indication that this development is truly gaining momentum," adds Joseph R. Romano, executive vice president of Advance's ARG Development Corp.

Advance's MetroCentre project involves a total of 135 acres strung out along the Passaic River, directly across from downtown Newark, which has its own ongoing waterfront redevelopment. The site has close proximity to Newark's Penn Station on the Northeast Corridor Main Line.

What's planned for the site at eventual build-out is a total of 2.5 million sf of office space, another million sf of retail space and somewhere in the neighborhood of 3,500 housing units. The conceptual design incorporates "an urban center with classic architectural detail and boulevards," according to the company's promotional materials.

The first phase will include part of the residential component, specifically 475 luxury apartment units and 200 for-sale residential lofts. Also on tap are 750,000 sf of class A office space and 150,000 sf of retail space. Also slated for construction is a 25,000-seat stadium to be the new home of the professional soccer's New York/New Jersey Metro Stars franchise, which current plays its home games at Giants Stadium in the Meadowlands.

Instant Insights /

Advance Signs on for Nearly 3M-SF MetroCentre

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