Sean Ryan is associate editor of Real Estate New Jersey

MORRISTOWN, NJ-Advance Realty Group has inked a deal for the vacant 445 South St., the 325,000-sf office building also known as Southgate III, in the Southgate Corporate Park. New York City-based Lawrence Zirinsky Associates has owned the three-building complex--which also contains the 210,000-sf 475 South St (Southgate I) and the 190,000-sf 435 South St. (Southgate II), as well as 48 acres of developable land--since last year. Southgate I is fully leased to Atlantic Health Systems, and Southgate II is fully leased to UPS.

The sale price was not disclosed. CB Richard Ellis' New York Tri-State Investment Team of Jeffrey R. Dunne and Kevin P. Welsh worked with Sean Cahill of the CBRE Stamford office on behalf of Zirinsky, and to procure Advance.

Advance is planning a multimillion dollar repositioning and is marketing the entire property to either a single user or multiple tenants. "The acquisition presents a unique opportunity for Advance to reposition 445 South St. through an extensive capital improvement and marketing program and create a modern workplace environment that will meet the 'buyer values' of today's corporate users," says Welsh.

The lack of large contiguous space for users in Central Jersey has prompted the Florham Park-based Gale Co. to start construction on a 170,000-sf spec office building at 100 Kimball Dr. in adjacent Parsippany.

Instant Insights /

GlobeSt.com EXCLUSIVE: Advance Buys Southgate III

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