Normandy Real EstatePartners

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Normandy has acquired three class A New Jersey office propertiestotaling just more than 500,000 sf from the Bedminster-basedAdvance. The buyer and seller both declined to reveal the saleprice.

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Largest of them is Park Place, a four-building, 352,000-sfcampus just off Route 24 at the intersection of Park Ave. andColumbia Turnpike in Florham Park. The foursome is made up of the155,000-sf 200 Park Ave., the 55,000-sf 210 Park Ave., the65,000-sf 220 Park Ave. and the 65,519-sf 230 Park Ave. Thebuildings are currently 93% occupied.

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The second property is 310 Madison Ave., a three-story 59,061-sfmedical office building near Morristown Memorial Hospital in MorrisTownship, currently 65% occupied. The third is Branchburg Centre, atwo-story, 89,355-sf office building on Route 22 West inBranchburg. Its tenants include Hewlett-Packard and Johnson &Johnson.

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"These acquisitions are consistent with our strategy ofacquiring well-located properties with strong growth potential,"says David Welsh, Normandy's founding managing principal. "As aprivately negotiated transaction, we were able to manage thecomplexity of the deal while satisfying the investment objectivesof both Normandy and Advance."

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Advance president and CEO Peter Cocoziello says that "havingachieved our investment objectives, and with strong market demandfor stabilized office assets, we determined that this was the mostopportunistic time to dispose of these assets. This is an importanttime in our history, with more than $2 billion worth of developmentand redevelopment projects. Our strategy is to redeploy the capitalinto those projects."

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Among those projects is Picatinny Applied Research Campus, a 1.1million-sf R&D park at the US Army's Picatinny Arsenal inMorrisCounty. Advance is also doing Harrison MetroCentre, a$1-billion mixed-use redevelopment on the riverfront in Harrison,which will have a 25,000-seatstadium the Major League Soccer's New York Red Bulls as acenterpiece.

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And Advance recently completed the redevelopment of Advance @Southgate, a three-story 320,000-sf formerly single-tenantbuilding, converting it to multi-tenant use.

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