In the larger of the two leases, the Germany-based Altana Pharmaceuticals signed on for a total of 108,701 sf, expanding its existing space by taking the remaining 55,765 sf at 210 Park Place and 65,514 sf at the adjoining 220 Park Place. The company had initially entered the market with its lease of about 37,000 sf of space at Park Place a little over a year ago.
Altana, which uses the space as its US headquarters, was repped by Jeff Garibaldi and Craig Zurick of the Garibaldi Group, based in Chatham, NJ. Advance was repped by Jeff Heller and Justin Gingeleskie of C&W.
Also, international telecom company Global Crossing signed for just over 54,300 sf at 200 Park Place, accounting for the entire third floor of the building. The company is consolidating and relocating its US headquarters from its current Madison, NJ location. Michael Berlant of C&W spoke for Global Crossing in the transaction.
"These leases indicate the desirability of Park Place as a headquarters location for major corporations," says Robert R. Martie, senior vice president and regional managing director of the New Jersey region for Advance.
Park Place is a gated property consisting of four class A buildings containing 161,000, 65,000, 65,000 and 55,000 sf respectively. The former ExxonMobil headquarters and research campus, it was acquired by Advance Realty Group in late 2000 and subsequently redeveloped as a class A office campus.
Overall, Advance currently has an operating portfolio of five million sf of office, flex, industrial and retail properties, a development portfolio of eight million sf of commercial properties and 6,200 residential units.
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