The PARC will rise within the 6,500-acre Picatinny Arsenal, a US Army installation that dates in one form or another to the American Revolution. The 1.1 million sf will consist of one- to three-story buildings containing labs, office space and multi-purpose space.
"With the first building set to open this summer, demand for space has been strong from government contractors, as well as from research colleges and universities, communications, electronics, homeland defense and security, and emerging technology companies," says Brian Banaszynski, VP-leasing for Advance. "We'll soon announce our first tenants, and interested companies are attracted to Picatinny's high-tech equipment and labs, on-base scientists, R&D and engineering personnel, and many intellectual assets, some of which only exist at the base."
The PARC stems from an Enhanced Use Leasing agreement between Advance and InSitech Inc., a partnership intermediary for the US Army's Picatinny Arsenal/Armament Research, Development and Engineering Center. The US Army's EUL program for non-excess real property gives Department of Defense installations the ability to obtain a broad range of in-kind consideration in exchange for leasing revenue.
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