Advance Takes Former Exxon HQ

FLORHAM PARK, NJ-When the merger of petro giants Exxon and Mobil went down (Exxon was the takeover partner), the former’s headquarters here became surplus property. In a market gasping for class A space, the divestiture of Exxon’s headquarters campus couldn’t come at a better time–and price.

Although that price of the sale transaction hasn’t been disclosed yet, the buyer is the Advance Realty Group of Bedminster, NJ. The former ExxonMobil campus consists of four, three-story buildings totaling some 345,000 sf. This is indeed a market that needs that kind of square footage, and Advance is expected to have little trouble marketing its new acquisition.

“It’s one of the best large-scale corporate facilities in this region,” enthuses Advance president Peter Cocoziello. “Our strategy is to market these buildings collectively or individually to companies that need quality space. With a vacancy rate of less than 7%, Morris County needs this type of property to help meet the demand for space.”

The Garibaldi Group of Chatham, NJ marketed the property for ExxonMobil. The marketing process took less than a year to accomplish, although location and a tight office market certainly played key roles in getting the property moved in a short time frame. Robert McCafferty, Jeff Toia and Gerald Moore of Garibaldi led the marketing effort.

Plans for the property, which is located near major routes I-287 and NJ 24, are uncertain, but it’s expected to be marketed for headquarters or multi-tenant use. The gated campus includes full-service dining facilities, retail, meeting facilities, communications rooms, a gym and extensive security and life safety systems.

“This acquisition reflects our current investment strategy,” according to Greg Senkevitch, Advance Realty Group’s COO. “Right now, we’re in the midst of a major program of acquiring existing properties and developing new ones. We’re looking for both class A and B projects, as well as land sites in the Northeast.”