Although that price of the sale transaction hasn't beendisclosed yet, the buyer is the Advance Realty Group of Bedminster,NJ. The former ExxonMobil campus consists of four, three-storybuildings totaling some 345,000 sf. This is indeed a market thatneeds that kind of square footage, and Advance is expected to havelittle trouble marketing its new acquisition.

"It's one of the best large-scale corporate facilities in thisregion," enthuses Advance president Peter Cocoziello. "Our strategyis to market these buildings collectively or individually tocompanies that need quality space. With a vacancy rate of less than7%, Morris County needs this type of property to help meet thedemand for space."

The Garibaldi Group of Chatham, NJ marketed the property forExxonMobil. The marketing process took less than a year toaccomplish, although location and a tight office market certainlyplayed key roles in getting the property moved in a short timeframe. Robert McCafferty, Jeff Toia and Gerald Moore of Garibaldiled the marketing effort.