FLORHAM PARK, NJ-Advance Realty Group, based in Bedminster, NJ, has completed repositioning work on two of the four buildings comprising the former ExxonMobil International headquarters here. Advance bought the campus, which totals some 350,000 sf, early this year and launched a program to reposition it as a multi-tenant complex. The completed work constitutes phase one.

The revamped property is getting “substantial interest,” according to Joseph R. Romano, senior vice president and regional managing director for Advance Realty Group. “We feel it’s an affirmation that our underwriting of this project is on target. With available space in the [Morris County] market having been almost completely absorbed, we can accommodate a variety of requirements.”

The redevelopment has been named Park Place and consists of four class A buildings. The two facilities now ready for occupancy are 161,000 and 55,000 sf respectively, amounting to a total of 216,000 sf currently available. Work continues on the other two buildings, 65,000 sf each, and they’re expected to be ready for delivery to the market in the first quarter of next year.

Located at the convergence of I-287 and Route 24, the multi-million-dollar project is one of the largest renovations of class A space undertaken in New Jersey in the last few years. The individual facilities have high-end mahogany and granite lobbies, dual feed electric capacity, fibers optics, a cafeteria, covered parking, a gym and extensive security and life safety systems.

The site also has access to I-80, I-280 and I-78, is directly across from Morristown Airport and about 15 miles from Newark International Airport. Nearby corporate neighbors include the world headquarters locations of ADP, American Home Products, Atlantic Mutual, Honeywell, Maersk and Schering-Plough.

Jeff Heller of Cushman & Wakefield of New Jersey, Inc., East Rutherford, heads the exclusive leasing team representing Park Place. Besides its headquarters office, Advance Realty has regional offices in the suburban Philadelphia, Washington, DC and Boston markets.

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