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HARRISON, NJ-Advance Realty Group, based in Bedminster, NJ, has given the leasing exclusive for its massive MetroCentre urban redevelopment project here to Insignia/ESG. The mixed use project is expected to begin construction next spring, now that Advance has finalized its development contract with the City of Harrison.

Leading the effort for IESG will be James Emden, executive managing director of the company’s New York office, and Jeffrey Babikian, who holds the same title in the company’s Saddle Brook, NJ office. At stake are upwards of 2.5 million sf of class A office space, and the two offices will be targeting the entire tri-state area for space users.

Also planned for the first phase of MetroCentre are up to 475 new residential units, 150,000 sf of retail space and a 25,000-seat stadium that will serve as the new home of the New York/New Jersey MetroStars soccer team. The overall project is being done by a consortium of developers.

“When it’s completed, MetroCentre will be a 24/7 location,” according to Babikian. “This development will offer prospective tenants the location, labor pool, incentives and all amenities employers require today.”

The 135-acre MetroCentre site is situated along the Passaic River, directly across from Newark’s Penn Station rail complex. Additional phases are expected to boost the residential component to about 3,500 units, and the retail component to more than one million sf.

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