X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FLORHAM PARK, NJ-Advance Realty Group has completed the acquisition of its partner’s interest in the Park Place office campus here, GlobeSt.com has learned. The Bedminster-based Advance is paying $80 million to buy out the interests of its pension fund advisory partner, who is not being identified. The company is using internally generated funds to complete the transaction, according to chief operating officer Greg Senkevitch.

“We now own 100% of this world-class asset, which has been completely redeveloped and is new 90% leased,” Senkevitch tells GlobeSt.com. “Our acquisition completes an active year of expanding our portfolio in New Jersey.”

Park Place is the former ExxonMobil campus, which the merged companies put on the market for sale as surplus space after they combined their operations several years ago. The site, which has been substantially upgraded and repositioned since Advance and its investment partner bought it four years ago, consists of 350,000 sf of class A space in four, three-story buildings.

The largest building on the site totals 165,000 sf, while two others are 65,000 sf each and the smallest is 55,000 sf. Among its amenities are a fitness center, covered executive parking and shuttle service to two nearby commuter rail stations. Major tenants, all brought into the buildings since it was acquired four years ago, include Altana Pharmaceuticals, Lehman Brothers, Global Crossing and Odyssey Pharmaceuticals.

“In 2004, we purchased $140 million of properties,” according to Senkevitch. “Our acquisitions include several key development sites, and $100 million of this year’s activity occurred in the New Jersey region.”

Besides New Jersey, Advance has a major presence in both the Washington, DC and Boston metro markets. The company’s acquisitions were all funded off its balance sheet through its corporate capital base, according to Senkevitch.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.