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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.

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