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PARSIPPANY, NJ-Advance Realty Group has acquired the 121,544-sf office building at 260 Cherry Hill Rd. here, GlobeSt.com has learned. The seller is New York Life.

The sale price is not being disclosed; however, sources with knowledge of the transaction say the asset traded for a number in the $15-million to $17-million range. That would put the deal in the $125 to $140 per-sf area. The transaction was brokered by David Simson, president, and David Csontos, senior vice president of investment sales for GVA Williams of NJ, along with Bob Sass, executive managing director of GVA Williams in New York.

Built as a corporate headquarters facility some 30 years ago, 260 Cherry Hill Rd. was subsequently acquired by New York Life, which used it for many years as a data center and trading desk before vacating it entirely. Among its features are some 30,000 sf of conference space, a cafeteria, fitness center and helipad.

And the Bedminster-based Advance is set to launch a major makeover of the building. The new owner has hired Grad Associates to design a comprehensive, multimillion-dollar renovation program, slated to begin shortly, GlobeSt.com has learned. Also part of the up-side on the asset for Advance is that the facility is expandable by up to 100,000 sf.

“We recognized that this building, while in need of cosmetic upgrades, offers some of the best technological infrastructure in Northern New Jersey,” Robert Martie, SVP and regional managing director for Advance tells GlobeSt.com. “We’re already receiving substantial tenant interest in it as both a data center and a disaster recovery facility, as well as a corporate headquarters location.”

“As the economy continues to expand, buildings like this will be prime locations for corporate users requiring infrastructure and corporate identity,” says Greg Senkevitch, Advance’s COO. Located at the entrance to Morris Corporate Center near several major highways, the asset’s corporate neighbors include HSBC, Time Inc., Sun Chemical, Cadbury Schweppes, Prudential, Deloitte & Touche and St. Paul RE. The renovation is expected to be completed by later this year.

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