Press Release brought to you by Advance Realty
With Two New Tenants, Picatinny Applied Research Campus in Morris County, N.J. Reaches 100-Percent Leased Milestone
Advance Realty, a leading Northeast U.S. owner and developer of Class A office, mixed-use and flex-space properties, today announced that two new leases have been signed at The Picatinny Applied Research Campus (PARC), a high-tech office/research park located at Picatinny Arsenal in Morris County, N.J. With these transactions complete, Phase One of The PARC is now fully leased.
CACI, Inc. — a provider of professional services and IT solutions in the areas of defense, intelligence, homeland security, and IT modernization and government transformation — signed a lease for 2,715 square feet and will use the space for a new field office. Managing Director Brian Banaszynski represented Advance in-house, while UGL Equis Associate Vice President Chethan “Chet” Rao negotiated on behalf of the tenant.
Dynamics Research Corporation (DRC) — a leading provider of innovative management consulting, engineering, science and technology solutions to federal and state governments — also signed a lease for 2,715 square feet of space to be used as a field office. Banaszynski represented Advance, while McCall & Almy Executive Vice President and Principal Neil A. Schneider represented the tenant.
CACI and DRC join a high-quality roster of tenants at The PARC, including Raytheon, ATK, Booz Allen Hamilton, Concurrent Technologies Corporation and SAIC.
“By creating an atmosphere at The PARC where collaboration fuels innovation, we’ve been able to attract these stellar tenants to this property,” Banaszynski said. “With the property now 100 percent leased, Advance has successfully completed the first phase of The PARC into one of the leading state-of-the-art office and research centers in New Jersey.”
The building is part of The PARC’s initial development phase that features approximately 100,000 square feet of office/lab space within Picatinny’s “downtown” area. Overall, The PARC is a planned development of one- to three-story build-to-suit and multi-tenanted buildings with labs, Class A office space and multi-purpose flex space for high tech, defense and academic tenants and users. Currently, the base has $1.5 billion of high technology equipment, extensive high-tech laboratory space, thousands of on-site scientists, research development and engineering personnel.
Tenants of The PARC have access to the amenities of Picatinny Arsenal, which include food services, recreational fields and an 18-hole golf course. In addition, Advance’s plans for future buildings in The PARC include videoconference capabilities, meeting rooms, an auditorium and classrooms. These amenities will help spur formal and informal collaboration between contractors and government workers, further enabling the exchange of information among various tenants and groups in concert with the concept of technology transfer envisioned by Advance.
About Picatinny Arsenal
Picatinny Arsenal is located on approximately 6,500 acres of land with access from N.J. State Highway Route 15, a mile from a full interchange on Interstate 80 in Morris County. Picatinny has a distinguished history in armaments and munitions development and production dating back to the Revolutionary War. Today, the installation employs over 4,000 full-time government and contractor personnel. More than 2,000 of Picatinny’s government employees are engineers and/or scientists. Picatinny has approximately $1.5 billion invested in state-of-the-art, cutting edge technological equipment and $115 million in new R&D facility projects in the planning stages or under construction. Many of the technologies support research applications across a broad range of industry, government and university endeavors.
About Advance Realty
Advance Realty, headquartered in Bedminster, New Jersey, is a privately held real estate development, investment and management company. Since its inception in 1979, Advance Realty has acquired or developed more than seven million square feet of commercial, residential, mixed-use and industrial projects. Advance continues to be one of the most active and respected commercial real estate companies in the New Jersey and Washington, D.C. markets.
Advance Realty is well positioned for smart growth in its core markets. The company’s strong capital base, outstanding talent and flexibility as a privately held, fully integrated real estate company ensure continued success at the forefront of the commercial real estate industry.
07/17/2012 - 16:00