Jones Lang LaSalle


Advance Realty Acquires 445 South Street for $30.2M

Building Now Known as "Advance at Southgate"

The National Business Parks, Inc. recently sold 445 South Street in Morristown, NJ, to Advance Realty of Bedminster for $30.2 million, or roughly $94.38 per square foot.

The new owner has begun work on $20 million renovation of the building that will include improvements to the HVAC system, curtain wall, roof and parking facilities. The building is part of the Southgate Corporate Center and has been renamed "Advance at Southgate."

The 320,000-square-foot, three-story low-rise office building was built in 1984. The renovated space is expected to be available for lease in June 2006.

Jeffrey Dunne and Kevin Welsh of CB Richard Ellis represented the seller. Advance Realty represented itself in-house.