Advance Completes $20M Building Redo

MORRIS TWP., NJ-Bedminster, NJ-based Advance Realty Group has completed a $20 million makeover and repositioning of its Advance at Southgate office building. Once known as Southgate III and formerly occupied by AT&T, the 320,000-sf class A building is located at 445 South St. The building’s space is currently listed with CB Richard Ellis with an asking price of $32.50 per sf.

“It offers significant leasing flexibility due to its unique core-less, three-wing design,” says Peter Cocoziello Advance’s president and CEO. “That provides layout efficiencies for tenants leasing the entire building, individual floors, an entire wing or a partial floor.”

As reported by GlobeSt.com, Advance bought the building vacant two years ago from Lawrence Zirinsky Assoc. and Regency Savings Bank. Earlier this year, the Chicago-based Strategic Capital Partners invested in the property on behalf of its Strategic Partners Value Enhancement Fund to the tune of $15 million.