$15M in Upgrades Set for 320,000-SF Office Asset

MORRIS TWP., NJ-The local planning board has given its final approval for site plans put forward by Advance Realty Group for a $15-million makeover of the 320,000-sf office building at 445 South St. here. When the Bedminster-based investor acquired the building, it was known as Southgate III, but it has since been renamed Advance at Southgate. The purchase was executed in December 2005 from Regency Savings Bank for an undisclosed price. The asset was at one time occupied by AT&T.

“Obtaining site approvals is the next step forward in the repositioning,” says Bob Martie, SVP and regional managing director for Advance. “We will begin work by October, and by early 2007 it will be transformed into virtually a new class A building.”

March/April of 2007 is the target for completion of the capital-improvement program for the vacant asset that will include a combination of site work and interior construction, according to Martie. The plan includes a new entryway and two-story lobby, a new roof, upgraded HVAC and window systems, tenant lobbies and common areas and new landscaping.