Normandy Buys Three Advance Assets

MORRISTOWN, NJ-It’s no secret that Advance Realty Group has been shopping its existing portfolio, and in 2007 there were strong rumors that the locally based Normandy Real Estate Partners was about to buy all or some of those assets. That has now come true, at least partially.

Normandy has acquired three class A New Jersey office properties totaling just more than 500,000 sf from the Bedminster-based Advance. The buyer and seller both declined to reveal the sale price.

Largest of them is Park Place, a four-building, 352,000-sf campus just off Route 24 at the intersection of Park Ave. and Columbia Turnpike in Florham Park. The foursome is made up of the 155,000-sf 200 Park Ave., the 55,000-sf 210 Park Ave., the 65,000-sf 220 Park Ave. and the 65,519-sf 230 Park Ave. The buildings are currently 93% occupied.