"Following a comprehensive review of our portfolio, we selected, on a strategic basis, properties for which we felt we could bring increased value to our operations by retaining one of the most successful third-party service providers," Padavano tells GlobeSt.com.
Advance will now focus its internal resources on asset management for these properties. "This outsourcing move will support Advance's continued focus on its resources toward asset management functions, including leasing, financing and strategic investments," Padavano says, adding, "In order to maintain and enhance the value of properties today, the fundamentals of property management, such as tenant relations, are more critical."
In other JLL news, the firm has arranged a 40,793-square-foot office lease at 500 Hills Dr. in Bedminster with Peapack-Gladstone Bank, which is relocating its company headquarters from 158 Route 206 N. in Gladstone. The Jones Lang LaSalle leasing team of vice president Jodie Matthews, executive vice president Dennis McConnell and associate Peter Politi represented the landlord, MIREF, in the transaction.
Brokers Jim Sousa and John Udell of Weichert Commercial Brokerage represented Peapack-Gladstone, a full-service bank that provides personal and business banking along with consumer and commercial lending and trust and investment services. Area rental rates are $23.48, according to a FirstService Williams report.
The class A building is part of the Offices at Bedminster, a business location that features two three-story buildings totaling 190,000 square feet. "Having outgrown our administrative offices in Gladstone, we were searching for a headquarters environment that would accommodate our current and future space needs in a location that would allow us to stay true to our area roots and maintain our regional presence," says Frank A. Kissel, chairman and CEO of Peapack-Gladstone.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
