Real Estate Strategies Corporation Gets Drafted by InSitech for Real Estate Project at the Picatinny Applied Research Campus at the US Army’s Picatinny Arsenal, Morris County, NJ
(Kenilworth, New Jersey October 2, 2006): Andrew B. Zezas, SIOR, President & CEO of Real Estate Strategies Corporation announced today that the corporate real estate advisory and transaction services company has brought together InSitech, Inc., a Partnership Intermediary representing the business interests of the Armament Research, Development, and Engineering Center (ARDEC) at Picatinny Arsenal in Morris County, New Jersey and Forge Technologies, an Affiliate of Bedminster, New Jersey based Advance Realty Group, a private developer. The two have come together for a real estate development project at Picatinny Arsenal being referred to as The Picatinny Applied Research Campus (PARC), which will include the renovation of four existing buildings at the military base and the development of up to 1.1 million square feet of commercial space on 120 acres of non-excess land.
According to Andrew B. Zezas, SIOR, "The combined resources of InSitech, Advance Realty Group, and Picatinny Arsenal are likely to create a dynamic economic engine, the likes of which New Jersey has never seen!” He went on to say “InSitech approached us two years ago to provide advice and guidance as to the optimal means of securing a business relationship with a qualified commercial real estate developer. Based on InSitech's requirements, it soon became apparent that Advance Realty Group, through their affiliate Forge Technologies, was the best qualified to take on this unique project, and we advised Mr. Teen accordingly." Louis J. Desiderio, Profitability and Liquidity Advisor and Chief Financial Officer at Real Estate Strategies Corporation added "We are very excited to have been involved in such an important, impressive, and unusual engagement as the Picatinny Project. We know that with the combined expertise of both InSitech and Advance Realty, it will be a huge success!"
Timothy N. Teen, President and CEO of InSitech commented "RealStrat’s advice enabled our organization to engage an experienced and highly successful commercial real estate developer. Mr. Zezas and his team were highly effective in bringing this process forward. And, as a result, the PARC will now enable us to augment the mission work performed at Picatinny and bring economic activity to the surrounding communities by attracting new jobs and additional business activity to the region.” He went on to say “This is a no-risk, all-reward proposition for Picatinny, as the project will be completed through the use of private sector funds. Beyond the compelling financial benefits, the PARC is the extension of Picatinny’s mission related work, as tenants must be mission related, which will build upon its uniqueness.”
Project Details
The first phase of the project, currently known as The Picatinny Applied Research
Campus (PARC), includes the renovation of 4 existing buildings totaling over
100,000 sq. ft. at Picatinny Arsenal and an Enhanced Use Lease, which will include
the development of 120 acres of non-excess land. The PARC will result in an
office and high-technology real estate development that will eventually exceed
1.1 million square feet of new construction. Anticipated mission-related tenants
will include other government agencies, academia and the private sector. The
PARC will provide new, state of the art build-to-suit facilities with access
to Picatinny’s $1.5 Billion of high technology equipment and over 64 laboratories,
all in a collegial setting, and will support the specific operational and real
estate needs of mission related companies.
About InSitech,
Inc.
InSitech, Inc. is a Partnership Intermediary representing the business interests
of the Armament Research, Development, and Engineering Center (ARDEC) located
at the U.S. Army’s Picatinny Arsenal in Morris County, New Jersey. With
a management team experienced in creating sustainable enterprise value, InSitech
is an integral driver in the DoD’s transformation strategy to operate
more like a business. Learn more about InSitech at: www.insitech.org.
About Advance Realty
Group
Advance Realty Group, headquartered in Bedminster, New Jersey, is an owner and
developer of office, flex, industrial, retail and multifamily properties. With
5.5 million square feet of operating properties and a development portfolio
consisting of eight million square feet of commercial projects and 9,400 residential
units, Advance is one of the leading real estate owners in the New Jersey and
Washington, D.C. markets.
Real Estate Strategies Corporation is a New Jersey based advisory firm that helps companies create and execute Business DRIVEN Real Estate Solutions. RealStrat’s advisory, acquisition, and disposition services promote intelligent business decision making, while achieving the operational and financial objectives of public, private, and international companies, not-for-profit organizations, and the executives who lead them. Real Estate Strategies Corporation can be reached at 908-245-5999, or online at: www.realstrat.com or at www.cforealestate.com .
About Picatinny
Arsenal
The U.S. Army’s Picatinny Arsenal is located on approximately 6,500 acres
in Morris County, New Jersey. Picatinny has a distinguished history in armaments
and munitions development and production dating back to the Revolutionary War.
Today, the installation employs over 4,000 full-time personnel that include
over 2,100 engineers and/or scientists. Picatinny is home to the U.S. Army’s
Armament Research, Development and Engineering Center, (ARDEC), Program Executive
Office for Ammunition, Program Executive Office for Ground Combat Systems and
various other government agencies. The mission of ARDEC (the largest organization
at Picatinny) is to provide research, product development and full life cycle
engineering for ammunition, weapons, fire control, systems, explosives, propellants,
and pollution prevention technology.
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