Northeast

MORRIS COUNTY, N.J. — Bedminster, N.J.-based Advance Realty Group has completed construction of the first building at Picatinny Applied Research Campus (PARC), a high-tech office/research park located on the grounds of the 6,500-acre Picatinny Arsenal in Morris County. The 27,500-square-foot, single-story flex building is part of the initial phase of PARC, which will feature 100,000 square feet of office and lab space. At full build-out, PARC will contain approximately 1.1 million square feet of office, laboratory and flex space. Additionally, Alliant Techsystems has signed on as the first tenant at the new building.

BREINIGSVILLE, PA. — Philadelphia-based MRA Group has signed a 228,600-square-foot lease at the developer’s TEK Park office campus in Breinigsville. DBSi will construct and occupy a 228,600-square-foot, build-to-suit data center within the campus. Construction us currently underway, with completion of the first phase scheduled for late fall. TEK Park has the capacity to support Tier III and Tier IV data center operations, and features six 2,000-kilowatt generators that can provide 5 days worth of back-up power to the campus in case of an outage.

NEW YORK CITY — A joint venture led by New York City-based The Clarett Group has acquired 180 Madison Avenue, a 23-story, 274,000-square-foot office building located in New York City, for $146 million. Clarett and its joint venture partner, Prudential Real Estate Investors, plan to implement a capital improvement plan. The JV acquired the property from Sitt Asset Management, which was represented by Doug Harmon and Adam Spies of Eastdil Secured. CB Richard Ellis has been brought on as leasing agent for the building.