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20 SEPTEMBER 2024
Designed by Nancy Dougherty of Studio 1200, Freshpet’s new global headquarters in Bedminster will channel Freshpet’s commitment to environmental stewardship and sustainability while evoking the township’s inherent charm and character
EXPANSION PLANS
Advance eyes new retail, dining at Bedminster campus with Freshpet headquarters as a catalyst
Aproject that will create a new corporate headquarters in Bedminster is jumpstarting Advance Realty Investors’ expansion of a campus on Route 206, where it also plans to add 20,000 square feet of ground-up retail space that will serve a growing corridor of blue-chip companies.
The firm broke ground in late July on a new 30,000-square-foot, build- to-suit headquarters for Freshpet Inc., the global company known for its refrigerated pet food. The rare ground-up office building will rise on what’s currently vacant land at the two-building, 77,000-square-foot campus at 1420 and 1430 Route
206 — the site of Advance’s own headquarters — providing a new home for roughly 100 Freshpet employees starting early next year.
It’s also a catalyst for Advance’s transformation of the 15-acre property, paving the way for the planned retail, dining and amenity space that will become Bedminster
Village Square in 2026.
“The thought of bolstering the amenity program for our office end
been a major artery for Class A office stock” and the types of companies with skilled, affluent employees. That’s been on display in recent years with new build-to-suit projects for major corporate users in Morristown and Summit, even as the broader office market has contracted over the past decade.
Creating a vibrant, multifaceted setting at the Bedminster campus would help tap into that demand, as Advance is now doing with Freshpet, while also serving tenants such as AT&T across the street at 1405-1425 Route 206.
“The appreciation of rental rates and the delivery of trophy, best-in-class, investment-grade office product is well received by the marketplace,” Cocoziello said. “That’s prevalent
in Summit, that’s prevalent in Morristown and now that’s becoming the case in Bedminster.”
The Garibaldi Group’s Jeffrey Garibaldi Sr. and Jackie Madden represented Freshpet, which will
relocate from Secaucus, citing the “incredible
dedication” that
co-founder Scott
Alex Cocoziello
as time has evolved here and demand trends have changed, Freshpet approaching us ... with the desire
to build a trophy office building in a bespoke way to meet their needs was just confirmation that the investment profile of developing suburban campuses into vibrant, mixed-use walkable communities is very strong in northern New Jersey.”
Cocoziello noted that Bedminster sits at one corner of the “wealth triangle” formed by Interstate 78, Interstate 287 and Route 24, one that “has always
users was something
that was very attractive,” said Alex Cocoziello, principal and chief investment officer for Advance Realty Investors. “And
Morris and his
team “had to the
idea that they
were making a
move to improve
company culture
and have a
building that matched their vision.”
“It was a marketing effort, a recruitment effort and a move to hopefully show their employees that their comfort and enjoyment came first in their decision,” Garibaldi
said. “The office market had an overwhelming supply of vacant space, but most options were in older, antiquated product and didn’t get Freshpet excited.
“Freshpet wanted a building that felt inspiring, and when the discussion turned to building something new, it was exciting to watch the imagination of Scott and the Freshpet team run
By Joshua Burd
Jeffrey Garibaldi Sr.
Rendering by Studio 1200/Courtesy: Advance Realty Investors