November 28, 2011 // Franchising.com // MADISON, N.J. - Realogy Corporation, a leading provider of real estate and relocation services, today announced its plans to move its corporate headquarters to a new facility currently under development at 175 Park Avenue in Madison, N.J. The move is expected to occur during late 2012 or early 2013. The new location is less than seven miles away from Realogy’s current headquarters in Parsippany.
“We are pleased to make this long-term commitment to stay in New Jersey, and we thank Gov. Christie, Lt. Gov. Guadagno and their administration for accommodating our long-term needs,” said Richard A. Smith, president and CEO of Realogy. “Madison is going to be a terrific headquarters location for us, and 175 Park Avenue is very near to the geographic epicenter of our employee population. Most important, on an annual basis the base rent for the new facility will cost us about 25% less than our current facility, and the new headquarters will better serve our short- and long-term facility needs.”
The new facility will house all current Realogy corporate headquarters location employees, including the Realogy Franchise Group and its leading franchise brands – Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, ERA® and Sotheby's International Realty® – along with the home office of Realogy’s brokerage subsidiary, NRT, as well as NRT’s Eastern Seaboard Support Center and its local brokerage, Coldwell Banker Residential Brokerage in New Jersey and Rockland County, N.Y.
Recently ranked No. 2 on the NJBIZ Top 100 List of Private Employers in New Jersey, Realogy had considered several other relocation options, including out of state. Smith said that business incentives from the New Jersey Economic Development Authority, along with the New Jersey Business Action Center’s efforts, were a significant factor in Realogy’s decision to remain in state.
“Since taking office, retaining and attracting top-quality businesses to the state of New Jersey has been a key part of our administration’s pro-growth agenda,” said Lt. Gov. Kim Guadagno, who oversees economic development efforts for the Christie Administration. “We are pleased that Realogy has made a commitment to keep more than 950 jobs at its new headquarters and other locations throughout the State. This sends a strong message that the New Jersey comeback has begun.”
Realogy, which signed a 17-year lease, will be the sole tenant at 175 Park Avenue. The existing structure on the 15-acre site is currently being transformed into a 270,000 square foot state-of-the-art facility by The Hampshire Companies of Morristown, N.J.
The 175 Park Avenue facility will be LEED Silver Certified by the U.S. Green Building Council. The LEED (Leadership in Energy and Environmental Design) designation is an internationally recognized green building certification system providing third-party verification that a building was designed and built to minimize environmental impact. Realogy’s new headquarters will incorporate cutting-edge, green roof technology and state-of-the-art mechanical systems. The new Realogy headquarters building is centrally located in Morris County near the intersections of Interstate 287 and Routes 24 and 124, and approximately one mile from the NJ Transit train station in Madison.
Realogy was represented in this transaction by Global Client Solutions LLC, a Realogy subsidiary that leverages the Company’s worldwide commercial resources to achieve client goals through a broad range of corporate real estate services.
Realogy Corporation, a global provider of real estate and relocation services, has a diversified business model that includes real estate franchising, brokerage, relocation and title services. Realogy's brands and business units include Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby's International Realty®, NRT LLC, Cartus and Title Resource Group. Collectively, Realogy's franchise system members operate approximately 14,300 offices with 253,000 sales associates doing business in 100 countries and territories around the world. Realogy is owned by affiliates of Apollo Management, L.P., a subsidiary of Apollo Global Management, LLC, a leading global alternative asset manager.