Summit, NJ – September 8, 2016 – Normandy Real Estate Partners, a leading real estate operator and fund manager, today announced the addition of approximately 60,000 sf of new office leases at 25 Deforest Avenue in Summit, NJ, a three-story, 128,000 square foot Class A office building, which brings occupancy to 100% within just a year of its acquisition.
Normandy acquired the building in partnership with Mark Yeager of MRY Associates, LLC, continuing Normandy’s strategy of acquiring and developing well-located and high-quality assets in attractive downtown destinations. Ownership is implementing significant capital improvements to the Property, which will be completed by late fall. These improvements include renovating the building entrances, modernizing the lobbies, restrooms and corridors, installing new windows and project signage and adding a glass canopy with a brand new glass and granite storefront.
In this latest wave of tenant interest, 25 Deforest Avenue attracted banking and financial services firm JPMorgan Chase for 25,941 sf; vaccine company Seqirus will occupy 10,960 sf; and biopharmaceutical company DBV Technologies, Inc. will occupy 9,140 sf. Additionally, Global investment bank Jefferies & Co. is occupying 4,782 sf; UK healthcare provider Grey Healthcare is leasing 7,192 sf and boutique investment firm Horizon Kinetics will occupy 1,498 sf.
“Downtown Summit’s unparalleled mass transportation system and tremendous downtown amenity package makes it one of the most highly sought after office destinations in Northern New Jersey. This location coupled with the scheduled improvements to transform 25 Deforest Avenue into a true Class A building, are attracting the highest-quality tenants,” said Paul Teti, Principal of Normandy Real Estate Partners.
George Paras from Paras & Paras represented ownership on these transactions, with Rob Donnelly Jr. of Cushman & Wakefield representing Seqirus and Andrew Wolfington of The Flynn Company representing DBV Technologies. Craig Eisenhardt, Chris Conklin and Abbye Suskin from Jones Lang LaSalle represented J.P. Morgan, JC Giordano of Avison Young represent Jefferies & Co. and Nick Savage and Chris Heckman of CBRE represented Grey Healthcare.
Summit’s downtown district enjoys a blend of highly desirable boutiques, restaurants and offices providing convenience for residents and office tenants. Located at the junction of Interstate 78 and Route 24, primary thoroughfares providing access to New York City, 25 Deforest Avenue also benefits from one seat ride, direct train access to New York City via NJ Transit (40 minutes).
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate operator and investment manager headquartered in Morristown, NJ with offices in Boston, New York City and Washington, D.C. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments. Normandy’s existing portfolio includes 13.2 million square feet of commercial assets, four hotels and numerous land development sites. Normandy targets value added real estate investments in the gateway markets of Boston, Metro New York City, San Francisco, and Washington, D.C. where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements. For more information visit www.normandyrealty.com.