Featured In: NJ.com
The ownership of Summit Executive Center, a partnership of industry veteran Mark Yeager and Normandy Real Estate Partners, announced today that construction is now complete at Summit Executive Center, a 65,000-square-foot, Class-A, headquarters-quality office asset in the downtown central business district here. Three high-quality tenants have moved into the state-of-the-art business center and the property is already 86 percent leased with just 9,000 square feet of space remaining.
“We were able to complete construction at Summit Executive Center on time and on budget, which allowed us to meet tight delivery obligations for our existing tenants,” said Yeager. “We also surpassed our goal of having 75 percent of the property leased by completion, which is a strong reflection of the demand in the market for high-quality, new construction office space in a great location that provides access to mass transit and area amenities.”
The property’s existing tenants include a leading global professional services firm, which signed a long-term deal to be the site’s anchor tenant and resulted in the building being nearly 50 percent leased before the commencement of construction. Prominent investment advisor Pennant Capital Management, LLC, subsequently signed a lease for 13,000 square feet, while Callan Associates, one of the largest independently owned investment firms in the country, signed a deal for 5,500 square feet.
A partnership led by Yeager purchased the site of Summit Executive Center, formerly known as the Summit Medical Building or One Deforest Avenue, in April 2011. Construction and repositioning of the project began immediately thereafter.
“After several years of watching this property sit underused and in need of redevelopment, we are very excited to see Summit Executive Center come to fruition and gladly welcome these new businesses to our community,” added Summit Mayor Ellen Dickson. “We are confident that this project and its tenants will contribute significantly to the vibrancy of our downtown district.”
The property’s redevelopment consisted of the renovation and redesign of an existing four-story, 40,000-square-foot office building along with the construction of a 25,000-square-foot addition, transforming the entire project into a LEED-certified, cutting-edge business center.
In addition to the building’s first-class, high-end finishes, one of the property’s key amenities is a two-level, 200-car parking structure, offering 3.5 spaces per 1,000 square feet of office space – an above average ratio of parking spaces per building square footage in downtown locations. Additionally, more than 50 percent of the parking is covered, and the structure is directly accessible to the office building via access from both levels of the parking deck.
Summit Executive Center is located in a central downtown location, two blocks from an NJ TRANSIT rail link that provides Midtown Direct service, as well as direct lines to Hoboken and Newark. Just 20 miles from Manhattan, Summit is an affluent Union County suburb with access to main routes of transportation including Interstate 78, Route 24, the Garden State Parkway and the New Jersey Turnpike. Newark Liberty Airport and Morristown Corporate Airport are both approximately 15 minutes away. The downtown Summit area, which is within walking distance of the building, features more than 200 stores and restaurants. Local amenities include the Short Hills Mall, Short Hills Hilton, Grand Summit Hotel, Summit Playhouse, the DeBary Inn and the Visual Arts Center of New Jersey.