B — February 14 - 27, 2014 — New Jersey — Mid Atlantic Real Estate Journal


C entral N ew J ersey

Redevelopment underway to transform 466 Springfield Ave. into boutique MRY taps Jones Lang LaSalle and Silbert Realty to manage leasing for 32,500 s/f building

UMMIT, NJ — MRY As- sociates , founded by real estate industry veteran Mark Yeager , in partnership with Normandy Real Estate Partners announced that the partnership has retained two prominent commercial real es- tate services firms as the leas- ing agents for 466 Springfield Ave., a new, 32,500 s/f boutique class A office and retail build- ing strategically located in downtown Summit. Jones Lang LaSalle ’s J.C. Giordano and John Com- pitello are leading the office leasing assignment for the S

and access to mass transit, as well as cutting-edge technol- ogy and building systems, 466 Springfield Avenue is strongly positioned to address the space requirements of companies and merchants that are seeking a best-in-class work environment to take their businesses into the future.” The partnership recently commenced a comprehensive redevelopment program for the site of 466 SpringfieldAve., beginning with demolition of an existing structure. In its place, the partnership will de- velop a brand new, four-story, mixed-use building designed to complement the surround- ing architecture of downtown Summit. The new building will feature a modern brick façade with precast accents, offer- ing 85-feet of frontage along Springfield Avenue. “With a lack of new class A office construction available in Summit, 466 SpringfieldAv- enue represents a truly unique opportunity in the market- place,” commented Giordano. “Reflective of Summit’s cache as one of the region’s top busi- ness destinations, we believe this building will generate strong interest from credit- worthy office tenants in a variety of industries, including financial services, consulting and technology.” The site of 466 Springfield Avenue is situated 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 has access to main routes of transportation includ- ing I-78, Route 24, the Garden State Parkway and the New Jersey Turnpike. Newark Lib- erty Airport and Morristown Corporate Airport are both ap- proximately 15 minutes away. Vertical construction on 466 SpringfieldAve. is scheduled to commence in March 2014, with completion projected during the first quarter of 2015. The development is the sec- ond Summit venture for the partnership of MRYAssociates and Normandy Real Estate Partners. In 2012, the partner- ship completed the redevelop- ment of the former Summit Medical Building into Summit Executive Center, a 65,000 s/f, LEED-certified, class A office building. n

building, which will feature 28,000 s/f of headquarters- quality office space. Additional- ly, the partnership has tapped Brian Silbert and Wayne Kasbar of Silbert Realty to manage leasing for the build- ing’s retail component, which will total 4,500 s/f of high-qual- ity, ground-floor retail space. “This new state-of-the-art building will offer both office and retail tenants the oppor- tunity to secure a prominent location in one of the most coveted downtowns in all of New Jersey,” stated Yeager. “Affording excellent visibility

466 Springfield Ave.

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