4B — December 7 - 20, 2012 — New Jersey — Mid Atlantic Real Estate Journal
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N EW J ERSEY
S Cushman & Wakefield & CBRE handle recent leases Summit Executive Center achieves 100% occupancy as a principal and managing director of the firm’s New Jersey office, facilitated the transactions.
UMMIT, NJ —The own- ership of Summit Execu- tive Center, a partnership of industry veteran Mark Yeager and Normandy Real Estate Partners , announced that, with the recent comple- tion of two new leases, the state-of-the-art business cen- ter is now 100% occupied. This achievement comes just three months after the completion of construction at the 65,000 s/f, class A office building. The recent leasing activity includes a 9,000 s/f lease with Merrill LynchWealthManage- ment. The investment firm was represented by Cush-
man&Wakefield transaction regional director Thomas Hansen , who is based out of the firm’s Boston office, and ex- ecutive director Christopher Kinum , who works out of the firm’s New Jersey office. Amlin plc, a British-based specialist insurance and rein- surance underwriting group, will occupy the remaining 3,500 s/f. This is the first New Jersey office for the firm, which represented itself in the transaction. Ownership was represented in both transactions by CBRE . Jeffrey Heller, SIOR , who has since joined AvisonYoung
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“When we began this project a year and a half ago, we were confident that there would be strong market demand from financial services firms who understood and sought the value proposition that new- ly constructed, class A office space in a thriving downtown location affords,” said Yeager. “At each step of the market- ing and construction process, we exceeded our expectations. Summit Executive Center has out-performed the market, of- fering best-in-class amenities and proximity to mass transit that has helped to attract a first-class tenant roster.” Other tenants of the premier business center include a lead- ing global professional services firm, which signed a long-term deal to be the site’s anchor ten- ant and resulted in the build- ing being nearly 50% leased before the commencement of construction. Additionally, prominent investment advisor Pennant Capital Management, LLC, as well as Callan Associ- ates, one of the largest inde- pendently owned investment firms in the country, are also tenants of the building. Ownership purchased the site of Summit Executive Cen- ter, formerly known as the Summit Medical Building or One Deforest Avenue, in April 2011. Construction and repo- sitioning of the project began immediately thereafter. The property’s redevelop- ment consisted of the reno- vation and redesign of an existing four-story, 40,000 s/f office building along with the construction of a 25,000 s/f ad- dition, 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 ame- nities is a two-level, 200-car parking structure, offering 3.5 spaces per 1,000 s/f 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. ■
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