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Premier Investment Consulting Firm Signs Lease at Class-A Summit Executive Center
State-of-the-Art Business Center Now 80-Percent Leased; Remains On Target for June 2012 Completion 

SUMMIT, N.J. (March 19, 2012) —The ownership of Summit Executive Center, a partnership led by industry veteran Mark Yeager, announced today that one of the largest independently owned investment consulting firms in the United States has signed a lease at the new, state-of-the-art business center. When completed, Summit Executive Center will feature 65,000 square feet of Class-A, headquarters-quality office space in the downtown central business district. With this transaction, the property is now 80-percent leased.

Callan Associates, which signed a lease for 5,500 square feet, will relocate from Florham Park, N.J. Headquartered in San Francisco, the firm provides research, education, decision support, and advice to a broad array of institutional investors.

“To be 80-percent leased before completion of construction is a remarkable achievement and a testament to the high-quality business environment we are creating at Summit Executive Center,” said Yeager. “We are extremely pleased to welcome Callan Associates to this premier business center, and are confident that the firm will benefit from the excellent downtown location and state-of-the-art, modern features afforded by this premier business center.”

Bill Brown and Ben Brenner of Cushman & Wakefield represented the tenant, while CBRE Executive Vice President, Jeffrey L. Heller, SIOR, represented the ownership in the transaction.

”We are very excited about relocating our New Jersey office to Summit Executive Center this summer.  The project nicely satisfies all of our operational requirements while also providing our employees with an unparalleled location and access to the many amenities that downtown Summit has to offer,” said Ann DeLuce, Callan’s Executive Vice President and Chief Operating Officer.

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.

The site’s redevelopment consists 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 and a two-level, 200-car parking structure. Ownership will pursue LEED Certification for the property.

According to Yeager, the building is currently enclosed and weather tight and the parking deck has been completed. Interior work is now taking place on the elevators, lobbies, restrooms, and mechanical systems. The redevelopment is on track for completion in June, with tenant move-ins scheduled for July.

Last year, a leading global professional services firm signed a long-term deal to be the site’s anchor tenant, which 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.

The building’s parking structure offers 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 will be covered, and the structure will be 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 a New Jersey 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.


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