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New Ownership to Redevelop Former Summit Medical Building Site
Partnership Renames Building Summit Executive Center; Announces Plans to Transform Property into Class A, LEED-Certified Office Building

SUMMIT, N.J. (April 11, 2011)
— Real estate industry veteran Mark Yeager, in partnership with Normandy Real Estate Partners, one of the nation’s leading private equity real estate firms, today announced that the partnership has acquired the former Summit Medical Building site and will soon embark on a comprehensive redevelopment program to transform the property into a state-of-the-art, Class A office building and 200-car parking structure. The building, which has been renamed Summit Executive Center, will be developed to Leadership in Energy and Environmental Design (LEED) standards in order to address the market demand that exists for high-quality, energy efficient new office construction situated in a vibrant downtown locale.

“Our repositioning plans for this important property will effectively deliver a best-in-class, LEED-certified office building to the market, and will restore the vision and hopefulness the Summit community once had for this location,” said Yeager. “We are seeing strong demand in the marketplace for Class A new office construction, and this building, with its close proximity to Summit’s dynamic downtown and nearby public transportation modes, is strongly positioned to fill this void.”
The previous ownership had received final site plan approval in mid-2008, but the unfinished building has sat dormant ever since due to challenging market conditions.

The 65,000 square foot redevelopment will consist 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 will be a two-level, 200-car parking structure. The number of spaces represents 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.
Construction on the project is scheduled to commence the second week of April, and is expected to be completed by late spring of 2012 in order to accommodate tenant move-ins by the summer of 2012.
“Summit Executive Center marks a new beginning for this long anticipated project,” added Yeager. “We believe that upon completion, the building will be the most preferred corporate address in this highly sought-after market.”

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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