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Global Professional Services Firm Signs Lease to Become Anchor Tenant at Summit Executive Center
First Deal Drives Momentum for New State-of-the-Art Business Center

SUMMIT, N.J. (April 18, 2011) —The new ownership of Summit Executive Center, a partnership of industry veteran Mark Yeager and leading private equity real estate firm Normandy Real Estate Partners, announced today that a leading global professional services firm has signed a deal to be the anchor tenant at the new, state-of-the-art business center. The firm, which inked a long-term lease, is expected to take occupancy in the late summer of 2012. When completed, Summit Executive Center will feature 65,000 square feet of Class-A, headquarters-quality office space in the downtown central business district.

“We are extremely pleased to have signed such a prestigious company to be the anchor tenant of this world-class business center, which has resulted in the building being nearly 50 percent leased before the commencement of construction,” said Yeager. “This significant lease validates our belief in the strength of this project and the Summit marketplace. We are confident the firm will be a great corporate neighbor and that area retailers and restaurants will directly reap the benefits from the company’s tenancy at Summit Executive Center.”

Yeager noted that the firm was drawn to Summit Executive Center due to the building’s prime location, which will enable the company’s employees to take advantage of nearby express train service into New York City, as well as the wide variety of area amenities available in downtown Summit.

Yeager and Normandy purchased the site, formerly known as the Summit Medical Building or One Deforest Avenue, earlier this year. The previous ownership had received final site plan approval in mid-2008, but the site has sat dormant ever since due to the challenging economy.

“This is an important project for Summit and we are extremely encouraged by the recent progress being made, including the signing of a lease with a leading professional services firm,” added Jordan Glatt, Mayor of Summit. “Having a thriving downtown central business district is vital for the community and we know Summit Executive Center will be a tremendous part of driving economic development for the town.” 

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 in early 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 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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