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CBRE is Awarded Exclusive Leasing Assignment for Summit Executive Center
Class A LEED - Certified Office Building Will Come to Market in 2012

SUMMIT, N.J. (April 27, 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 CB Richard Ellis, New Jersey’s largest commercial real estate brokerage firm, has been retained as the exclusive leasing agent for Summit Executive Center, the partnership’s forthcoming state-of-the-art, LEED-certified business center located in downtown Summit, N.J.

Jeffrey L. Heller, SIOR, Executive Vice President at CBRE, is leading the assignment.  Heller, a 25-year commercial real estate veteran, has consummated more than 200 transactions during the past five years with a net aggregate value in excess of $600 million.

“We are confident that CBRE’s deep market knowledge and expertise in the Summit marketplace will continue to drive the strong leasing activity this property has already experienced,” said Yeager. “Summit Executive Center is well-positioned to be a sought-out destination for firms desiring high-quality, energy efficient new office construction in a thriving downtown location.”

The partnership recently acquired the former Summit Medical Building site and is embarking on a comprehensive redevelopment program to transform the property into a Class A four-story, 65,000-square-foot office building and a 193-car parking structure. The owners plan to pursue LEED-certification for the building.

Recently, the owners announced that a global management consulting firm has signed a long term deal to be the anchor tenant at Summit Executive Center. The firm, which inked a lease for nearly 50 percent of the building, is expected to take occupancy in the summer of 2012.

“Summit is one of the strongest real estate submarkets in the Tri-State Area and historically has one of the lowest office vacancy rates among any town in New Jersey,” stated Heller. “There is an incredibly strong demand for office space in Summit and the project is already receiving a high level of interest from companies looking for high quality space in town”.  Summit Executive Center will have a distinct competitive advantage over older buildings, with its brand new mechanical systems and energy efficient features. Additionally, its location is within walking distance of the train station, as well as the property’s abundance of onsite parking and fitness center are highly desirable amenities in downtown office building locations.”

One of the property’s key amenities will be the two-level, 193-car parking structure.  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 and free of charge to the tenants.

Construction is expected to be complete by late spring of 2012 in order to accommodate tenant’s occupancies 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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