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With Financing in Place, Construction Begins on Summit Executive Center
World-Class Team Assembled to Deliver Summit’s Premier Business Address

SUMMIT, N.J. (May 9, 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 construction has commenced on the comprehensive redevelopment of Summit Executive Center into a Class A state-of-the-art, LEED-certified downtown office building.

Provident Bank has committed to providing the construction financing for the project, which will transform the property – formerly the Summit Medical Center building – into a four-story, 65,000-square-foot office building and adjacent 193-car parking structure.

The property’s ownership, which plans to pursue LEED certification for the building, has also announced the retention of Gale Construction as the construction manager for the project. Additional members of the project team include architectural firm Rotwein & Blake; MEP; design consultants AMA Consulting Engineers; structural engineering firm Structure Studio; civil engineering firm T&M Associates; and lighting consultant S&S Consulting.

“With an incredibly strong demand for office space in Summit, we’re excited that Provident Bank has provided the financing that will allow us to commence construction on Summit Executive Center,” Yeager said. “The exceptional team assembled to deliver this building will ensure that this building is the region’s premier office environment.”

Recently, Yeager and Normandy Real Estate Partners 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. Even prior to the start of construction, a global management-consulting firm has signed a long-term lease to be the anchor tenant at the building. The firm, which will occupy nearly 50 percent of the building, is expected to take occupancy as soon as construction is complete in the summer of 2012.

“Summit Executive Center’s energy efficient design, desirable amenities, and highly sought-after location give it a distinct competitive advantage over other buildings in the region,” stated Patricia Patriarca, Senior Vice President and Director of Commercial Real Estate for Provident Bank. “With the building already nearly 50 percent leased and receiving a high level of interest from companies looking for top quality office space, we are confident that this project will be a success.”

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.

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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