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Prominent Investment Fund Signs Lease at Summit Executive Center
Class A, State-of-the-Art Business Center is More than 65-Percent Leased 


SUMMIT, N.J. (October 31, 2011) —The ownership of Summit Executive Center, a partnership led by industry veteran Mark Yeager, announced today that a prominent New Jersey investment fund has signed a lease to become the second major tenant 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 Summit’s downtown central business district.

Pennant Capital Management, LLC signed a lease for 13,000 square feet and is expected to take occupancy in July, 2012. The investment advisor, which was founded by Alan Fournier in 2001 and currently manages more than $5.3 billion in investor capital, is relocating from Chatham, N.J.

Earlier this 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.

“Pennant’s decision to relocate to Summit Executive Center further validates our vision in transforming this property into one of New Jersey’s premier office environments,” said Yeager. “This lease reflects our belief that companies are increasingly seeking out top-quality space in prime locations that offer direct access to public transportation, airports and multiple area conveniences.”

Jones Lang LaSalle Executive Vice President J.C. Giordano represented the tenant, while CB Richard Ellis Executive Vice President Jeffrey L. Heller, SIOR, represented the landlord in the transaction.

“We understand the value of having a prestigious address that will afford our employees numerous benefits that come from being in a new, cutting-edge office and first-rate location,” said Fournier, Founder of Pennant Capital Management, LLC. “We look forward to growing our business at Summit Executive Center and being part of the Summit central business district.”

Yeager and his partners purchased the site of Summit Executive Center, formerly known as the Summit Medical Group 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.

The 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 development into a LEED-certified, Class A 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 underway 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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