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Summit Executive Center Achieves 100-Percent Occupancy
LEED-Certified, Class A Office Building Leases Up Within Three Months of Completion

SUMMIT, N.J. (November 15, 2012) —The ownership of Summit Executive Center, a partnership of industry veteran Mark Yeager and Normandy Real Estate Partners, announced today that, with the recent completion of two new leases, the state-of-the-art business center is now 100-percent occupied. This achievement comes just three months after the completion of construction at the 65,000-square-foot, Class A headquarters-quality office building.

The recent leasing activity includes a 9,000-square-foot lease with Merrill Lynch Wealth Management, which is relocating from another location in Summit. The investment firm was represented by Cushman & Wakefield Transaction Regional Director Thomas Hansen, who is based out of the firm’s Boston office, and Executive Director Christopher Kinum, who works out of the firm’s New Jersey office.

Amlin plc, a British-based specialist insurance and reinsurance underwriting group, will occupy the remaining 3,500 square feet. This is the first New Jersey office for the firm, which represented itself in the transaction.

Ownership was represented in both transactions by CBRE. Jeffrey L. Heller, SIOR, who has since joined Avison Young as a Principal and Managing Director of the firm’s New Jersey office, facilitated the transactions.

“When we began this project a year and a half ago, we were confident that there would be strong market demand from financial services firms who understood and sought the value proposition that newly constructed, Class A office space in a thriving downtown location affords,” said Yeager. “At each step of the marketing and construction process, we exceeded our expectations. Summit Executive Center has out-performed the market, offering best-in-class amenities and proximity to mass transit that has helped to attract a first-class tenant roster.”

Other tenants of the premier business center include a leading global professional services firm, which signed a long-term deal to be the site’s anchor tenant and resulted in the building being nearly 50-percent leased before the commencement of construction. Additionally, prominent investment advisor Pennant Capital Management, LLC, as well as Callan Associates, one of the largest independently owned investment firms in the country, are also tenants of the building.

Ownership purchased the site of Summit Executive Center, formerly known as the Summit Medical Building or One Deforest Avenue, in April 2011. Construction and repositioning of the project began immediately thereafter.

The property’s redevelopment consisted 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 is a two-level, 200-car parking structure, offering 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 is covered, and the structure is directly accessible to the office building via access from both levels of the parking deck.

Summit Executive Center is located in a central downtown location, two blocks from an NJ 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.

About Mark Yeager
Mark Yeager is founder and principal of MRY Associates, LLC, a private equity real estate organization seeking value added commercial and multi-family investment and development opportunities in the Northern New Jersey marketplace. With 26 years of experience in commercial real estate, Yeager previously served as president of The Gale Company, where he oversaw the investment of more than $3 billion of institutional funds and the acquisition or development of more than 15 million square feet of commercial space throughout the greater New Jersey marketplace. He also previously served as executive vice president of Mack-Cali following the company’s acquisition of Gale.

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