construction

The combination of construction and permanent financing was arranged for the borrower by senior managing director Jon Mikula and director John Taylor of the Florham Park, NJ office of Holliday Fenoglio Fowler. The source of the funding was not disclosed.

"Given the asset's combination of location and quality, it's likely to attract some of the more discerning and demanding tenants in the New York metro market," says Mikula, who notes that the project is within a couple of blocks of this city's commuter rail station. "It will be downtown Summit's first true class A office building."

Claremont Office Center will combine the existing 19th century building occupied by physician William H. Risk, who came to Summit in 1873, with new construction. The latter will be on two floors, and plans also call for a 99-space underground parking garage and 40 surface spaces. WESketch Architecture of Millington designed it. CB Richard Ellis is currently marketing the space, which is listed on that firm's web site with an asking price of $50 per sf, divisible to 2,000 sf.