SUMMIT, NJ-The owners of Summit Executive Center, a headquarters-quality office space in downtown Summit that will be completed in June, have signed a lease with Callan Associates for 5,500 square feet. That brings the 65,000-square-foot property to 80% leased.
Mark Yeager, an industry veteran who leads a partnership with Normandy Real Estate Partners in development of the property, says it is a “remarkable achievement” to have pre-leased most of a professional office building in a recovering office market. “It is a testament to the high-quality business environment we are creating at Summit Executive Center,” says Yeager.
CBRE is the exclusive leasing agent for the project, which had signed a global management-consulting firm as the anchor tenant prior to the start of construction last year. The tenant, which the owners have not identified, will occupy about half the building.
Recently, Pennant Capital Management, an investment management company, signed a lease for 13,000 square feet. Callan Associates, which will relocate from Florham Park to Summit, advises institutional investors. The international firm is headquartered in San Francisco.
The Summit Executive Center site, at One Deforest Avenue, was the former home of the Summit Medical Center. It was purchased by Yeager/Normandy in April 2011, and work began last summer on its transformation and expansion into Class A space.
Bill Brown and Ben Brenner of Cushman & Wakefield represented Callan Associates on the new lease, while CBRE executive vice-president, Jeffrey L. Heller, represented the ownership in the transaction.
Ann DeLuce, Callan’s executive vice-president and CEO, commented that, “The project nicely satisfies all of our operational requirements while also providing our employees with an
unparalleled location and access to the many amenities that downtown
Summit has to offer.”
The new executive center will have a two-level, 193-car parking structure directly accessible to the building from both levels of the parking deck. It is situated two blocks from a New Jersey Transit rail link that provides Midtown Direct service, as well as direct lines to Hoboken and Newark, and has access to major highways and both Newark Liberty Airport and Morristown Corporate Airport about 15 minutes away. The complex is getting rents 40% above the average office rent for New Jersey, which is in the high $20s per square foot.
Editor's note: GlobeSt.com has learned that the anchor tenant is McKinsey and Co.
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