FLORHAM PARK, NJ–Completed only three months ago, The Summit Executive Center is now fully occupied after the closing of two leases. In addition, ownership partners Mark Yeager and Normandy Real Estate Partners have secured permanent fixed-rate financing for the project through HFF.

The recent leases at the 65,000-square-foot, headquarters-quality office include:

• Merrill Lynch Wealth Management’s taking of 9,000 square feet, in a relocation from elsewhere Summit. Cushman & Wakefield’s Thomas Hansen, of the firm’s Boston office, and Christopher Kinum, executive director in New Jersey, represented the tenant.
• British insurance group Amlin, taking 3,500 square feet. The firm represented itself in its first move into the state.

In both transactions Jeffrey L. Heller, then of CBRE, represented the owners. Heller has since joined Avison Young as a principal and managing director in New Jersey.

“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. “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.”

Pennant Capital Management and Callan Associates, an investment firm, are also tenants of the building, which is a LEED-certified reconstruction of the former Summit Medical Building at 1 DeForest Ave.

The downtown location is two blocks from an NJ TRANSIT station with Midtown Direct service, as well as direct lines to Hoboken and Newark. It is close to the Newark Liberty airport and the Short Hills Mall, the Short Hills Hilton, and a host of other amenities.

HFF’s team led by senior managing director Jon Mikula worked on behalf of MRY Associates, Yeager’s company, and Normandy Real Estate Partners to obtain the 10-year permanent loan through Cantor Commercial Real Estate.

The HFF team representing MRY Associates and Normandy Real Estate Partners was led by senior managing director Jon Mikula.