SUMMIT, NJ-The partners who redeveloped the Summit Medical Center into a first-class office building that was quickly leased to top-grade tenants are preparing to build a boutique office building on a site five blocks away in downtown Summit, GlobeSt.com has exclusively learned.
MRY Associates, founded by real estate industry veteran Mark Yeager, and Normandy Real Estate Partners, the private equity firm, recently acquired a quarter-acre site at 466 Springfield Avenue, only two blocks from the Summit train station.
A long-vacant structure at the site is being demolished. In its place, the partnership will develop a four-story building with 28,000 square feet of headquarters-quality office space, 4,500 square feet of high-quality, ground floor retail space, and 2,500 square feet of lower-level storage space.
“Summit is one of the most desirable office and retail destinations in New Jersey,” says Yeager. “The downtown is dynamic and walkable, with great shopping and a lot of interesting restaurants – and a quick commute to Manhattan via Midtown Direct train service at the station.”
There are more than 200 stores and restaurants in the area, including the Short Hills Mall.
Yeager says there is currently only limited Class A commercial space available and he is convinced there will be strong demand from both office users and retailers for the Springfield Avenue building.
“Class A space in Summit already commands rents in excess of what suburban office space in any other location can require,” Yeager tells GlobeSt.com. Prevailing rates for space are currently pegged at the high $40s per square foot.
It is being designed to complement the architectural vernacular of downtown Summit, he says, with a brick façade and precast accents. The building will feature energy-efficient windows and its mechanical systems will include one for energy management.
Last year, the partners completed the redevelopment of the former Summit Medical Building into the 65,000-square-foot, LEED-certified Summit Executive Center.
Construction of the new building is set to start in January and expected to be completed in the first quarter of 2015.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
