Paramount Assets has acquired 17 Academy Street, a 100,000-square-foot, 12-story office building with ground floor retail situated in Newark’s Four Corners Historic District. Terms of the deal were not disclosed.
Built in 1926, 17 Academy Street was 70 percent occupied at the time of sale to a variety of professional services firms. Paramount’s initial plans will focus on leasing up the building’s remaining office space with a complementary tenant mix and modernizing the asset’s common areas to enhance its overall appeal.
Current space availabilities range from about 1,500 to 8,000 square feet.
The purchase of 17 Academy Street was a natural acquisition for Paramount Assets, according to Richard Dunn, senior vice-president. The firm maintains an active presence in the burgeoning Four Corners neighborhood and owns three other properties on the same street. This includes 31 Academy, 27 Academy and 45 Academy, the new corporate headquarters site which the firm plans to occupy this Spring.
“We’re excited to add another well-known historic building to our growing Newark portfolio and reinforce Paramount Assets’ commitment to this dynamic City,” said Dunn. “17 Academy Street is located in the hub of the City’s redevelopment efforts and is well positioned to take advantage of this tremendous momentum and meet the increased demand from a range of users for high-quality office space.”
Situated between Halsey and Broad Streets, 17 Academy Street is directly across the street from the world headquarters of the Prudential Insurance Co. It is within walking distance of ample public transportation options, and in proximity to colleges and universities, an array of restaurants, Newark’s cultural and entertainment venues, major thoroughfares and Newark Liberty International Airport.
Paramount Assets is a family-owned, regional, full-service real estate investment firm specializing in urban property ownership, management and development. The company’s rapidly expanding portfolio currently includes 2.8 million square feet of commercial, multifamily and mixed-use holdings across 25 New Jersey municipalities – including a notably growing foothold in the City of Newark. The company maintains a holistic, vertically integrated approach to real estate development, with in-house acquisition, leasing, legal, accounting, property management and construction teams.
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