Full-service real estate investment firm Paramount Assets has moved into new headquarters at 45 Academy Street in Newark from its former offices in Elizabeth, nearly doubling its footprint from 6,000 square feet to approximately 12,000 square feet. The relocation will accommodate Paramount Assets’ business growth and establish the firm’s corporate presence in the same city as many of its current redevelopment projects.
Situated at the corner of Halsey/Academy Streets and Raymond Boulevard, 45 Academy Street was built in the late 1890s and originally served as the home to Coleman National Business College. Paramount Assets acquired the 38,000-square-foot, five-story boutique office building in 2017 and is in the process of fully restoring and rehabilitating the asset’s historic façade to its original appearance.
More than 50 employees from the firm’s Elizabeth office have relocated to 45 Academy Street; Paramount Assets maintains satellite offices in Perth Amboy, Orange and Plainfield for an additional 25 staff members. Newark’s transportation infrastructure, logistical efficiencies and proximity to a highly skilled workforce were among the factors behind Paramount’s decision to move its operations to the Essex County city, according to Richard Dunn, senior vice-president.
“We are thrilled to be part of the renaissance that’s currently underway in Downtown Newark,” he said. “Newark is the commerce capital of New Jersey and the epicenter of our property portfolio and redevelopment efforts. Establishing our headquarters here lends to our commitment as an organization to not only serve the urban centers of New Jersey, but allows us to better serve clients and provide a comfortable and convenient work environment for our employees. It’s a great setting in which to grow our company, both now and into the future.”
Modern Space Honors Historic Past
Paramount’s new offices are located on 45 Academy Street’s fourth and fifth floors. The space includes a rotunda skylight which serves as the focal point of a new company conference room; a newly constructed fifth-floor mezzanine takes advantage of soaring 19-foot ceilings. Additionally, more than 350 linear feet of architectural glass has been incorporated into the floor plan to create a clean, transparent workspace. Modern security measures have been incorporated as well and include CCTV (closed circuit television), access control systems and informational video boards.
Many the historic building’s distinctive attributes were integrated into the state-of-the-art design, including its original brick walls and exposed wood beams, according to Adele Schachner, principal of Adele Schachner Architecture + Interiors, which provided design services for the project. Clean, white work areas are surrounded by beautiful walls of glass, dark wood laminates and concrete flooring; all-natural materials were used throughout.
“This space began as a large empty area that, while dated, had so much character and tremendous potential,” Schachner said. “We retained many of the building’s beautiful architectural elements but modernized them in a way that celebrates the unique history of this asset while repositioning it to meet the needs of today’s office user. As a company, Paramount Assets is playing a significant role in transforming Newark, and their new office space at 45 Academy is indicative of what they’re doing throughout the City today,” said Schachner.
The flexible space is designed to be functional for every member of Paramount Assets’ team, Schachner noted. “Logistically, one of the challenges we encountered was creating a space that addressed every department’s individual requirements. Whether employees are part-time or full-time, requiring a quiet space or a place to work collaboratively with others, the office successfully targets every user’s needs. It’s a calming space and very conducive to productivity.”
45 Academy Street is situated in proximity to numerous public transportation options; hotels; a wide-ranging selection of restaurants and pubs; institutes of higher education; shopping; recreational pursuits; museums and art galleries; and world-class artistic and cultural entertainment venues. Situated just eight miles from New York City, the building offers easy access by car to major thoroughfares including I-78, I-280, the NJ Turnpike and Routes 1 & 9.
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 3.1 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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