Paramount Assets has added another landmark property to its Newark commercial portfolio.
The investment firm acquired 17 Academy Street, a 100,000 s/f, 12-story office building with ground floor retail situated in the City’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.
Richard Dunn, senior vice-president at Paramount Assets, said, “We’re excited to add another well-known historic building to our growing Newark portfolio and reinforce Paramount Assets’ commitment to this dynamic City.
“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.”
The firm maintains an active presence in the neighborhood and owns 31 Academy, 27
Academy and 45 Academy, the new corporate headquarters site which the firm plans to occupy this Spring.
Situated between Halsey and Broad Streets, 17 Academy Street is directly across the street from the world headquarters of the Prudential Insurance Co. within walking distance of public transportation options.