Paramount Assets has added a “landmark property” to its Newark commercial real estate portfolio, it announced Monday.
The Elizabeth-based real estate firm said it recently acquired 17 Academy St., a 100,000-square-foot, 12-story office building with ground floor retail.
Paramount said it plans to lease up the building and modernizing its common areas.
The firm currently has three other properties in the Four Corners district, including 31 Academy, 27 Academy and 45 Academy.
“We’re excited to add another well-known historic building to our growing Newark portfolio and reinforce Paramount Assets’ commitment to this dynamic City,” Richard Dunn, senior vice president, said. “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 is across the street from the Prudential Insurance Co.’s world headquarters and is within close distance to public transportation, universities, restaurants, entertainment and the Newark Liberty International Airport.
Financial terms of the deal were not disclosed.