Paramount Assets relocates HQ to downtown Newark

Real estate investment firm Paramount Assets announced Thursday it has relocated its headquarters to Newark from Elizabeth.

The move has nearly doubled Paramount’s footprint from 6,000 square feet to 12,000 square feet at 45 Academy St. Paramount said the new office will help accommodate its growth and establish its presence in the same city where many of its current redevelopment projects are taking place, it said.

Situated at the corner of Halsey/Academy streets and Raymond Boulevard, 45 Academy St. was built in the 1890s and the original home to Coleman National Business College. Paramount said it acquired the 38,000-square-foot, five-story office building in 2017 and has been in the process of restoring and rehabilitating it since.

More than 50 employees from the firm’s Elizabeth office will relocate to Newark, it said.