Newark’s historic 17 Academy Street building acquired by real estate investment firm Paramount Assets
Published February 11, 2019 | Manny Faces
Paramount Assets, a full-service real estate investment firm that has been purchasing, developing and managing multiple retail, commercial, and residential buildings in Newark, added to its portfolio with the purchase of 17 Academy Street.
The acquisition of the 100,000-square-foot, 12-story office building increases the company’s growing presence in Newark’s downtown district. Paramount also owns and manages several other buildings in the Four Corners Historic District (31 Academy, 27 Academy, and 45 Academy), along with several other mixed-use properties throughout the area.
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“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 Richard Dunn, senior vice-president at Paramount Assets. “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 building, which sits across from the headquarters of Prudential Insurance Co. between Halsey and Broad Streets, was reported to be 70 percent occupied at the time of the sale. Paramount’s focus is to fill the remaining office spaces, which range from between 1,500 and 8,000 square feet, while “modernizing” the building’s common areas.
For more information about Paramount Assets, visit www.paramountassets.com