Paramount Assets announced it has added another landmark property to its Newark commercial portfolio. The full-service real estate investment firm recently acquired 17 Academy St.: a 100,000-square-foot, 12-story office building with ground floor retail in the City’s Four Corners Historic District.
Terms of the deal were not disclosed.
Built in 1926, 17 Academy St. 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.
Situated between Halsey and Broad Streets, 17 Academy St. is directly across the street from the world headquarters of the Prudential. It is within walking distance of public transportation options, and in proximity to colleges and universities, an array of restaurants, Newark’s cultural and entertainment venues, major thoroughfares and Newark Liberty International Airport.