NEWARK, NJ - A historic, 12-story office building on Academy Street has been bought by a real estate firm that is gaining ground in Newark.
Paramount Assets purchased 17 Academy St., which was built in 1926 and is 70 percent occupied by several firms. Paramount said in a release that it will initially focus on leasing the building’s remaining office space and modernizing the common areas.
The 100,000 square-foot building has ground floor retail space. Current lease availabilities at 17 Academy St. range from about 1,500 to 8,000 square feet.
The same real estate firm owns three other properties on Academy Street in the city’s Four Corners Historic District: 31, 27 and 45 Academy St. The 45 Academy St. property will be used for Paramount’s new corporate headquarters in the spring.
“We’re excited to add another well-known historic building to our growing Newark portfolio and reinforce Paramount Assets’ commitment to this dynamic City,” Paramount Assets Senior Vice President Richard Dunn said in a statement. “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.”
Terms of the deal were not disclosed by the company and online property records do not currently show how much Paramount purchased the building for. The building was, however, assessed at $8.1 million last year, property records show.
Paramount Assets also recently purchased two historic buildings at 30-32 and 36-40 Clinton St. The company also bought the former United Women's Garment Workers' Union building and the Little Theatre.