25 Deforest Ave. in Summit
By Joshua Burd
The new owner of two high-end office buildings in downtown Summit has hired Avison Young to market and manage the properties.
The real estate services firm announced it will represent Rockwood Capital as leasing agent for the buildings at 25 Deforest Ave., a recently upgraded, 130,000-square-foot complex, and 1 Deforest Ave., which spans 65,000 square feet. The assignment for Avison Young comes just a few months after Rockwood acquired the buildings from Normandy Real Estate Partners and MRY Associates.
Avison Young Principal and New Jersey Managing Director Jeffrey L. Heller will oversee the assignment for the firm alongside Associate Paul Errigo.
“We are delighted to be selected as Rockwood Capital’s exclusive leasing agent for these ‘jewel box’ assignments,” Heller said. “The 25 Deforest Avenue property represents an opportunity for high-quality tenants to operate in an outstanding property situated in one of the most sought-after markets in northern New Jersey and the recently completed capital improvements have transformed it into a true trophy building.
“We’re equally excited to represent and manage 1 Deforest Avenue, a similarly top-quality building with great amenities and a prime location. Its appeal to a number of tenants is reflected in the property’s current full occupancy.”
Located just two blocks from the Summit train station, 25 Deforest includes newly updated common areas, new windows and entrance and landscaping, Avison Young said. The previous owners also recently renovated 1 Deforest, also known as the Summit Executive Center, whose current tenants include McKinsey & Co. and Merrill Lynch & Co.
“Summit remains an extremely attractive market and both 25 Deforest Avenue and 1 Deforest Avenue rank among the top offerings in the area for office space,” said Charlie Leonard, director with Rockwood Capital. “We’re pleased to have Avison Young represent both properties and particularly look forward to working with their team in identifying new best-in-class tenants that will recognize everything the 25 Deforest Avenue property has to offer.”
Both buildings provide access to 40-minute train ride to Manhattan and proximity to Route 24 and Interstate 78, along with amenities in downtown Summit.