By Joshua Burd
Paramount Assets has moved its headquarters to downtown Newark, as it continues to build its pipeline of redevelopment and historic rehabilitation projects in the city.
The real estate investment firm announced last week that it has completed its relocation to 45 Academy St. from Elizabeth, nearly doubling its footprint in the process. The company occupies roughly 12,000 square feet at the historic building, housing more than 50 employees who have made the move from its previous headquarters.
“We are thrilled to be part of the renaissance that’s currently underway in downtown Newark,” said Richard Dunn, senior vice president with Paramount Assets. “Newark is the commerce capital of New Jersey and the epicenter of our property portfolio and redevelopment efforts.
“Establishing our headquarters here lends to our commitment as an organization to not only serve the urban centers of New Jersey, but allows us to better serve clients and provide a comfortable and convenient work environment for our employees. It’s a great setting in which to grow our company, both now and into the future.”
The relocation will accommodate Paramount Assets’ growth and establish a corporate presence in the city. The company most recently completed its restoration and conversion of the former United Women’s Garment Workers’ Union headquarters at William and Broad streets, delivering 37 luxury apartments and ground-floor retail space at the historic building.
Paramount purchased 45 Academy St. in 2017 and is restoring and rehabilitating the building’s historic façade to its original appearance, according to a news release. Located at the corner of Halsey Street, the 38,000-square-foot building was constructed in the late 1890s and originally served as the home to Coleman National Business College.
The firm occupies the building’s fourth and fifth floors, the news release said. The space includes a rotunda skylight above a new company conference room, a newly built fifth-floor mezzanine with 19-foot ceilings and more than 350 linear feet of architectural glass that creates a clean, transparent workspace.
Many of the building’s historic attributes were integrated into the design, including its original brick walls and exposed wood beams, according to Adele Schachner, principal of Adele Schachner Architecture + Interiors. For instance, the space includes clean, white work areas that are surrounded by walls of glass, dark wood laminates and concrete flooring.
“This space began as a large empty area that, while dated, had so much character and tremendous potential,” said Schachner, whose firm provided design services for the project. “We retained many of the building’s beautiful architectural elements but modernized them in a way that celebrates the unique history of this asset while repositioning it to meet the needs of today’s office user. As a company, Paramount Assets is playing a significant role in transforming Newark, and their new office space at 45 Academy is indicative of what they’re doing throughout the city today.”
Paramount and Adele Schachner sought to make the space functional for a wide range of employees, the firms said.
“Logistically, one of the challenges we encountered was creating a space that addressed every department’s individual requirements,” Schachner said. Whether employees are part-time or full-time, requiring a quiet space or a place to work collaboratively with others, the office successfully targets every user’s needs. It’s a calming space and very conducive to productivity.”
Paramount Assets maintains satellite offices in Perth Amboy, Orange and Plainfield for an additional 25 staff members. Its new headquarters in Newark benefits from the city’s highway and mass transit access, restaurants and other amenities, along with a strong labor pool and a network of higher education institutions.
Paramount adds historic 12-story office tower in downtown Newark
