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Saxum Real Estate acquired 40 Beechwood Road in August 2017. At the time, the building totaled approximately 15,000 square feet and had been unoccupied for almost a decade. The building was dilapidated and deteriorating rapidly. It was often regarded as the most underutilized building in downtown Summit and considered a significant eyesore. Upon acquisition, Saxum and its partner, MRY Associates, worked with the municipality of Summit, NJ to achieve zoning approvals for the redevelopment and expansion of the building. Saxum achieved approvals to expand the building by more than 30% to include rooftop conference space and to repurpose a former walkway into a glass reading room. Saxum created the first green roof and one of the only private rooftop bars in Summit, NJ. Additionally, approvals were granted to repurpose the lower level to a state-of-the-art fitness and wellness center and to rework the site plan to better utilize the parking lot.
Concurrently while seeking approvals, Saxum and the project team worked to secure a tenant for the renovated facility. Ultimately, a long- term lease was signed with Energy Capital Partners, a leading private equity firm that planned to relocate its headquarters from Short Hills to downtown Summit. The relocation of ECP brought a over 35 new jobs to downtown Summit and reinvigorated the formerly vacant building. The construction process was completed in under 12 months and comprised of a full redevelopment. The building at 40 Beechwood was stripped down to its steel structure and completely rebuilt to include state-of-the-art systems, features, finishes and to incorporate many energy efficiencies through out the building. Upon completion, 40 Beechwood is regarded as one of the premier boutique office buildings both within Summit as well as New Jersey. The quality of the asset, tenant improvements, finishes and fixtures are exceptional and rarely seen in New Jersey office space. |
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