Paramount's new offices are located on 45 Academy St.'s fourth and fifth floors. The space includes a rotunda skylight, which serves as the focal point of a new company conference room.

NEWARK, NJ—Real estate investment firm Paramount Assets has doubled its headquarters space and relocated operations from Elizabeth to one of its properties in Downtown Newark.

The firm has shifted from its 6,000-square-foot headquarters in Elizabeth to approximately 12,000 square feet of space at 45 Academy St. in Newark. Paramount states that the move will accommodate its business growth and have its operations nearby many of its current redevelopment projects in the City of Newark.

The firm was honored last month for its leadership in Newark by non-profit Leadership Newark.

Situated at the corner of Halsey/Academy streets and Raymond Boulevard, 45 Academy St. was built in the late 1890s and originally served as the home to Coleman National Business College. Paramount Assets acquired the 38,000-square-foot, five-story boutique office building in 2017 and is in the process of fully restoring and rehabilitating the asset's historic façade to its original appearance.

More than 50 employees from the firm's Elizabeth office have relocated to 45 Academy St. Paramount Assets maintains satellite offices in Perth Amboy, Orange and Plainfield for an additional 25 staff members. Newark's transportation infrastructure, logistical efficiencies and proximity to a highly skilled workforce were among the factors behind Paramount's decision to move its operations to the Essex County city, says Richard Dunn, senior vice-president.

“We are thrilled to be part of the renaissance that's currently underway in Downtown Newark,” Dunn says. “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.”

Paramount's new offices are located on 45 Academy St.'s fourth and fifth floors. The space includes a rotunda skylight which serves as the focal point of a new company conference room; a newly constructed fifth-floor mezzanine takes advantage of soaring 19-foot ceilings. Additionally, more than 350 linear feet of architectural glass has been incorporated into the floor plan to create a clean, transparent workspace. Modern security measures have been incorporated as well and include CCTV (closed circuit television), access control systems and informational video boards.

45 Academy St. is situated near numerous public transportation options; hotels; a wide-ranging selection of restaurants and pubs; institutes of higher education; shopping; museums and art galleries; and world-class artistic and cultural entertainment venues. Situated eight miles from New York City, the building offers easy access by car to major thoroughfares including I-78, I-280, the NJ Turnpike and Routes 1 and 9.

Paramount Assets is a family-owned, regional, full-service real estate investment firm specializing in urban property ownership, management and development. The company's portfolio currently includes 3.1 million square feet of commercial, multifamily and mixed-use holdings across 25 New Jersey municipalities—including a growing foothold in the City of Newark.

Instant Insights /

Paramount Assets Expands, Relocates HQ to Downtown Newark

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