NAI James E. Hanson Completes 4,000 Sf Office Lease Transaction In Downtown Summit, New Jersey

HACKENSACK, N.J, APRIL 16, 2009 -NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, announced today that it has completed a 4,000-square-foot lease agreement with Peregrine Capital Partners, LLC, an investment banking and financial advisory firm, at 15 Maple Street in the heart of downtown Summit, New Jersey, one of Union County's most affluent and thriving city centers. NAI Hanson's Thomas W. Ryan, Senior Vice President, represented the landlord, Bassett Associates, in this transaction. 

"Given the continued turmoil on Wall Street following the fallout from the credit crunch, we are witnessing a transformation in downtown Summit from a bustling business district to a ‘Mini Wall Street West,' as entrepreneurial Wall Street executives continue to gravitate towards this highly desirable locale in order to launch small, boutique investment firms of their own," Ryan stated. "Peregrine Capital, who plans on utilizing this space for its investment bank and sales operations, is a perfect example of this trend. After viewing the available space at 15 Maple Street, Peregrine knew almost immediately that this affluent and highly accessible downtown district would be the ideal setting and location for their operating purposes.  And so, after only 10 days following their initial site visit, we were able to successfully negotiate lease terms that were acceptable by both parties, something that doesn't happen very frequently, particularly during the current economic climate."

Known in the area as the Roots Building because it was the flagship headquarters of Roots Clothiers and is now home to Summit's famous Roots Steak House, this 18,000 square-foot property is located at 15 Maple Street, at the corner of  Springfield Avenue, downtown Summit's busiest pedestrian thoroughfare, which features a wide variety of boutique clothing stores, salon/spas, fine dining establishments and professional services firms. In addition, the building is conveniently situated within walking distance of New Jersey Transit's Summit Train Station, which is served by the Gladstone and Morristown Lines, with direct service to Hoboken and Manhattan. Summit, which is poised for growth due to new construction of Class A office space within waking distance of the downtown, is accessible via Routes 24 and 78 and is just 10-15 minutes from access to the Garden State Parkway and the New Jersey Turnpike.

About NAI James E. Hanson

Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list.  NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise. 

NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with over 325 offices spanning the globe.  For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company's Hackensack office at 201-488-5800 or visit http://www.naihanson.com/.

back to In The News