Paramount Property Management has announced the signing of two new leases at The Academy Building, further cementing the historical 17 Academy Street tower as a hub for essential community services in downtown Newark.
The two organizations, Team Management 2000 Inc. and Project Ready, are both social service powerhouses expanding their presence to better serve the city’s residents. Team Management, which specializes in holistic behavioral health and substance use treatment for youth and families, has taken 2,800 square feet, while the civic engagement and education advocacy group Project Ready has leased 4,000 square feet.
The 12-story, 100,000-square-foot office tower—originally built in 1926—offers a prime location between Halsey and Broad Streets. For social service organizations, the building’s proximity to transit is a critical asset.
“Helpings these two expanding social services organizations find the perfect home at The Academy Building was extremely gratifying,” Marta Person Villa, senior vice president at CBRE, said. Villa represented the landlord in both negotiations. “The property benefits from convenient access to public transportation that is so important to their clientele and employees.”
The building is within walking distance of Military Park Station, Newark Penn Station, and numerous NJ Transit bus lines, ensuring that the vulnerable populations served by these non-profits can reach their offices with ease.
The leases highlight the ongoing revitalization of Newark’s historic business district. Paramount Assets, the parent company of Paramount Property Management, has earned a reputation for maintaining the “beauty and character” of Newark’s older stock while upgrading them for modern professional use.
The Academy Building currently offers:
-
24/7 Access and Security: On-site guard services and video surveillance.
-
Modern Amenities: Recent renovations to elevators and common areas while preserving the building’s Class B historical charm.
-
Downtown Vitality: Proximity to the city’s burgeoning restaurant scene and educational institutions like Rutgers-Newark and NJIT.
