Boomerang Systems Announces West Coast Project With Paramount Group
FLORHAM PARK, N.J., April 2, 2012 /PRNewswire/ -- Boomerang Systems, Inc. (OTCQB: BMER) a leading designer and manufacturer of automated robotic parking and self storage systems, announces it has been contracted to supply its innovative RoboticValet ™ Parking System in a multifamily residential project located on the U.S. west coast. The owner and developer, New York City based Paramount Group, is one of the largest privately held real estate companies in the United States with vast experience and expertise across all real estate disciplines. Established in 1968, Paramount has assembled approximately 13 million square feet of "Class A" space in multiple major US cities.
The Paramount project will include a 256 space below ground fully automated robotic parking garage using Boomerang's RoboticValet ™ system. By fitting the parking in less space than a conventional self-park ramp garage, Boomerang's solution will significantly reduce the amount of excavation required and will accelerate the developer's construction timeline thereby improving the economics of the project.
Mark Patterson, CEO of Boomerang Systems, Inc. stated, "We are thrilled to team up with Paramount as part of this exciting project and to expand our list of contracted projects to include the west coast. Having an accomplished and experienced real estate firm like Paramount Group select Boomerang provides great affirmation of our value proposition of enhancing developer's margins as well as our position in the market as the go to supplier for automated parking solutions."
Prior to joining Boomerang in 2010, Mr. Patterson had a long and accomplished real estate career. Until January of 2009, Mark was a Managing Director and the Head of Real Estate Global Principal Investments at Merrill Lynch, where he oversaw the real estate principal investing and investment banking activities. Prior to Merrill Lynch, Mark was Global Head of Real Estate Investment Banking at Citigroup for 9 years. Mark's savvy and experience in real estate provides great intellectual value to developers who are considering automated parking options. Mark explains, "We feel the space efficiency of our RoboticValet Parking System is a real game changer in terms of being able to improve the economics of real estate development."
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