NEW YORK CITY — Roku (NASDAQ: ROKU) has signed a 240,000-square-foot office lease to occupy the top eight floors at 5 Times Square in Midtown Manhattan. The California-based streaming services provider will backfill space previously occupied by Ernst & Young as part of its relocation from a 70,000-square-foot space at 114 West 41st Street. The move-in is slated for the fourth quarter. Bob Alexander, Ryan Alexander, Mike Affronti, Alex Benisatto, Taylor Callaghan and Nicole Marshall of CBRE represented the landlord, RXR Realty, in the lease negotiations along with internal agents Dan Birney and Alexandra Budd. Sacha Zarba and Frederick Fackelmayer of CBRE represented Roku.
NEW YORK CITY — TerraCRG has arranged the $102 million sale of a multifamily development site in the Gowanus area of Brooklyn. The buyer, a partnership between locally based investment group Tavros Capital and developer Charney Cos., plans to develop a 660-unit community that will also house 60,000 square feet of commercial space. A quarter of the units will be designated as affordable housing under the city’s Mandatory Inclusionary Housing program. Ofer Cohen, Dan Marks and Daniel Lebor of TerraCRG marketed the site on behalf of the seller, Property Markets Group.
NEW YORK CITY — A partnership between LIHC Investment Group, Camber Property Group and Settlement Housing Fund has purchased Lexington Court, nine-building, 229-unit affordable housing complex in East Harlem, for $85 million. The new ownership will invest about $10 million in capital improvement to the portfolio, including upgrades to plumbing and mechanical systems, as well as common area improvements. To finance the acquisition, the partnership secured a $73.1 million FHA loan from the New York City Housing Development Corp to complement its $11.5 million equity investment.
NEW YORK CITY — Maryland-based hospitality REIT RLJ Lodging Trust (NYSE: RLJ) has sold the 764-room DoubleTree by Hilton Hotel Metropolitan New York City for $169 million. The sale of the property, which is located at 569 Lexington Ave. in Midtown, equates to a per-room price of roughly $221,000. The property offers amenities such as a fitness center, salon, business center, conference facilities and an onsite bar and lounge.
NEW YORK CITY — Bank of America has provided a $123 million loan for the refinancing of 767 Third Avenue, a 40-story office tower in Manhattan. Designed by FXFowle, the building spans 310,000 square feet and features an amenity center with games, a movie screen, lounge with TVs and a boardroom. James Millon, Tom Traynor and P.J. Finley of CBRE arranged the debt. The borrower was Sage Realty, the leasing and management division of the William Kaufman Organization. A portion of the proceeds will be used to fund capital improvements and leasing costs.
NANUET, N.Y. — JLL has negotiated the sale of Alister Nanuet, a 504-unit apartment community in Nanuet, located about 30 miles north of Manhattan. The property features an average unit size of 1,208 square feet and amenities such as a pool, tennis court, fitness center, dog park, clubhouse and outdoor grilling and picnic areas. Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn and Michael Zlotnick of JLL represented the undisclosed seller in the transaction. New York City-based Cammeby’s purchased the asset for an undisclosed price.
NEW YORK CITY — Locally based firm ABS Partners Real Estate has completed the redevelopment of LX57, a 110,000-square-foot office building located at 695 Lexington Ave. in Manhattan’s Plaza District. The project included a lobby upgrade, renovated elevator cabs that feature touchless technology, a façade restoration and new furnishings of office suites. The 20-story building now also houses interior finishes that are designed for ease of cleaning and disinfection, and each floor now includes a dedicated air filtration system.
JERICHO, N.Y. — New Jersey-based investment firm The Birch Group has acquired 1 and 2 Jericho Plaza, a 665,592-square-foot office complex on Long Island, for $212 million. The property was 95 percent leased at the time of sale to tenants such as AIG, Deloitte, Morgan Stanley, Ernst & Young, Valley Bank, Sterling National Bank and UBS. The seller was a partnership between New York City-based private equity firm DRA Advisors and New Jersey-based Onyx Equities.
NEW YORK CITY — Touro College & University System, a nonprofit higher and professional learning institution, has signed a lease to open a 243,305-square-foot campus within 3 Times Square in Manhattan. Touro will occupy the third through ninth floors and part of the ground and second floors at the 30-story building, which originally opened in 2001 as the North American headquarters of Reuters. Today, The Rudin Family owns the building and is currently in the midst of renovating it. The lease term is 32 years. Designed by Michielli + Wyetzner Architects, the campus will include classrooms, labs, a library, event spaces, student lounges and cafés. Touro plans to move into the building in January 2023. Richard Bernstein, Steve Braun, Troy Elias and Jared Thal of Cushman & Wakefield, along with internal representative Jeffrey Rosengarten, represented Touro College in the lease negotiations. John Cefaly, Lou D’Avanzo, Ron Lo Russo, Paige Engeldrum and Lauren Hale of Cushman & Wakefield, along with in-house agent Tom Keating, represented building ownership.
NEW YORK CITY AND DALLAS — CBRE Investment Management has agreed to acquire a portfolio of logistics real estate assets in the United States and Europe from Hillwood Investment Properties, an industrial developer and owner based in Dallas. Under terms of the $4.9 billion acquisition agreement, affiliates of New York City-based CBRE Investment Management will purchase the 57-property, 28.4 million-square-foot portfolio from Hillwood. The transaction is subject to customary closing conditions, and CBRE Investment Management expects to close on the assets in stages. The portfolio includes 33 properties in the United States totaling 19.2 million square feet and 24 assets in Germany, Poland and the United Kingdom totaling 9.2 million square feet. “This milestone transaction reflects our ability to leverage the strong financial capacity of our parent company to secure compelling opportunities that help to drive strategic real assets solutions for our clients,” says Chuck Leitner, CEO of CBRE Investment Management. “Backed by a $35 billion AUM global logistics platform and a skilled team with deep domain expertise, we are positioned to be one of the world’s leading investors and operators of logistics assets.” The portfolio is one of several multi-market portfolio transactions in the industrial sector in the past …