NEW YORK CITY — Aaronson Rappaport Feinstein & Deutsch LLP has signed a 15-year, 42,764-square-foot office lease extension in Midtown Manhattan. The deal keeps the law firm on the entire fifth and sixth floors at 600 Third Avenue, a 575,254-square-foot building that was originally constructed in 1970, through 2042. Mark Weiss and David Mainthow of Cushman & Wakefield, along with Larry Bank of Matador Capital Management, represented the tenant in the lease negotiations. Jonathan Tootell, Tanya Grimaldo and Giannina Brancato represented the landlord, L&L Holding Co., on an internal basis.
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Franklin BSP Realty Trust Agrees to Acquire Multifamily Mortgage Originator NewPoint Holdings
NEW YORK CITY AND PLANO, TEXAS — Franklin BSP Realty Trust Inc. (NYSE: FBRT), a REIT based in New York City, has entered into a definitive agreement to acquire NewPoint Holdings JV LLC, a multifamily loan originator headquartered in Plano. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions, including regulatory approvals. Terms of the transaction were not released. Launched in 2021, NewPoint has an existing servicing portfolio of $54.7 billion, including mortgages for market-rate multifamily, affordable housing, seniors housing, healthcare and manufactured housing properties nationwide. The company operates as both a direct lender and third-party placement provider. NewPoint, through its wholly owned subsidiary NewPoint Real Estate Capital LLC, is one of 19 multifamily originators and servicers approved to make loans on behalf of Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development (HUD). The acquisition will now allow Franklin BSP Realty Trust to originate agency mortgage loans. “For years we have been looking to add agency capabilities to the platform,” says Michael Comparato, president of Franklin BSP Realty Trust. “We believe this transaction is the final piece to complete our ‘one stop shop’ puzzle.” The acquisition will …
NEW YORK CITY — Locally based investment and development firm Savanna has acquired a 95,000-square-foot office building in the Meatpacking District of Lower Manhattan for $85 million. The building at 430 W. 15th St. rises eight stories and includes 8,000 square feet of outdoor terrace space following a renovation in 2015. Will Silverman, Alana Bassen, Gary Philips and Jeff Organisciak of Eastdil Secured represented the undisclosed seller in the transaction. Adam Kopald of law firm Goodwin Procter acted on behalf of Savanna. The building was fully leased at the time of sale.
NEW YORK CITY — Gymshark has signed a 15,000-square-foot retail lease in Manhattan’s NoHo district. The British fitness apparel and accessories retailer will occupy the entirety of the building at 11 Bond St., which was originally constructed in 1913, for its flagship U.S. store. Joel Stephen of CBRE represented Gymshark, which plans to open later this year, in the lease negotiations. Brandon Singer of Retail by MONA represented the landlord, RFR.
Sycamore Partners Agrees to Acquire, Privatize Drugstore Giant Walgreens in Multibillion-Dollar Deal
DEERFIELD, ILL. AND NEW YORK CITY — Walgreens Boots Alliance (Nasdaq: WBA) has entered into a definitive agreement to be acquired by an entity affiliated with private equity firm Sycamore Partners. The total value of the transaction is $23.7 billion, according to WBA, including an equity value of $10 billion, as well as debt, capital leases and potential future payouts from the opioid and Everly Health Solutions COVID-19 testing settlements. Upon completion of the transaction, which is expected to close in the fourth quarter of 2025, WBA common stock will be delisted from the Nasdaq Stock Market. WBA will continue to operate as a private company under Walgreens, Boots and its portfolio of consumer brands, and also will maintain its headquarters in Deerfield. The per-share price is valued at $11.45, which represents a premium of up to 63 percent over the WBA closing share price of $8.85 on Dec. 9, 2024, the day before reports came out about a potential sale. Under the terms of the agreement, WBA shareholders will also receive one non-transferable divested asset proceed right (i.e. DAP right) to receive up to $3.00 per WBA share from the future monetization of WBA’s debt and equity interests in …
NEW YORK CITY — A partnership between airline JetBlue (NASDAQ: JBLU), The Port Authority of New York & New Jersey and aviation facilities and operations manager Fraport USA has unveiled plans for the redevelopment of Terminal 5 at JFK International Airport in New York City. The redevelopment, which is part of larger $19 billion overhaul of the airport, will include the addition of more than 40 new concessions and new amenities, such as art installations. The project team will also redesign the center concourse to pay homage to New York parks via greenery, benches and concrete chess tables. The redesigned center concourse will also feature a dedicated space for pop-up experiences, interactive events and live performances. The first new concessions are expected to open throughout 2025, with terminal improvements slated for full completion by the end of 2026. Today, about 165 JetBlue flights and 35,000 travelers pass through Terminal 5, which opened in 2008 and was expanded in 2014. The project follows the redevelopment of Terminal 6, which carries a price tag of $4.2 billion.
NEW YORK CITY — Pickle1, a locally based pickleball operator, will open a 5,060-square-foot facility in Manhattan’s Financial District. The lease term is 10 years, and the three-court space will be located within the 964,175-square-foot building at 100 Pearl St. Allen Gurevich of GFP Real Estate and Andrew Taub of Newmark represented the owner, Commerz Real Americas, in the lease negotiations. Steven Evans and Emre Bozkurt of Platinum Properties represented Pickle1. The opening is set for this summer.
NEW YORK CITY — An investment group led by asset manager BlackRock has announced a deal to acquire two ports on either end of the Panama Canal for a total of $23 billion, including $5 billion of debt. Hong Kong-based CK Hutchison Holding, a global conglomerate of ports, infrastructure and telecommunications, is the seller. The investment consortium, which is doing business as BlackRock-TiL Consortium and also includes BlackRock subsidiary Global Infrastructure Partners and Terminal Investment Limited, will purchase all of CK Hutchison Holding’s shares in Hutchison Port Holdings and Hutchison Port Group Holdings. The ports involved in the transaction include those of Balboa and Cristobal. Hutchison Ports was recently awarded a 25-year, no-bid extension to operate the ports, according to AP News. However, an audit of the extension was already underway at the time of the deal. Upon completion of the acquisition, which must be approved by Panama’s government, BlackRock will have consortium control of 43 ports across 23 countries. This news follows expressions of concern from U.S. government officials that Chinese influence could affect dealings in the canal. The United States controlled the Panama Canal, as well as surrounding land called the “canal zone,” between 1903 and 1999. The canal took …
NEW YORK CITY — Newmark has arranged a $275 million loan for the refinancing of 63-67 Wall Street, an apartment complex in Lower Manhattan that comprises 816 units across two buildings. The buildings were originally constructed for office use: 67 Wall Street was built in 1921 as the headquarters for the Munson Shipping Co., and 63 Wall Street was built in 1928 as the headquarters for Brown Brothers Harriman & Co. The buildings were converted into apartments in 2006 and 2004, respectively. Units come in studio, one- and two-bedroom floor plans, and amenities include a fitness center, rooftop terrace with a lounge and grilling stations, game room, golf simulator, library, children’s playroom and a business center. Jordan Roeschlaub, Nick Scribani and Chris Kramer of Newmark arranged the financing on behalf of the owner, a partnership between Boston-based real estate private equity firm Rockpoint and investment and management firm Brooksville Co. Apollo Global Management provided the loan. The partnership acquired the buildings in 2016 and has since invested in capital improvements.
NEW YORK CITY — Northmarq has provided a $12.9 million Fannie Mae loan for the refinancing of a 35-unit apartment building located at 49 Ludlow St. in Manhattan’s Lower East Side that was originally constructed in 2000. According to Apartments.com, the elevator-served building offers two- and three-bedroom units, with private terraces available in select residences, as well as onsite laundry facilities. Tom Peloquin led the Northmarq team that originated the 10-year loan on behalf of the borrower, an entity doing business as The Downtown Apartments LLC.