Northeast

Fisher Brothers Signs Evercore to 350,000 SF Lease Renewal and Expansion in Manhattan

by David Cohen July 10, 2018

NEW YORK CITY — Fisher Brothers has signed Evercore to a lease expansion at Park Avenue Plaza in Manhattan. Evercore, a global independent investment banking advisory firm, will expand its lease from 150,000 square feet to 350,000 square feet at the 45-story, 1.2 million-square-foot tower. The lease runs through 2034. Alan J. Desino of Colliers International represented Evercore in the transaction. Designed by Skidmore, Owings & Merrill and completed in 1981, Park Avenue Plaza recently underwent a $40 million renovation and redesign.

July 10, 2018

Loans Multifamily Northeast Pennsylvania Student Housing

HFF Secures $19.4M in Acquisition Financing for Lehigh University Student Housing Portfolio

by David Cohen July 10, 2018

BETHLEHEM, PA. — HFF has secured $19.4 million in acquisition financing for a student housing portfolio at Lehigh University in Bethlehem. A private investment vehicle managed by Hong Kong-based Beacon Assets acquired the 71-building, 383-bed portfolio. HFF secured the five-year, fixed-rate acquisition loan for the borrower through Natixis. During the last two academic years, the portfolio achieved close to 99 percent occupancy, according to HFF. Lehigh University has an enrollment of more than 7,000.NEWINGTON, CONN. — Colliers International has brokered the sale of 445 and 445A Willard Ave., a 9,760-square-foot office condominium in Newington. Nickerson Properties LLC purchased the property for $2 million. Terri Rockefeller of Colliers International represented the seller, Rotundo Developers LLC, in the transaction. The property is currently 100 percent occupied by a Davita Dialysis Center and Family Adult Day Care, a senior care facility.

July 10, 2018

Leasing Activity Lee & Associates New York Northeast Retail

Lee & Associates Arranges 16,000 SF Lease for Fitness Factory Health Club in Yonkers

by David Cohen July 10, 2018

YONKERS, N.Y. — Lee & Associates has arranged a 16,000-square-foot lease at RXR Realty’s Larkin Plaza developmentin Yonkers for Fitness Factory Health Club. Larkin Plaza is a three-building, mixed-use residential and retail project, which will feature 439 residential units. Steve Lorenzo, Mitchell Salmon and Chris Ventura of Lee & Associates represented both the tenant and the landlord, RXR Realty, in the transaction. Fitness Factory Health Club signed a 15-year lease. The health club, which offers strength and cardio equipment, group classes, personal training, and nutrition is scheduled to open in early 2019.

July 10, 2018

Acquisitions Connecticut Northeast

Colliers Brokers $2M Sale of Office Condo in Newington, Connecticut

by David Cohen July 10, 2018

NEWINGTON, CONN. — Colliers International has brokered the sale of 445 and 445A Willard Ave., a 9,760-square-foot office condominium in Newington. Nickerson Properties LLC purchased the property for $2 million. Terri Rockefeller of Colliers International represented the seller, Rotundo Developers LLC, in the transaction. The property is currently 100 percent occupied by a Davita Dialysis Center and Family Adult Day Care, a senior care facility.

July 10, 2018

Development Healthcare New Jersey Northeast

Hampshire Companies Breaks Ground on 45,000 SF Medical Office Building in New Jersey

by David Cohen July 10, 2018

GLEN RIDGE, N.J. — The Hampshire Companies has broken ground on a three-story, 45,000-square-foot medical office building in Glen Ridge. The facility, located on the site of a former nursing school, is directly across the street from Mountainside Medical Center. Designed to meet the needs of 21st century health care providers, the medical office building will offer physicians and specialists Class A office space to provide care to the local community. The facility is expected to house a range of medical practices, including obstetrics and gynecology, vascular, neurosurgery, urology, general surgery, cardiology, orthopedics, ENT and pediatrics.

July 10, 2018

Acquisitions Development Mixed-Use New York Northeast Office Top Stories

Walt Disney Co. Strikes $650M Deal to Develop New Downtown Manhattan Headquarters

by John Nelson July 10, 2018

NEW YORK — The Walt Disney Co. (NYSE: DIS) has acquired development rights in downtown Manhattan’s Hudson Square neighborhood for $650 million. The 4 Hudson Square site covers a full city block bordered by Hudson, Varick, Vandam and Spring streets. The global media firm plans to move its New York operations to the new site, including 1.2 million square feet of office and production space for WABC-TV, ABC News, Live with Kelly and Ryan and The View. According to ABC-7, Good Morning America will continue to broadcast from Times Square and Disney Streaming Services will relocate from Chelsea Market to the Hudson Square site. “We’re announcing plans to build an incredible new state-of-the-art facility at 4 Hudson Square in downtown Manhattan that will ensure our employees have everything they need to do their best work and lead the way forward,” said Robert Iger, chairman and CEO of Disney. “This move represents a historic step forward toward our long-term vision for our New York operations. The Hudson Square district is rapidly becoming a dynamic, innovative hub for media, technology and other creative businesses. We are pleased and proud to be joining this exciting community.” According to Iger, the new facility will …

July 10, 2018

Acquisitions Multifamily New Jersey Northeast

Houlihan-Parnes Brokers $27.3M Sale of Apartment Community Near Philadelphia

by David Cohen July 9, 2018

LINDENWOLD, N.J. — Houlihan-Parnes Realtors has brokered the $27.3 million sale of the Stonington Court apartments, a 456-unit apartment community at 1800 Laurel Road in Lindenwold. The community is located approximately 16 miles southeast of Philadelphia. Robert V. Tiburzi Jr. of Houlihan-Parnes represented the seller, an investment company. The Kislak Co., represented the buyer, a New Jersey-based real estate investor.

July 9, 2018

Acquisitions New Jersey Northeast Office

Paramount Assets Acquires Four-Story Office Building, Theater in Newark

by David Cohen July 9, 2018

NEWARK, N.J. — Paramount Assets has acquired 560 Broad Street in Newark. The property includes a 33,000-square-foot, four-story office building and an 18,000-square-foot café and theater. The seller and sales price were not disclosed. Located in the University Heights neighborhood of Newark, the property is nearby the Newark Museum, Newark Public Library, Prudential Center and the New Jersey Performing Arts Center as well as the Newark campuses of Seton Hall and Rutgers universities.

July 9, 2018

Acquisitions Connecticut Hospitality Northeast

Marcus & Millichap Negotiates $11M Sale of Fairfield Inn & Suites in Connecticut

by David Cohen July 9, 2018

UNCASVILLE, CONN. — Marcus & Millichap has negotiated the sale of the Fairfield Inn & Suites in Uncasville. The recently renovated four-story, 105-room hotel sold for $11 million. The property was recently repositioned from a Best Western to a Fairfield Inn & Suites by Marriot. Jonathan S. Ruprai of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was not disclosed.

July 9, 2018

Leasing Activity New York Northeast Office

Concordia Care Inc. Signs 12,000 SF Lease at Office Park in New Jersey

by David Cohen July 9, 2018

FLORHAM PARK, N.J. — Concordia Care Inc. has signed a 12,494-square-foot lease at 25 Hanover Road Corporate Center in Florham Park. Peter Shikar of CBRE arranged the transaction on behalf of property owner, The Silverman Group. At 134,458 square feet, 25 Hanover Road Corporate Center is located approximately 16 miles west of Newark. The Silverman Group recently completed capital improvements that included a new fitness center, conference center, a new café and renovated common areas.

July 9, 2018

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