BOSTON — Thibeault Development has acquired 15 and 19 Congress Street in Boston from Related Fund Management, a subsidiary of Related Cos., for an undisclosed price. Totaling 54,461 square feet, the properties are part of a master redevelopment plan for Congress Square in Boston’s Financial District. In 2013, Related Fund Management acquired the five buildings that are being redeveloped by Related Beal. The buyer plans to transform the buildings into residences with approximately 5,750 square feet of street-level retail and restaurant space with immediate access to Quaker Lane. Biria St. John of CBRE represented Related Beal in the transaction.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a six-story co-op apartment building located at 121-131 Fort George Ave. in the Hudson Heights section of Manhattan. Fort George Property LLC, Fort George Realty LLC and NY Tryon sold the building to Fort George Housing LLC and NYC Partnership Housing Development Fund for $9.5 million. All of the co-op shares were sold in the transaction. Built in 1960, the building features 44 apartment units. Michael Guttman of Rosewood represented the buyer, while Aaron Jungreis, also of Rosewood, represented the seller in the deal.
NEW YORK CITY — EVO Real Estate Group has arranged the acquisition of an office condominium located at 633 Third Ave. in the Midtown section of New York City. Zionist Organization of America acquired the 10,105-square-foot property from Time Equities for $9.3 million. The buyer is relocating from 4 E. 34th St. and plans to take occupancy of the space in September. Jonata Dayan and Jonathan Ben-Dayan of EVO represented the buyer, while Brandon Medeiros provided in-house representation for the seller.
NEW YORK CITY — Equicap has secured a $7.5 million permanent loan for a six-story commercial property located in the Union Square section of New York City. Daniel Hilpert arranged the five-year refinancing loan for the undisclosed borrower. The property is occupied by a restaurant chain and various office tenants.
NEW YORK — Global Net Lease Inc. (NYSE: GNL) has approved a definitive merger agreement to acquire all of the outstanding common stock of American Realty Capital Global Trust II Inc., a non-traded REIT, for approximately $247 million. Both REITs focus on acquiring single-tenant net leased commercial properties in sale-leaseback transactions. The property types include office, retail and industrial. The combined companies create a larger global net lease REIT with an expected enterprise value of $3.3 billion. The transaction joins two complementary U.S. and European net lease portfolios with a combined asset base of 345 properties in seven countries spanning 23 million square feet. The portfolio is currently net leased to 99 tenants. “We are excited about GNL’s combination with Global II, which represents another positive step in the evolution of our company and reinforces our efforts to grow accretively, creating shareholder value,” says Scott Bowman, CEO and president of GNL. Under the terms of the agreement, Global II shareholders will receive 2.27 shares of GNL for each share of Global II common stock they own, which implies $19.59 per each share of Global II. Upon closing, Global II shareholders will own approximately 14 percent of the combined company. The …
METUCHEN, N.J. — Woodmont Properties has opened the first phase of Woodmont Metro at Metuchen Station, a transit-oriented apartment community located in downtown Metuchen at the New Jersey Transit Metuchen Train Station. The recently opened phase includes Pearl Street parking garage, a six-level, 796-space parking garage for residents, commuters and shoppers. Managed by Nexus Parking Systems, the parking deck will feature 24-hour on-site service representatives, covered parking, self-service kiosks, daily and monthly rates, vehicle charging stations and portable battery jumper service, as well as handicapped parking and elevators on every level. Slated for completion by the end of 2017, the development will feature 273 residential apartments, an open-space piazza and 11,500 square feet of shops and restaurants.
PLYMOUTH MEETING, PA. — Corporate Office Properties Trust has sold Arborcrest Corporate Campus, a Class A redevelopment office project in Plymouth Meeting. An undisclosed buyer acquired the property for $143 million. The asset features four buildings totaling 654,000 square feet that are 100 percent leased, a 190,000-square-foot redevelopment opportunity at 785 Jolly Road and 27 acres of additional land.
NEW YORK CITY — Newmark Holdings, in partnership with Olmstead Properties, has acquired an office building located at 43-01 22nd St. in the Courthouse Square section of Long Island City, for $61 million. The companies will now share equal ownership of the six-story, 225,000-square-foot building. The buyers plan to implement an extensive capital improvements program to renovate the building with improvements to the lobby, windows, elevators and restrooms. The seller was a private family, which had owned the property since the 1920s.
HOBOKEN, N.J. — EY, formerly Ernst & Young, has signed a new lease for 168,000 square feet of office space at Waterfront Corporate Center II in Hoboken. The global accounting firm is expected to take occupancy in June 2017 and will be relocating a portion of its New York City operations to the space. The three-building complex features 1.5 million square feet of Class A commercial space adjacent to the W Hoboken Hotel. Michael Geoghegan, Craig Reicher, Glenn Dyke, Joan Meixner and Nick Hilton of CBRE represented EY, while Jeff Schotz and Peter Bronsnick provided in-house representation for the landlord, SJP Properties.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a single-story retail building located at 630 Forest Ave. in the West New Brighton section of Staten Island. 12 Franklin Realty Corp. purchased the 7,836-square-foot building from 630 Forest Avenue LLC for $4.9 million. Built in 1930, the building is currently leased to Duane Reade. Michael Guttman of Rosewood Realty represented the buyer and the seller in the deal.