NEW YORK CITY — The United Nations (UN) has signed a 425,190-square-foot office lease renewal and expansion at 2 United Nations Plaza in Midtown Manhattan. The lease encompasses 425,190 square feet across 26 stories, consolidating and expanding the UN’s New York City footprint, including a two-story retail component at 1 United Nations Plaza. The UN will now occupy nearly all the office space at 2 UN Plaza, which spans levels two through 26 at the property. In addition, the lease extension brings together operations previously split between 1 and 2 UN Plaza, which are currently in the midst of a $500 million capital improvement program. Jim Saunders, Jason Perla and Roy Abernathy of Newmark represented the UN in the negotiations. Scott Gottlieb of CBRE represented the landlord, which according to Wikipedia is a partnership between the United Nations Development Corp. and Millennium & Copthorne Hotels.
BOSTON — Related Beal, the Boston office of Related Cos., has topped out construction of Leiden Center II at Innovation Square, a 345,000-square-foot life sciences project in Boston. The 1.8-acre site is located within Raymond L. Flynn Marine Park in the Seaport District, and the seven-story building, which represents Phase III of the larger Innovation Square development, is fully preleased to Vertex Pharmaceuticals. A consortium of lenders consisting of Santander Bank, Ullico, LBBW and Washington Capital provided construction financing for the project, in which Basis Investment Group is an equity investor. Completion is slated for early 2027. The project is expected to generate as many as 700 construction jobs and approximately 500 permanent jobs for the city.
WILMINGTON, MASS. — JLL has arranged $92 million in financing for the three-building, 393,911-square-foot Fordham Park Robotic and Logistics Campus in the northern Boston suburb of Wilmington. The campus spans 40.1 acres and features high-bay research and development, robotics and distribution space. The park was fully leased at the time of sale to credit tenants in the e-commerce, warehouse automation/robotics and semiconductor equipment/industrial automation industries. Tom Sullivan led the JLL team that arranged the five-year loan through M&T Bank on behalf of the borrower, Carlisle Capital Corp.
AUBURN, N.Y. — An affiliate of St. Louis-based Commercial Development Co. has purchased the 237,480-square-foot former Bombardier manufacturing plant in Auburn, located outside of Syracuse in upstate New York. The 15-acre facility was originally built in 1886 to produce diesel engines and rail transportation equipment and includes several structures that were built in the 1940s. The facility features clear heights of 45 to 60 feet and is equipped with 12 overhead crane ways. Additionally, the property is fully paved and fenced with power-ready infrastructure in place. The new ownership will evaluate the existing buildings and retain or redevelop portions of the property based on market analysis.
HOBOKEN, N.J. — Unilever (NYSE: UL) has opened its new, 111,000-square-foot office in Hoboken that will serve as the British conglomerate’s new U.S. headquarters. Unilever will occupy three full floors at 111 River Street, which is part of the three-building, 1.5 million-square-foot Waterfront Corporate Center complex. CBRE represented Unilever in the fall 2024 lease negotiations. New York City-based SJP Properties owns Waterfront Corporate Center, which is also home to tenants such as Lipton, Walmart and Newell Brands.
NEW YORK CITY — The New York City Planning Commission has approved the Midtown South Mixed-Use Plan (MSMX), a rezoning initiative that could ultimately facilitate the creation of as many as 9,700 new residences across a 42-block section of Midtown Manhattan. The MSMX plan covers four areas centered around Herald and Greeley Square, located between West 23rd and West 40th streets, as well as Fifth and Eighth avenues. The area today is largely defined by commercial and industrial uses, with current land-use rules restricting new housing development. Midtown South is currently home to more than 7,000 businesses, 135,000 jobs and various public transportation hubs, but the neighborhood has struggled to rebound in the aftermath of the COVID-19 pandemic as hybrid work schedules have become more entrenched. In addition to these commercial vacancies, the submarket is subject to restrictive zoning rules that limit opportunities for New Yorkers to live near their jobs. “For far too long, outdated zoning policies have limited the potential of this well-resourced area to help address New York City’s urgent housing needs,” says Rachel Fee, executive director of the New York Housing Conference, nonprofit affordable housing policy and advocacy organization. “In the midst of a dire housing crisis, …
CHERRY HILL, N.J. — New York City-based Madison Realty Capital (MRC) and Chicago-based Pearlmark have provided $140 million in financing for The Plaza Grande, a 507-unit active adult project located outside of Philadelphia in Cherry Hill. Units are reserved for renters age 55 and above. Amenities include an 18,500-square-foot clubhouse, golf simulator, indoor and outdoor pools, tennis and pickleball courts, a theater, sauna and massage rooms and lounge areas. The borrower, New Jersey-based Procida Funding & Advisors, will use the debt to complete construction and fund lease-up costs.
WINDSOR, CONN. — JLL has brokered the $25.3 million sale of a 165,625-square-foot warehouse in Windsor, located just outside of Hartford. The building at 105 Baker Hollow Road was completed in 2022 and features 32-foot clear height, 38 loading docks, one drive-in door and parking for 117 cars and 58 trailers. Michael Restivo, David Coffman and Tommy Hovey of JLL represented the seller, a joint venture between Condyne Capital Partners and an account managed by UBS Realty Investors, in the transaction. The buyer was Missouri-based NorthPoint Development.
MEDFORD, MASS. — Newmark has negotiated the $11.7 million sale of 101 Station Landing, a 160,482-square-foot office building located north of downtown Boston in Medford. The five-story, transit-oriented building includes a café, outdoor plazas and garage parking. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, William Sleeper, Joseph Alvarado and Casey Valente of Newmark represented the seller, James Campbell Co., in the transaction. The team also procured the buyer, locally based investment firm RJK, which plans to implement capital improvements.
SOUTH ORANGE, N.J. — New Jersey-based developer Mark Built Homes has completed Mosaic South Orange, a 42-unit multifamily project located about 20 miles west of New York City. Units come in one-, two- and three-bedroom floor plans and range in size from 790 to 1,665 square feet. Residences are furnished with quartz countertops, custom cabinetry, full-size washers and dryers and smart technology, and select residences have private balconies and patios. Amenities include a rooftop deck and clubroom with lounge seating, a fitness center, coworking lounge and indoor and outdoor social spaces. Rents start at $2,995 per month for a one-bedroom apartment.