NEW YORK CITY — WeWork has signed a 19-year lease for 180,000 square feet of office space at 1460 Broadway in Times Square. The company will occupy the entire 16-story building except for the second and third floors, which will be converted into a multi-level retail space. WeWork, a provider of shared workspace, community and services for entrepreneurs, freelancers, startups and small businesses, will take occupancy of the property later this year. The property is jointly owned by Himmel + Meringoff and The Swig Company. Additional terms of the lease were not released.
Young professionals are flocking to Boston to find higher-paying jobs generated by fruitful healthcare and technology industries. Pharmaceutical companies like GE Healthcare, Amgen and Novartis AG are expanding in Boston and Cambridge. In addition, professional, business services, education, and health services sectors have all surpassed pre-recession employment. In 2015, companies in Boston are projected to create 43,000 new jobs, which is a 1.7 percent annual increase. The increased pace of hiring will support household formation and elevate the area’s housing demand. The Greater Boston region is experiencing one of its largest residential building booms in recent history. Most of the area’s proposed and under-construction residences are apartments and many of them are on the luxury end, including the Ink Block and Troy Boston on the South End, and the Zinc in East Cambridge. Multifamily inventory will expand 1.6 percent this year, resulting in a total delivery of 7,250 new units. Many potential homeowners will choose renting over buying as more and more potential homebuyers prefer short commute times and the lifestyle that renting offers — a growing trend across many of the country’s major metros. Nationwide, apartments outperformed expectations for 2014. The national vacancy rate dipped as low as 4.2 …
NEW YORK CITY — Triangle Equities has completed the development of a nine-story mixed-use building located at 42-05 Parsons Blvd. in the Flushing neighborhood of Queens. The 28,546-square-foot condominium building features 14 residential units and five office units. The lower level of the building is being offered as a community facility space, totaling 6,755 square feet in five separate units. The space features 13-foot ceilings, a separate elevator and staircase and a private entryway. The top floors offer 14 two-bedroom/bathroom condos and two three-bedroom/bathroom penthouses on the top two floors. Ranging in price from $550,000 to more than $1 million, the residential condos feature hardwood floors, private balconies/terraces, walk-in closets, stacked washer/dryers and a video intercom entry system. Block & Lot Real Estate & Management is representing the ownership in all residential sales, while Cushman & Wakefield is handling the sale of the community facility space.
GLEN MILLS, PA. — HFF has arranged $60 million in financing for Concordville Town Centre, a retail center located at 101 Byers Dr. in Glen Mills. HFF secured the long-term, fixed-rate mortgage through an institutional insurance company for the borrower, Brandolini Cos. Consisting of 12 buildings, the 397,188-square-foot center is 99.3 percent occupied by a variety of tenants, including The Home Depot, Acme Markets, Marshalls, HomeGoods, Staples, PetSmart, Wells Fargo Bank, Outback Steakhouse, Santander Bank and Bertucci’s. Ryan Ade led the HFF team that secured the financing for the borrower.
NEW YORK CITY — Institutional Property Advisors (IPA) has brokered the sale of a mixed-use property located at 3671 Broadway in Manhattan’s Hamilton Heights neighborhood. Broadway 152 LLC purchased the 69,876-square-foot property from G-Way Management LLC for $27 million, or $386 per square foot. Built in 1908, the six-story building features 48 residential units and six ground-level retail spaces. The apartments feature hardwood floors, stainless steel appliances, granite countertops, exposed brick walls and recessed lighting. Peter Von Der Ahe, Scott Edelstein, Joe Koicim, Seth Glasser and Rafi Moskowitz of IPA, a division of Marcus & Millichap, represented the seller in the transaction.
LANSDALE, PA. — A joint venture between Lowe Enterprises Investors and First Capital Advisors has acquired Silk Factory Lofts, a 116-unit apartment community located at 200 S. Line St. in Lansdale, for an undisclosed price. Originally built in 1922 as the Interstate Hosiery Mill, the building was converted to a multifamily property in 2008. The 99 percent-occupied property features a mix of one-, two- and three-bedroom units with open floor plans, high ceilings, large windows and modern finishes. Community amenities include a fitness center, community room and landscaped courtyards. The joint venture plans to upgrade unit finishes and complete improvements to the common areas. Greystar has been retained to manage the property. Jones Lang LaSalle represented the seller, an affiliate of Morgan Properties, in the transaction.
CAMBRIDGE, MASS. — Biogen has signed a 10-year lease for 80,000 square feet of Class A laboratory and office space at BioMed Realty Trust Inc.’s 301 Binney St. property in Cambridge. Biogen — which develops, markets and manufactures therapies for neurological, autoimmune and hematological disorders — plans to use the space to expand its drug discovery efforts. This lease brings BioMed Realty’s property to 100 percent leased.
NEW YORK CITY — New York City-based NorthStar Realty Finance Corp. has closed the acquisition of a €1.1 billion ($1.2 billion U.S.) pan-European office portfolio that the company entered into an agreement to purchase in 2014. The approximately 186,000-square-meter (2 million-square-foot) portfolio comprises 11 Class A office properties located in seven of Europe’s top markets: London, UK; Paris, France; Hamburg, Germany; Milan, Italy; Brussels, Belgium; Amsterdam and Rotterdam, Netherlands; and Gothenburg, Sweden. NorthStar Realty financed the acquisition with €530 million of the seven year senior mortgages, denominated primarily in the local currencies of the respective properties, with a current weighted average interest rate of approximately 1.8 percent. NorthStar Realty Finance Corp. is a diversified commercial real estate company that is organized as a REIT. NorthStar Realty is managed by an affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM), a global asset management firm.
CRANFORD, N.J. — Marcus & Millichap has brokered the sale of Cranford Square, a retail property located on South Avenue in Cranford. Situated on 2.2 acres, the two-building asset features 34,573 square feet of retail space. Michael Lombardi, Robert Angus and Julienne Pape of Marcus & Millichap represented the seller, a private investor, while Lombardi and Angus represented the undisclosed buyer in the transaction.
LINDEN, N.J. — CenterPoint Properties has acquired a 386,296-square-foot port-proximate industrial facility located at 1800 Lower Road in Linden for an undisclosed price. Situated on 18 acres, the fully leased property features 600 car parking spots, 30-foot ceiling heights, 59 docks and six drive-in doors. The property is currently leased to Waitex Group, a worldwide conglomerate of companies focusing on supply chain logistics, apparel, retail and real estate investment and development. Jeffrey Miller of Lee & Associates represented CenterPoint Properties in the transaction. The name of the seller was not disclosed.