CAMBRIDGE, MASS. — Locally based design-build firm TRIA has completed the build-out of a 50,000-square-foot life sciences space in Cambridge, located across the Charles River from Boston. The space is a build-to-suit for biopharmaceutical user Korro Bio, which develops therapies for patients with a range of diseases, and features a multitude of flexible workspaces, meeting and collaboration areas and designated lab facilities. The building is located at 60 First St. and is a redevelopment of a former Sears facility.
WAKEFIELD, MASS. — Boston-based Eastern Bank has signed a 51,751-square-foot office lease in Wakefield, a northern suburb of Boston. The space is located within the 155,000-square-foot building at 601 Edgewater Drive, which is part of a larger 1 million-square-foot campus known as The Edge. Newmark represented the landlord, Hobbs Brook Real Estate, in the lease negotiations. Cushman & Wakefield represented Eastern Bank, which plans to take occupancy in the third quarter of next year.
NEW YORK CITY — M&T Realty Capital Corp. has provided a $204.9 million Fannie Mae loan for the refinancing of a 584-unit apartment tower in the Long Island City area of Queens. The 26-story building at 46-10 Center Blvd. houses studio, one-, two- and three-bedroom residences and one ground-floor retail space totaling 7,733 square feet. Amenities at the property include a fitness center, multiple lounge areas, coworking space and a rooftop terrace. The building is LEED certified. Michael Casey of M&T Realty Capital originated the debt on behalf of the borrower, locally based investment and development firm TF Cornerstone. The loan features a 35-year amortization schedule and full-term, interest-only payments. According to Casey, the loan underwriting offered the borrower “a very competitive structure.” M&T Realty Capital Corp., a Fannie Mae DUS lender, is a wholly owned subsidiary of M&T Bank that provides financing for multifamily properties, commercial income properties and healthcare facilities. In addition to apartments, TF Cornerstone owns more than 1 million square feet of retail space throughout New York City and 2.5 million square feet of office properties in Washington, D.C., and New York City, including Carnegie Hall Tower. — Kristin Harlow and Taylor Williams
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Multifamily, Industrial, Office Transaction Activity Trends Upward Amid Shifting Valuation Landscape
The spike in interest rates nearly three years ago brought investment sales to a virtual standstill, as deep disagreements over valuation between buyers and sellers dominated the market. While recent Federal Reserve cuts to the federal funds rate raised hope for a resurgence in transactions, ongoing volatility in the bond market, concerns about reemerging inflation and uncertainty over fiscal and monetary policy continued to weigh on a full-blown rebound in investment activity. The uncertain environment makes it difficult for investors to easily evaluate commercial property values, underscoring the importance of access to comprehensive, real-time data on transactions, market fundamentals and emerging trends, says Alex Hoenig, MAI, Midwest regional managing director at Apprise, Walker & Dunlop’s independent valuation firm. “Our understanding of current values for commercial real estate relies on transactions actually taking place, and sales velocity has started to inch back up,” reports Hoenig. “But there’s no question that there has been a lot of volatility in the market, which requires a local expert with access to a strong network and a constant pulse on market comparables.” Walker & Dunlop launched Apprise in 2020 to accelerate technology-driven solutions in the commercial real estate sector. Apprise serves owners and investors nationwide, …
NEW YORK CITY — Global Holdings will undertake a $30 million renovation of 99 Park Avenue, a 26-story, 600,000-square-foot office building in Midtown Manhattan. Designed by VOCON, the capital improvement program will feature a reimagined lobby and updated amenity spaces, including a conference center, speakeasy, barbershop and salon and an entertainment lounge with a bowling alley and golf simulator. Completion is slated for early 2026. Global Holdings has also recently secured several lease renewals and expansions at 99 Park Avenue, including a deal with Metropolitan Commercial Bank for a 52,677 square-foot extension covering floors 12-13 and a 26,802-square-foot new lease for the entire 11th floor. In addition, Philadelphia-based real estate investment firm Lubert-Adler signed an eight-year lease expansion covering 7,674 square feet for a portion of the 19th floor. Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter of JLL represented Global Holdings in the lease negotiations.
HARTFORD, CONN. — Locally based brokerage firm O,R&L Commercial has negotiated the $12 million sale of two facilities in Hartford that are operated by the Materials Innovation & Recycling Authority (MIRA). The facility at 211 Murphy Road is a 92,616-square-foot industrial building that includes a weigh station and access rights to a railspur and was also the former home of The Trash Museum. The adjacent property at 171 Murphy Road is a one-story, 19,200-square-foot industrial building. Luke Massirio and Thom Wilks of O,R&L brokered the deal on behalf of MIRA. The buyers were not disclosed.
MANCHESTER, CONN. — New York-based operator Connect55+ has begun leasing a 128-unit active adult community located at 140 Spencer St. in Manchester, about 10 miles east of Connecticut. Connect55+ Manchester offers one- and two-bedroom apartments that all have private patios/balconies. Amenities include a movie theater, fitness center, library and a community center. Information on starting rents was not disclosed. The facility is the first in Connecticut for Connect55+.
WOBURN, MASS. — CBRE has brokered the $11.2 million sale of a Woburn Plaza, a 31,994-square-foot shopping center located on the northern outskirts of Boston. Tenants at the property include West Marine, Eastern Bank and Mattress Firm. Nat Heald, Kyle Juszczyszyn, Connor Scott and Jordana Roet of CBRE represented the seller, locally based owner-operator Linear Retail Properties, in the transaction. The buyer was Chestnut Realty Management.
MIDDLETOWN, DEL. — Sprouts Farmers Market has opened an 23,000-square-foot store in Middletown, located north of Dover near the Maryland-Delaware border. The store is located at 431 Middletown Warwick Road and is the second in Delaware for the Phoenix-based grocer. About 80 people are expected to work at the store on full- and part-time bases.
NEW YORK CITY — Cushman & Wakefield has arranged the $48 million sale of two office and retail buildings totaling 144,251 square feet — 128,032 square feet of office space and 16,219 square feet of retail space — in Midtown Manhattan. The buildings are located at 303 W. 42nd St. and 300 W. 43rd St. in the Times Square area and were recently renovated. Retail users include Chick-fil-A, Smashburger, 7-Eleven, Little Italy Pizza and Dunkin’. Andrew Berry and Charlie Gravina of Cushman & Wakefield represented the sellers, a pair of limited liability companies, in the transaction. The buyer was a partnership between Blake Partners, JAM Real Estate Partners and The Straus Group.