BOSTON — HFF (NYSE: HF) has secured financing totaling $240 million for One Channel Center and the Channel Center Garage, a 501,650-square-foot, newly built office building and 967-space parking garage in Boston’s Seaport District. HFF represented the borrower, a venture between affiliates of Ares Management LLC and CV Properties LLC. The financing was structured as a $190 million first mortgage loan and a $50 million mezzanine loan. The loans will be used to refinance the construction loan on the property. One Channel Center, designed by the architectural firm of ADD Inc. in collaboration with Spalding Tougias Architects, was completed in June 2014. HFF also arranged the $170 million construction loan for the property in 2012. The 11-story One Channel Center is leased entirely to State Street Corp., an international financial services company. One Channel Center and the Channel Center Garage are located within the larger Channel Center master-plan area, a 2.1 million-square-foot mixed-use neighborhood combining office, luxury residential and street-front retail and restaurants. Channel Center is anchored by a series of landscaped parks that include the 1.7-acre Channel Center Park. Anthony Cutone, managing director, and Brett Paulsrud, senior real estate analyst, led the HFF debt placement team.
Northeast
WESTBOROUGH, MASS. — W. P. Carey Inc. has acquired a facility within Westborough Technology Park in Westborough, a suburb 30 miles west of Boston. The 250,813-square-foot office property sold for $47 million. The property is currently leased to Bose Corp. for a period of 11 years. The seller was Columbia Property Trust. W. P. Carey is a global net-lease REIT specializing in corporate sale-leaseback financing, build-to-suit construction financing and the acquisition of single-tenant net-lease properties.
NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 550-554 Fourth Ave. in Brooklyn’s Park Slope neighborhood. The property, which is an assemblage of five tax lots with a 7,032-square-foot footprint including a property at 138-140 15th Street, sold for $7.4 million. Located at the corner of 15th Street and Fourth Avenue, the site is zoned for C2-4/R8A and allows for 38,000 buildable square feet or up to approximately 50,632 gross buildable square feet with inclusionary housing. Ofer Cohen, Melissa DiBella Warren, Peter Matheos, Dan Marks, Michael Hernandez and Joseph Terzi of TerraCRG arranged the transaction.
PORT JEFFERSON, N.Y. — The Town of Brookhaven Industrial Development Agency (IDA) has approved benefits to a proposed 74-unit rental apartment complex in Port Jefferson. Port Jefferson-based Rail Realty LLC is planning to construct a two-building, 74-unit rental apartment at the northeast and southeast corners of Texaco Avenue and Linden Place. The complex will feature studio, one- and two-bedroom apartments with rents ranging from $1,400 to $1,975 per month. The IDA has approved economic incentives for the development. The project will create 69 construction jobs and five permanent positions.
NEW YORK CITY — Servcorp, a global provider of equipped executive offices and virtual office space, has signed a 15-year lease for 34,775 square feet at One World Trade Center. The Australia-based company will occupy the entire 85th floor of the 3 million-square-foot office tower. Founded in 1978, Servcorp currently has 140 locations in North America, Europe, Asia and Australia. The company’s One World Trade Center location is scheduled to open in first quarter 2015. One World Trade Center, which will celebrate its official opening later this year, is being developed as a joint venture of The Port Authority of New York and New Jersey and The Durst Organization.
WESTWOOD AND RIVER VALE, N.J. — HFF has brokered the sale of a four-property multifamily portfolio totaling 276 units in Westwood and River Vale. Kushner Companies purchased the portfolio from Hartz Mountain Industries for $56.5 million. The fully stabilized portfolio includes one- and two-bedroom units averaging 798 square feet. The portfolio consists of the 103-unit Coventry Square at 20-46 Charles St. in Westwood; the 71-unit Stanford Place at 500 Center Ave. in Westwood; the 56-unit The Madison at 99 Madison Ave. in Westwood; and the 46-unit Village on the Green at 229 Collignon Way in River Vale. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Michael Oliver of HFF represented the seller in the transaction.
NEW YORK CITY — New York City-based Savanna in partnership with another New York-based company has acquired the controlling interest in One Court Square, a 1.5 million-square-foot Class A office and retail building in Long Island City. Designed by Skidmore, Owings & Merrill LLP, One Court Square is comprised of a 51-story Class A high-rise tower and a four-story low-rise annex building. The tower features 31,000-square-foot floor plates and views of the Manhattan skyline. Turner Construction built the property in 1989. David Werner and his investor group, which sold the controlling interest, will also remain a partner in the deal.
MADISON, N.J. — CBRE Group has brokered the sale of 2 Giralda Farms, a 146,366-square-foot office building in Madison. Maersk Inc. sold the property for $53.3 million to American Realty Capital Global Trust Inc. The property was originally designed as a build-to-suit for the North American headquarters of Maersk. Jeffrey Dunne, Kevin Welsh, Brian Schulz, Frank Maresca and Alec Monaghan of CBRE represented the seller, Maersk, in the transaction. Maersk has relocated its North American headquarters nearby to 180 Park Avenue in Florham Park. An undisclosed tenant had signed a long-term lease at 2 Giralda Farms before the sale took place.
NEW YORK CITY — Houlihan-Parnes Realtors has brokered the sale of a mixed-use property located at 4062-4072 White Plains Road (also known as 690 East 229th St.) in the Wakefield neighborhood of the Bronx. Situated on an irregular 9,000-square-foot lot, the property features a three-story building with two retail stores and two apartments, and a one-story building with three retail stores and a used car sales lot. A Long Island-based management and holding company purchased the property for $1.4 million. Jerry Houlihan and James Coleman of Houlihan-Parnes Realtors arranged the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 313 99th Street, a six-unit apartment building in Brooklyn. A private investor acquired the property for $1.2 million, a 4.33 percent cap rate. Mark Zarrella and John Brennan of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.