NEW YORK CITY — RFR Holding LLC and Vanke, China’s largest residential real estate developer, have broken ground on a new luxury residential condominium on East 53rd Street in Manhattan. Designed by Foster + Partners, the white tower at 610 Lexington Ave. will rise 700 feet, totaling 61 stories. RFR and Hines will work together on construction of the building through a joint development management agreement. Completion of 610 Lexington Ave. is slated for winter 2017.
Northeast
STAMFORD, CONN. — Monroe Turnpike Associates has sold its a one-story, 13,254-square-foot retail building in Stamford for $3.3 million or $247 per square foot. Al Mirin and Kate Schwartz of Cushman & Wakefield represented the seller, Monroe Turnpike Associates, in the sale to Parkway Plaza LLC. The property is situated on 2.3 acres at 447 Monroe Turnpike. Tenants at the property include Dunkin’ Donuts, a 25-year tenant, as well as Subway, KoKo FitClub, Monroe Cleaners, FM One Stop, C&J Cards and Linda’s Storytime.
CARLISLE, PA. — Cushman & Wakefield has arranged the sale of 1 and 2 Ames Drive in Carlisle, located about 22 miles southwest of Harrisburg, Pa. A partnership of Dermody Properties, operating partner, and PCCP, capital partner, purchased the industrial asset, located within the PA I-81/I-78 Corridor, from a partnership comprising USAA and Trammell Crow Development. The property includes a new, currently vacant, 700,000-square-foot building at 2 Ames Drive, as well as a land site approved for 602,000 square feet at 1 Ames Drive. Gerry Blinebury, Adam Campbell, Pat McBride and Leah Balerno of Cushman & Wakefield handled the sale transaction. Blinebury and Campbell are overseeing leasing for the property.
EDISON, N.J. — Sitar Realty Co. has arranged the $22.4 million sale of a 332,000-square-foot industrial building in Edison. NJND Brunswick Avenue LLC sold the property, located at 45 Brunswick Ave., to 45 Brunswick Ave LLC. Thomas Monte and William Sitar of Sitar Realty Co. represented the buyer in the transaction.
BEDFORD, MASS. — Cassidy Turley today has represented AspenTech in a transaction that will relocate the company’s global headquarters at the end of 2014. AspenTech will move to 20, 22, and 28 Crosby Drive in Bedford into 143,000 square feet, almost doubling in size from its current 75,000-square-foot headquarters in Burlington. After a renovation, the new headquarters will satisfy occupancy for more than 600 AspenTech employees. Michael O’Leary, John Boyle and Brian Hines of Cassidy Turley represented AspenTech in the transaction. Torin Taylor, Rich Ruggiero and Rory Walsh of Cushman & Wakefield represented the landlord. Crosby Corporate Center is a nine-building office park settled on 52 acres totaling 589,783 square feet.
PHILADELPHIA — Marcus & Millichap has arranged the $2.2 million sale of The Archview Apartments, a 20-unit multifamily property located in Philadelphia. Clarke Talone, Ridge MacLaren and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, represented the seller, a partnership. Talone, MacLaren and Townsend also procured the buyer, a local partnership. The Archview Apartments is located at 108-110 Levering St. and features 19 apartments and an office space.
NORTH QUINCY, MASS. — G-Force Shipping has signed a 17,500-square-foot lease at Heritage Landing in Quincy, a southern suburb of Boston. The third-party logistics company plans to move into the new space by May 1. Heritage Landing is a Class A office complex including two buildings totaling 358,000 square feet. Campanelli has now signed almost 40,000 square feet of new leases since purchasing Heritage Landing in June 2013. In collaboration with Peter Brown of Campanelli, the Cushman & Wakefield team of Mike Frisoli, Matt Morgan, Dave Martel and Jason Roth serve as the leasing agents for the property.
KING OF PRUSSIA, PA. — MIM-Hayden Real Estate Funds has completed renovations to its office property formerly known as Walnut Hill Plaza located at 150 S. Warner Road in King of Prussia. Improvements to the property include a new entryway, light fixtures and a light sculpture in the atrium, along with renovated common areas and bathrooms. Additional exterior upgrades include new landscaping, a new monument sign and additional parking. The office property is located at the intersection of Routes 422 and 202. According to LoopNet.com, the office complex spans 150,000 square feet.
NEW YORK CITY — Meridian Capital Group LLC has arranged a $15 million loan for the refinancing of a multifamily property located on Maiden Lane in Manhattan on behalf of DSA Property Group. The five-year loan, provided by a regional balance sheet lender, features a fixed interest rate of 3 percent. Avi Weinstock and Josh Rhine of Meridian Capital arranged the loan. The 16-story property includes 66 units and 9,000 square feet of retail space. The loft-style apartments feature high ceilings and large windows. The property is located at 9-11 Maiden Lane.
MANCHESTER, CONN. — Washington Trust has provided a $3.9 million loan to Taymil Ivy Manor LLC for refinancing of Manchester Green Apartment Homes, a 72-unit multifamily complex in Manchester. The community, which features four two-story buildings, is located at 167 E Center St.