Northeast

RODE ARCHITECTS COMPLETES RENOVATION OF APARTMENT BUILDING IN ALLSTON

by admin March 4, 2013

ALLSTON, MASS. — RODE Architects has completed the renovation and new construction of a multifamily property in Allston, Mass., a Boston neighborhood. The development, called Allston Proper, is a 12,300-square-foot project at the corner of Glenville Avenue and Greylock Road. It includes three floors of new residential units and an extensive renovation of the existing two-family structures on the site. The new building, contemporary in form and texture, includes eight residential units with on-site parking and exterior landscaped surfaces. Boxford-based Fishbrook Builders was the general contractor, and Boston-based Studio 2112 provided landscape architecture services. The James Hardie Co. manufactured the cement fiber siding panels used in the project.

March 4, 2013

FOX ROTHSCHILD EXPANDS, RENEWS 11-YEAR LEASE FOR 20,184 SF IN WILMINGTON

by admin March 4, 2013

WILMINGTON, DEL. — Law firm Fox Rothschild LLP has signed an 11-year lease for 20,184 square feet on the second and third floors at Citizens Bank Center, an 18-story office building, in Wilmington. The building, which is located at 919 N. Market St., is a Class A office property that spans 221,686 square feet. A tenant of the building for 15 years, Fox Rothschild had previously occupied approximately 17,000 square feet on two non-contiguous floors. With the new lease, the firm will have contiguous space on two floors with an interconnecting staircase, as well as a private lobby and elevator off the building’s main lobby on the first floor. Doug Simon of Newmark Grubb Knight Frank represented Fox Rothschild in the deal. Keystone Property Group is the owner of the building.

March 4, 2013

Multifamily Northeast

FAROS PROPERTIES ACQUIRES 350,000 SF WASHINGTON PLAZA APARTMENTS

by admin March 1, 2013

PITTSBURGH — Faros Properties has purchased the majority interest of Washington Plaza, a 24-story apartment building in Pittsburgh, and will manage the property. The multifamily property, which is located at 1420 Centre Ave., spans 350,000 square feet. Currently at 96 percent occupancy, the apartment building includes 390 studios and one- and two-bedroom units that range from 460 to 1,180 square feet. Faros Properties said that the building will undergo extensive interior and exterior renovations later this year. Washington Plaza is Faros Properties’ first residential project, as the company owns three office buildings in New York and Connecticut. A purchase price was not disclosed, however, the Pittsburgh Business Times, reported in February that it was $48 million.

March 1, 2013

Northeast Retail

NAPANOCH VALLEY MALL SELLS FOR $5M TO WALMART STORES INC.

by admin March 1, 2013

NAPANOCH, N.Y. — Napanoch Valley Mall, located at 7500 Route 209, has sold for $5 million to Walmart Stores Inc.. The mall, which sits on a 20-acre site, will be redevelop into a 130,000-square-foot Walmart and include an adjoining 7,600-square-foot retail plaza. The Napanoch Post Office and three retail tenants will occupy the new space. Crossroads Cos. represented the seller, Napanoch Valley Mall LLC, in the deal. Tree Line Real Estate represented Walmart Stores. Located in western Ulster County, Napanoch is situated at the junction of Routes 209 and 55. The nearest retail centers are 40 minutes away in Middletown or Kingston.

March 1, 2013

Northeast Office

HOULIHAN-PARNES, Q10 REALTY ARRANGE $2.3M FINANCING FOR 83 EAST AVE.

by admin March 1, 2013

NORWALK, CONN. — Houlihan-Parnes Realtors LLC and Q10 Realty Advisors LLC have arranged a $2.3 million mortgage on 83 East Ave., a 40,000-square-foot office and medical building in Norwalk. The property is undergoing capital improvements including a new lobby, bathrooms, elevators, landscaping, exterior lighting and painting. The office building is home to 18 tenants and is managed and leased by GHP Office Realty. The interest-only loan was placed with a local bank at an interest rate of 4.25 percent for a two-year term and an option to extend. Bryan Houlihan and James Houlihan of Houlihan-Parnes arranged the loan. Ray Cohen of Chicago Title arranged the title. Robert Ocko of Harrington, Ocko & Monk LLP represented the borrower.

March 1, 2013

Multifamily Northeast

CBRE ARRANGES SALE OF THE BEACON HILL PORTFOLIO IN BOSTON

by admin March 1, 2013

BOSTON — CBRE has arranged the sale of The Beacon Hill Portfolio, a 16-unit apartment portfolio, which includes 24 Joy St. and 88 W. Cedar St., located in Boston’s historic Beacon Hill neighborhood. The portfolio consists of two four-story apartment buildings that were built in the late 1800s. Beacon Hill Apts. LLC, a private partnership led by Luzern Associates LLC, sold the portfolio to an affiliate of The Copley Group.

March 1, 2013

Hospitality Northeast

HPT SIGNS LETTER OF INTENT FOR $375M DEAL WITH NH HOTELES

by admin February 28, 2013

NEWTON, MASS. — Hospitality Properties Trust (HPT) has signed a letter of intent and entered into an exclusive negotiating period for hotel investments with Madrid-based NH Hoteles (NHH) on properties in Latin America, Europe and the United States totaling approximately $375 million. Under the agreement, HPT will purchase five hotels in Latin America from NHH for $70 million. HPT will also provide a €170 million (U.S. $223.4 million) loan to NHH on four hotels in Europe. NHH and a European partner currently own a 242-unit hotel in New York City. HPT and NHH will form a joint venture to acquire this hotel. HPT expects to provide up to $80 million to retire the ownership of NHH's current partner and fund a major refurbishment of this hotel.

February 28, 2013

Mixed-Use Northeast

MASSEY KNAKAL ARRANGES THE SALE OF MIXED-USE BUILDING FOR $11.3M IN NYC

by admin February 28, 2013

NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of a mixed-use building for $11.3 million. The six-story, 58,400-square-foot building, located on 103 Thayer St., includes 68 residential units and six retail units. Fort Tryon Park, home of the Cloisters Museum, is located across the street and provides tenants with outdoor amenities such as playgrounds, tennis courts, ball fields, hiking trails and a waterfront promenade. Robert Shapiro of Massey Knakal handed the transaction.

February 28, 2013

Northeast Office

EMARKETER SIGNS 53,000 SF LEASE AT 11 TIMES SQUARE IN MANHATTAN

by admin February 28, 2013

NEW YORK CITY — eMarketer, a global information resource on digital marketing, media and commerce, has signed a 53,000-square-foot lease at 11 Times Square. The building is a 1.1 million-square-foot, LEED-Gold certified office and retail tower and is owned by a joint venture of SJP Properties and investors advised by Prudential Real Estate Investors. eMarketer will occupy floors 12 and 14 at the tower. Timothy Dempsey, Roger Griswold and Greg Maurer-Hollaender of CBRE represented eMarketer in the transaction, while Mitchell Konsker and Paul Glickman and Diana Biasotti of Jones Lang LaSalle represented SJP Properties.

February 28, 2013

Northeast Office

HINES BREAKS GROUND ON NEW OFFICE TOWER IN MANHATTAN

by admin February 28, 2013

NEW YORK CITY — Hines along with partners Pacolet Milliken Enterprises Inc. and institutional investors advised by J.P. Morgan Asset Management have broken ground on 7 Bryant Park, a new trophy-class office tower in Manhattan. The building, which is located between West 39th and 40th streets on the site of the former 1045 Avenue of the Americas, will include 10-foot finished ceilings, full-height clear vision glass and two spacious outdoor tenth-floor terraces. Designed by architects Henry N. Cobb and Yvonne Szeto of Pei Cobb Freed & Partners, the 28-story, 470,000-square-foot steel and glass tower will offer direct and expansive views of Bryant Park as well as the historic New York Public Library. Turner Construction Co., the general contractor, began construction at the end of 2012, and first occupancy is planned for the first quarter of 2015. The project price was undisclosed.

February 28, 2013

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