Northeast

$175M BROAD INSTITUTE EXPANSION TOPS OFF

by admin January 25, 2013

CAMBRIDGE, MASS. — Suffolk Construction has placed the final steel beam on the Broad Institute's 75 Ames Street expansion project. Suffolk is constructing a $175 million, 375,000-square-foot research and development facility in Kendall Square in Cambridge. The expansion will increase the Broad Institute's research space to 500,000 square feet. The new facility will provide a collaborative space where researchers can develop advancements in biomedicine. The project is scheduled for completion in January 2014.

January 25, 2013

G&H SELLS THREE JAMAICA BUILDINGS FOR $16.4M

by admin January 25, 2013

NEW YORK CITY — G&H Building Co. has sold three apartment buildings, constructed in the early 1900s, in the Jamaica section of Queens for $16.4 million. The deal includes two six-story apartment buildings and one four-story walk up building, totaling 159 units. The three properties, located at 153-19 89th Ave., 138-42 90th Ave. and 90-25 138th Place, total 164,900 square feet. Daniel Shragaei of GFI Realty Services represented the seller in the transaction. Yosef Katz, also of GFI, represented the buyer, a local investor.

January 25, 2013

Northeast Retail

WRDC BUYS 142,965 SF SHOPPING CENTER IN PA

by admin January 25, 2013

SHIPPENSBURG, PA. — WRDC has acquired the Shippensburg Shopping Center, a 142,965-square-foot property on Walnut Bottom Road in Shippensburg. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the seller, Hill Management, in the transaction.

January 25, 2013

Northeast Office

SES AMERICOM EXTENDS LEASE IN PRINCETON

by admin January 25, 2013

PRINCETON, N.J. — SES Americom has extended its lease for 79,000 square feet of office space at 4 Research Way in Princeton. The company, which owns and operates 52 geostationary communication satellites, uses the location as its U.S. headquarters. Marc Trevisan and Robert Rudin of Cushman & Wakefield represented the tenant in the transaction. The landlord, National Business Parks, was represented in-house by Vincent Marano and Tom Stange.

January 25, 2013

Hospitality Northeast

LOEWS TO BUY THE BACK BAY HOTEL IN BOSTON

by admin January 24, 2013

BOSTON — Loews Hotels & Resorts has agreed to buy the 225-room Back Bay Hotel in Boston from The Doyle Collection. The financial terms were not disclosed. The hotel, located at the corner of Bekeley and Stuart streets, was built in the 1920s as the Boston Police Department Headquarters, and occupied as such until the late 1990s. The property was redeveloped in 2004. The hotel includes meeting and event space and two dining options, Cuffs, an Irish Bar, and the Stanhope Grille. The deal is expected to close next month.

January 24, 2013

Northeast Office

NYC'S HUMAN RESOURCES ADMINISTRATION TAKES 200,000 SF IN BANKNOTE BUILDING

by admin January 24, 2013

NEW YORK CITY — New York City's Human Resources Administration (HRA) has signed a 20-year lease for 200,000 square feet at The BankNote Building in the Hunts Point section of the Bronx. HRA will occupy three floors of the 400,000-square-foot property, once the location of American Bank Note Co. printing presses that printed currency, postage stamps, war bonds and stock certificates for nearly 76 years. The building owner, Taconic Investment Partners, secured a $17.9 million tenant improvement loan for the HRA build-out, which was provided by Lance Capital LLC.

January 24, 2013

Northeast Office

TEAM CAPITAL BANK ACQUIRES BETHLEHEM PROPERTY FOR $11.2M

by admin January 24, 2013

BETHLEHEM, PA. — Team Capital Bank has acquired Penn Corporate Center, a 74,000-square-foot office building at 3001 Emerick Blvd. in Bethlehem for $11.2 million. Team Capital is a fast-growing state member bank (also known as a de novo bank) that provides traditional retail and commercial banking products, mortgage banking and commercial lending. John Crampsie of NAI Summit represented the seller, GSE Realty East, in the transaction.

January 24, 2013

Northeast Office

ALTERRA SIGNS LONG-TERM LEASE ON AVENUES OF AMERICA

by admin January 24, 2013

NEW YORK CITY — Alterra USA Holdings Limited, a reinsurance and insurance company, has signed a lease for 27,342 square feet of office space at 1185 Avenue of Americas in New York City. The company will occupy the entire 16th floor. Scott Cahaly of Jones Lang LaSalle represented the tenant in the transaction. The building owner, SL Green Realty Corp., was represented in-house by Howard Tenenbaum and Gary Rosen.

January 24, 2013

Northeast Office

REGIONAL HOSPICE LEASES SPACE AT DANBURY'S MATRIX CORPORATE CENTER

by admin January 24, 2013

DANBURY, CONN. — Regional Hospice and Home Care of Western Connecticut is taking temporary space at the Matrix Corporate Center in Danbury, while its new headquarters is being constructed on Milestone Road, less than a mile from Matrix. The company signed a 10,000-square-foot lease for the next 18 months. Regional Hospice's new, 35,000-square-foot building will include 12 in-patient units, a commercial kitchen, spa, bereavement center, chapel, conference rooms, living rooms and administrative offices. The project is slated to open in the fall of 2014. Hal Kurfehs of Scalzo Realty and Aaron Smiles of Matrix represented Matrix in the lease transaction.

January 24, 2013

Multifamily Northeast

PARTNERSHIP SELLS 14-STORY APT. TOWER IN ATLANTIC CITY

by admin January 23, 2013

ATLANTIC CITY, N.J. — A partnership between Edison Investment Advisors and Sencit Properties has sold a 14-story apartment tower in Atlantic City to an unidentified buyer, who also owns an adjacent property called Metropolitan Plaza. The 201-unit affordable housing project is one block from the new Revel Resort & Casino and includes an attached parking garage, newly renovated units and a 24-hour security guard. Jason Starkman of Starkman Realty Group represented both parties in the transaction.

January 23, 2013

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