Cambridge, Mass. — Foundation Medicine Inc. has signed a 61,591-square-foot lease at 150 Second St. in Cambridge’s Kendall Square. The lab and office building will house Foundation Medicine’s clinical laboratory, beginning in September. Skanska USA Commercial Development Inc. acquired the property in November 2010. The three-story building was completed in December 2012 and features approximately 123,000 square feet of highly sustainable lab space and is on track to obtain LEED Gold certification. Foundation Medicine is a molecular information company that uses genomic analysis to help doctors identify cancer treatments best suited for each patient. Jones Lang LaSalle represented Skanska USA in the transaction. Richards Barry Joyce & Partners represented Foundation Medicine.
GARDEN CITY, N.Y. — Metropolitan Realty Associates and its joint venture partner Angelo, Gordon & Co. LP have sold the retail condominiums located at 711 Stewart Ave. in Garden City to N.J.-based Hampshire Cos. for $66.3 million. The 176,000-square-foot property known as Garden City Square, is fully leased to two long-term tenants. BJ’s Wholesale Club opened in November 2012 and signed a 20-year lease for 121,000 square of space. LA Fitness will occupy the remaining 55,000 square feet for a 15-year term upon completion of its new, two-story building scheduled for this June. Jeffrey Dunne and David Gavin of CBRE represented ownership in the transaction. In addition to its retail space, Garden City Square contains 117,500 square feet of medical office space currently being marketed for sale by CBRE.
WILMINGTON AND WOBURN, MASS. — NAI Hunneman has brokered the sales of 1 Jewel Drive in Wilmington and 225 Wildwood Ave. in Woburn for $4.1 and $4.3 million, respectively. David Gilkie and Gina Barroso represented the seller, Hudson Advisors in the sale of 1 Jewel Drive, a four-building office and warehouse project, to Howland Development. The building was 55 percent leased at the time of sale. Gilkie represented the buyer, Janis Research Co. LLC, in the sale of 225 Wildwood Ave., a Class B warehouse space. Murray Hills Inc. was the seller. The building was fully leased at the time of sale.
TEANECK, N.J. —Univision Communications Inc., a media company serving Hispanic America, has expanded its long-term lease at Glenpointe by 10,000 square feet to 78,000 square feet at the Class A office campus. Univision, a Glenpointe tenant for more than 15 years, maintains broadcasting studios and offices at the property. J.C. Giordano of Jones Lang LaSalle represented Univision in the transaction. Cushman & Wakefield is the leasing agent for Glenpointe. Alfred Sanzari Enterprises developed and continues to own and operate Glenpointe.
NEW YORK CITY— Clarion Partners LLC has signed a new 10-year lease for the entire 12 floor at 230 Park Ave. in Manhattan, a total of 71,000 square feet. The real estate investment firm is long-term tenant in the building. Mark Ravesloot and William Iacovelli of CBRE represented Clarion Partners in the transaction. Jordan Berger of Monday Properties and Frank Doyle of Jones Lang LaSalle represented the building’s owners, Monday Properties and Invesco. Clarion Partners is a real estate investment manager with $25.6 billion in total assets under management on behalf of 200 institutional investors, both domestic and international.
NEW YORK CITY — Vornado Realty Trust has announced that Vornado Realty LP, the operating partnership through which it conducts business, has extended one of its two $1.25 billion revolving credit facilities from June 2015 to 2017 with two six-month extension options. The interest on the extended facility was lowered from LIBOR plus 135 basis points to LIBOR plus 115 basis points. In addition, the facility fee was reduced from 30 to 20 basis points. The second $1.25 billion facility matures in November 2015, with a one-year extension option. There are no borrowings outstanding under either of the revolving credit facilities, according to Vornado. The lead arrangers and bookrunners for thecredit facility are J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. JPMorgan Chase Bank serves as administrative agent, while Bank of America serves as syndication agent.
ROSEDALE, N.Y. — Ivy Equities has purchased Cross Island Plaza, a 230,000-square-foot office building at 133-33 Brookville Blvd. in Queens. Offered for sale under a bankruptcy court-approved plan, the building traded for $24.2 million, or approximately $108 per square foot. Cross Island Plaza has 75 tenants and was 88 percent leased at the time of sale. David Bernhaut, Gary Gabriel, Andrew Merin, Nat Rockett, Phil D’Avanzo and Grace Braverman of Cushman & Wakefield represented the seller, Block 12892 Realty Corp., in the transaction. The Cushman & Wakefield team also procured the buyer, Montvale, N.J.-based Ivy Equities.
NEW YORK CITY — Taconic Investment Partners has borrowed $17.9 million for capital improvements for The BankNote Building, a 400,000-square-foot building in the Hunts Point section of the Bronx. The seven-year, fully amortizing loan carries an interest rate of 4.25 percent and is a new kind of credit-based financing created by Lance Capital and CGA Capital Corp. The tenant improvement facility loan is unique because it is unsecured by the building itself but backed by a portion of the New York City’s rent cash flow, according to a statement from Lance Capital. Bonds tied to that facility were privately placed with institutional investors. The bonds carry the double-A rating of New York City. New York City’s Human Resources Administration has signed a 20-year, 200,000-square-foot lease and will occupy three floors of the BankNote building.
MOUNT OLIVE, N.J. — Marcus & Millichap has arranged the sale of a Sam’s Club ground lease, a 528,382-square-foot, net-leased property located in Mount Olive, about 38 miles west of Newark, for $9.3 million. Sam’s Club occupies the building. Mark Taylor, Dean Zang and Christopher Munley of Marcus & Millichap marketed the property on behalf of the seller, a New Jersey-based developer. Mark Taylor, Dean Zang and Christopher Munley represented the buyer, a developer, in the transaction.
As we come off the high of the holiday season and take a look at how New York retail fared throughout the year, we can expel a deep sigh of relief knowing that the Big Apple continued to recover faster than the national average and has a bright outlook for 2013. While New York City’s retail recovery has been slow and steady, the year closed on a positive note with total retail vacancy rates hovering around two percent. New York City continues to be a one of the most vibrant and growing retail markets in the world as the local economy has seen steady gains in private sector hiring that outweigh cuts in government employment. While Hurricane Sandy dented the recovery, the city rebounded almost immediately with Black Friday weekend sales exceeding expectations. New York’s resiliency and continued low unemployment bodes well for the Big Apple’s continued success. Big Apple Big Deals The New York retail market saw some notable large deals in 2012 including H&M’s new 57,000-square-foot lease and Cartier’s 50,000-square-foot renewal on Fifth Avenue. This coupled with the unprecedented 200,000 square feet available on Fifth Avenue solidifies the opportunity for a successful 2013. While the market has seen …