NEW YORK CITY — Construction is complete on an $11 million renovation at 650 Fifth Ave., a 36-story office tower in New York City that is home to tenants such as Citigroup, Starwood Hotels and Resorts and Liz Claiborne. The 18-month project resulted in a new lobby, elevators, a new outdoor esplanade and new restrooms on vacant floors. The 382,500-square-foot property is owned by 650 Fifth Ave. Co., which hired architectural firm Swanke Hayden Connell for the project. The owner also tapped CBRE Group to lease and manage the property, which is located at the edge of Rockefeller Center.
FITCHBURG, MASS. — WinnDevelopment has opened Fitchburg Place, a new 42,528-square-foot affordable seniors housing development in Fitchburg, following a $19 million redevelopment project. The property is located on the site of the former Groop Townview Towers, a public housing complex owned by the Fitchburg Housing Authority. Originally planned to be converted into an assisted living facility, the redevelopment sat idle due to financial trouble. WinnDevelopment acquired the property through a joint venture partnership last October and restructured the stalled project into 96 units for seniors age 62 and older. Fitchburg Place features Energy Star appliances, an upgraded HVAC system and an on-site management and leasing office. Amenities include a resident lounge, laundry facilities, fitness center, library and computer learning space.
CAMBRIDGE, MASS. — Shire Realty Corp. has acquired a retail property at 122-128 Cambridge St., located near Massachusetts General Hospital, for $3.2 million. The two-story building is known for Clear Channel's rooftop Apple billboard, which can be seen from Standard Street. The property houses a convenience store and yoga studio. Sean Ryan of NAI Hunneman represented the seller, Ozzy Properties, in the transaction. He also procured the buyer.
NEW YORK CITY — An apartment building at 40 Cumberland St., located between Flushing and Park avenues in Brooklyn's Fort Greene neighborhood, has sold to an investor through a 1031 tax-deferred exchange for $2.2 million. The 8,268-square-foot building contains nine two-bedroom units and two one-bedroom units. The property also includes a three-bedroom unit with rear yard access. In the past 12 months, 10 of the 12 units have been fully renovated. Stephen Palmese and Mike Amirkhanian of Massey Knakal Realty Services represented both parties in the transaction.
LEXINGTON, MASS. — Sekisui Diagnostics, a medical testing tools manufacturer, has signed a lease for 18,707 square feet of office and laboratory space at 4 Hartwell Place in Lexington. The company's new space will house 85 employees. The one-story building has direct access to I-95 and accommodates a range of uses from lab space to development functions. Joe Fallon, Kevin Hanna, Mike Brown and Connor Barnes of Cassidy Turley FHO represented Sekisui in the transaction. Eric Smith of Richards Barry Joyce & Partners represented the landlord, King Street Properties.
The industrial market has remained very stable over the past four years in New York’s Capital District, and promises a strong pattern of growth for the next six to 12 months. As the office market struggles in the central business district, fueled by the state’s tenuous occupancy of numerous privately held properties, the industrial marketplace has flourished with extended commitments from existing users and the entrance of new users. With Upstate New York making a name for itself in the nanotech industry, a great deal of national attention has been drawn to the region, which had previously been characterized as not being nationally significant. In addition to the tech industry, national distribution groups have committed to and/or focused their site searches in the Capital District. One of the area’s most significant industrial deals this year involved a local manufacturer making a 15-year lease commitment to remain in the region, by tripling its footprint in a single-tenant building of 140,000 square feet. This commitment to the Albany marketplace was a further sign of the support from the state’s economic development officials, the abundant availability of the appropriate workforce, and the distribution characteristics of the region. At full capacity, this facility will …
NEW HAVEN, CONN. — UOB Eagle Rock Multifamily Property Fund has acquired Wintergreen of Westville, a 294-unit apartment asset in New Haven. The newly developed community sold for $41.6 million, or approximately $141,000 per unit. The five-building community is located at 400 Blake St. and the average unit size is 1,100 square feet. Steve Witten and Victor Nolletti of Institutional Property Advisors represented the seller, SA Wintergreen LLC, in the transaction. They also represented the buyer.
CAMBRIDGE — Pegasystems has opened their new corporate headquarters at One Rogers Street in Cambridge. The technology company signed a 12-year lease for 162,000 square feet on the fourth, fifth and sixth floors of the property. One Rogers Street is a 252,000-square-foot Class A office building that adjoins One Charles Park. It features modern design and views of the Charles River. Jones Lang LaSalle represented the building owner, Principal Global Investors, in the transaction.
SYRACUSE, N.Y. — The 256-unit Clarendon Heights Apartments, a community located near the Syracuse University campus, has sold. The garden-style property was originally built in the 1970s and renovated in the late 1980s. Tenants include graduate students from Syracuse University, Upstate Medical University and working professionals. The new ownership is from Cortland, N.Y. and has hired DLH Properties to manage the property. Louis Fournier of The Sutton Cos. and Gail McDonough of Colliers International represented the seller in the transaction.
WEEKAPAUG, R.I. — New England Construction has completed the $20 million restoration of The Weekapaug Inn in Weekapaug. The company upgraded many of the property's features, while preserving the character of the original structure. The inn now features a private waste treatment facility, a new, three-lane pool and a newly constructed beach house that includes showers, changing areas and a restaurant. The original Weekapaug Inn was constructed in 1899, but was decimated by a hurricane in 1938. The following year, the Buffum family rebuilt the cabin in a new location. Weekapaug Inn & Cottages LLC purchased the property from the Buffum family in 2010.