NEW YORK CITY — Perry Ellis International has signed a new 96,000-square-foot lease at 1120 Avenue of Americas, also known as the Hippodrome Building, in New York City. The lease includes a sublease with Huron Consulting Group. Perry Ellis is consolidating its New York menswear operations into the new space from its previous offices at 1114 Avenue of Americas and 42 West 39th St. Robert Martin, Matthew Astrachan, Alexander Chudnoff and Brad Lane of Jones Lang LaSalle represented the tenant in the transaction. Lisa Kiell and Douglas Neye of Jones Lang LaSalle represented the sublessor, Huron Consulting. Michael Burgio, John Cefaly and Gus Field of Cushman & Wakefield represented the building owner, Edison Properties.
During the first quarter of 2012, job figures in the Pittsburgh metro area reached 1.14 million, the second highest watermark in Pittsburgh’s history. These figures coupled with improved financing options have prompted nearly $5 billion of current and planned investments in the downtown area. Among the latest projects scheduled for the central business district (CBD) are: • The Tower at PNC Plaza, an 800,000-square-foot office headquarters building being constructed at the intersection of Fifth Avenue and Wood Street; • The Gardens at Market Square, a 175-room hotel and 100,000-square-foot speculative office project by Millcraft Industries, that will be anchored by construction management firm dck Worldwide; • The Buncher Company’s 120,000-square-foot office building in the Strip District; • Sampson Morris Group’s redevelopment of the former Wholey’s warehouse into 223,000 square feet of Class A office space with lower-level integrated parking; and • the redevelopment of the 28-acre Civic Arena site. The plans for the former home of the Pittsburgh Penguins call for 1,200 housing units, 600,000 square feet of office space and 250,000 square feet of commercial space, all with LEED certification. In addition to constructing The Tower at PNC Plaza, the bank also purchased the former Lord & Taylor building …
MANSFIELD, PA. — EdR has started the construction on a $53.6 million student housing development on the Mansfield University campus in Mansfield. The 684-bed project is the second phase of the university's master plan to replace outdated residence halls. The two buildings in this phase are scheduled to open in 2013. EdR recently completed the 634-bed first phase, which is fully leased for fall 2013. The Mansfield Auxillary Corp. is leading the on-campus housing revitalization and will own the lease-hold improvements through a ground lease with the university. The project team also includes WTW Architects and Wohlsen Construction.
WORCESTER, MASS. — WinnDevelopment is redeveloping the former Worcester Vocational High School into 84 apartments, called Voke Lofts. The Boston-based firm recently broke ground on the 116,306-square-foot project at 34 Grove St. The project is reported to cost $32 million. Half of the units will be market-rate apartments, while the other half will provide discounted rates for low-income tenants. Amenities will include a computer center, fitness center and bike storage. The building's first units will be available to rent in the spring of 2014.
BROCKPORT, N.Y. — Silagi Development & Management has purchased a 328,000-square-foot industrial building in Brockport from PetSmart. The property is situated on 32 acres at 1989 Transit Way and includes 280,000 square feet of distribution space and 48,000 square feet of office space. The new owner plans to upgrade and sell or lease the building. Built in 1989, the facility features 6-inch concrete floors and 26-foot ceiling heights in the warehouse. The office includes private offices, a full-service cafeteria and two back-up generators. Jim Panczykowski of Binswanger represented both parties in the transaction.
NEW YORK CITY — Meridian Capital Group has arranged $20.2 million in acquisition financing on behalf of American Realty Capital. The company purchased three retail and office buildings at the intersection of Kings Highway and Coney Island avenues in Brooklyn. American Realty initially financed the purchase using equity and by drawing on its credit facility. The company repaid the credit facility with a five-year loan arranged by Meridian. Tal Bar-Or of Meridian negotiated the new loan, which includes a fixed-rate under 3.5 percent.
WETHERSFIELD, CONN. — JMM Properties has purchased a 90,000-square-foot office building at 1290 Silas Deane Highway in Wethersfield for $2 million. The building was fully vacant and will be renovated by the new owner. Upgrades will include a new roof, HVAC system, windows and common areas. Jay Morris and Robert Gaucher of O,R&L Commercial represented both the buyer and seller, 1290 Realty, in the transaction. O,R&L has also been hired to lease the property.
EWING, N.J. — Hersha Hospitality has purchased the remaining 50 percent interest in a 130-room Courtyard by Marriott in Ewing, a submarket of Princeton. Philadelphia-based Hesha has been part of an unconsolidated joint venture in the hotel since 2004. The company has repaid the first mortgage and entered into a $9 million revolving line of credit for the property. The deal entitles Hersha to all profits and losses from the hotel as of the third quarter of 2012.
NEW YORK CITY — Beech Street Capital has arranged a $9.5 million Freddie Mac loan to refinance 184 Noll St., a recently constructed apartment building in Brooklyn. The 32-unit property includes a 16-space parking garage and a roof deck with views of Manhattan. The building is fully leased. Aaron Appel of Meridian Capital Group originated the seven-year loan, which includes a 30-year amortization schedule.
NORTH BERGEN, N.J. — Cory 1st Choice Home Delivery has signed a lease for 175,000 square feet at 5601 Westside Ave. in North Bergen. The company, which specializes in warehousing and home delivery of fine furnishings, appliances and consumer electronics, relocated its primary distribution operation to the property from Elizabeth, N.J. The property is five miles from the Lincoln Tunnel and is positioned between Interstate 95 and Interstate 80. Stan Danzig, Jules Nissim, Stephen Elman and Cathy Bounczek of Cushman & Wakefield represented the tenant in the transaction. Hartz Mountain Industrials owns the building.