NEW YORK CITY — International fashion brand Tony Burch has signed a 10-year lease for 80,000 square feet of office space at 350 Hudson St. in Hudson Square. The women's wear and accessory designer will occupy the 5th and 6th floors of the building. The nine-story building is also home to Havas and PR Newswire. Asking rents in the building are in the mid-$50s per square foot. Don Preate and Jaime Katcher of Cushman & Wakefield represented Tony Burch in the transaction. The landlord, Trinity Real Estate, was represented in-house by Marc Packman and Charles Laginestra.
TEWKSBURY, MASS. — Oak Grove Capital has arranged a $10 million bridge loan to refinance Bayberry at Emerald Court, a 90-unit assisted living and memory care community in Tewksbury. Oak Grove arranged the 18-month, interest-only loan on behalf of the borrower, a limited liability company. Bayberry at Emerald Court is managed by Boston-based Northbridge. The bridge loan enables the borrower to lower the interest rate on debt it had obtained prior to repositioning the property.
PLAINSBORO, N.J. — Construction is complete on the Medical Arts Pavilion, a 140,000-square-foot medical office building that is part of the new University Medical Center of Princeton in Plainsboro. The medical center is a replacement hospital for the existing location in downtown Princeton. The five-story Medical Arts Pavilion is located at 5 Plainsboro Rd. Princeton Health Care System occupies more than 70 percent of the building and will operate an ambulatory surgical center, diagnostic radiology and other medical functions. The remaining space will be available for private physicians offices. The project is owned by Partners Health Trust, a joint venture between Trammell Crow and a public pension fund.
ROCKY HILL, CONN. — Civil engineering firm United International Corp. has signed a lease for 6,713 square feet of office space at 55 Capital Blvd. in Rocky Hill. The company is slated to move in June 1. Michael Puzzo of CBRE represented New Boston in the transaction. Chris McLaughlin of McLaughlin Real Estate represented the tenant.
NEW YORK CITY — A joint venture between Stellar Management and Imperium Capital has purchased two SoHo office buildings located at 161 Avenue of the Americas and 233 Spring St. The buildings total 650,000 square feet and industry sources have cited a purchase price of $200 million. There were no brokers involved in the transaction. The properties are located within the Hudson Square Business Improvement District, a lower Manhattan neighborhood bounded by West Houston Street on the north, Canal Street on the south, 6th Avenue on the east and the Hudson River on the west. Hudson Square is home to several design and media companies.
SALEM, N.H. — ARA has arranged the sale of Brook Village West, a 169-unit apartment community in Salem. The buyer, Forest Acquisition Fund, is a Massachusetts-based property management and asset-repositioning firm with a portfolio of 4,000 units. The new owner plans upgrade Brook Village West's units and common areas. The property was 98 percent occupied at the time of sale. Terence Scott of ARA represented the seller in the transaction. The transaction represents the largest multifamily sale in New Hampshire so far this year.
NEW YORK CITY — Cohen Partners has signed a 10-year lease for 3,858 square feet of office space at 104 W. 40th St. in New York City. Cohen Partners is an independent insurance brokerage. Mike Movshovich, Neil King and Paul Amrich of CBRE represented the landlord, an affiliate of Savanna, in the transaction. Robin Fisher and Taylor Scheinman of Newmark & Co. Real Estate represented the tenant.
BOSTON — Meritage Properties and Ivy Realty have acquired 711 Atlantic Ave. in downtown Boston for a reported $26 million. The six-story, 85,551-square-foot office building was constructed in the late 1800s and underwent a full renovation in 2003. More recent updates include the replacement of most of the building's windows and lobby upgrades. Meritage and Ivy will co-manage the investment. CBRE — N.E. Partners LP represented the seller and procured the buyer in the transaction.
NEW YORK CITY — The Brooklyn Navy Yard Development Corp. plans to invest $46 million to build a manufacturing center in the Navy Yard, which will focus on environmentally friendly tenants. The company recently announced two anchor tenants — Crye Precision and Macro Sea. Crye designs and manufactures body armor and apparel for the U.S. armed forces. The company received $1 million in funding to expand its current operations at the Navy Yard and agreed to lease 80,000 square feet. Macro Sea, a real estate developer, will lease more than 50,000 square feet for a new facility called New Lab. The space will promote innovative design and incorporate universities and businesses in a collaborative workspace. The Green Manufacturing Center will be housed in three former World War II-era machine shops. Major construction is set to begin this summer and will take approximately 18 months to complete.
PITTSBURGH — Cushman & Wakefield and Grant Street Associates have released plans for a 90,000-square-foot office building on the final lot at McCandless Corporate Center, a 322,000-square-foot office complex in Pittsburgh. Complex owner Zell Two Inc. is seeking to add a fifth building due to the rising demand for space at the center. Occupancy at McCandless Corporate Center has risen from 70 percent in 2009 to 99 percent at the end of the first quarter of this year. Construction of the building will follow the lease commitment of an anchor tenant and is slated to take approximately 18 months to complete.