NEWARK — Public Service Enterprise Group (PSEG) has renewed its lease for 825,000 square feet of office space at 80 Park Plaza, a 25-story building in Newark. The publicly traded energy company has occupied the space since 1979 and the renewal ensures PSEG will stay in Newark at least until 2030. PSEG employs about 10,000 people, about 1,650 of whom work in the headquarters building. Wells Real Estate Investment Trust II, the building owner, and PSEG also plan to make significant updates and energy improvements to 80 Park Plaza. Bryn Cinque and Eric Witmondt of Colliers International represented the tenant in the transaction. John Meisel of Jones Lang LaSalle represented the landlord.
NEW YORK CITY — Cushman & Wakefield's Equity, Debt & Structure Finance team has arranged a $100 million for the financing of 590 Fifth Ave. in Manhattan. The loan features a floating interest rate and includes both senior and mezzanine components. The property is a 100,000-square-foot retail and office building, located just one block from the Rockefeller Center. The NBA store and AT&T occupy the retail portion of the building. Dave Karson, Steve Kohn, Alex Hernandez, Kate Pelet and John Spreitzer of Cushman & Wakefield negotiated the transaction for the borrower, an affiliate of Thor Equities.
EXTON, PA. — Brandywine Realty Trust has completed the sale of Oaklands Corporate Center, an 11 building portfolio totaling 466,719 square feet, in Exton for $52.7 million. The portfolio consists of 10 single-story and one two-story flex/office buildings which are 81.6 percent leased and have a weighted average age of 21 years. The property is located 35 miles west of Philadelphia. The seller is a private investor.
NEW YORK CITY — Amerigroup has signed a lease for 165,000 square feet at 14 Wall St. in New York City to consolidate its operations. The company will take the 11th, 12th, 14th and 22nd floors of the building. Amerigroup is consolidating its 50,000-square-foot office at 21 Penn Plaza, and its two Brooklyn facilities totaling 150,000 square feet at the new downtown location. Zev Holzman and Paul Revson of Studley and Rich Hopen of Hopen Corporate Services represented the tenant in the transaction. Howard Fiddle, Brad Gerla, Jonathan Cope and Evan Haskell of CBRE represented the building owner.
NEW YORK CITY — Express Inc. has signed a 15-year lease to establish a flagship store in Times Square. The national apparel retailer will occupy 30,000 square feet at 1552-1560 Broadway. The store will feature three levels and 9,000 square feet of LED signage. It is expected to open in the fall of 2013. SL Green and its joint venture partner, Jeff Sutton, acquired the property last year.
KINGSTON, N.Y. — Unison Realty Partners has acquired King's Mall, a 185,233-square-foot shopping center in Kingston, for $11.1 million from the Leinbach Co. This was an off-market transaction, sourced directly by Unison. Tenants at King's Mall include Marshalls, which occupies 38,500 square feet, and a 29,000-square-foot Home Goods. The sale marks Unison's first shopping center purchase in New York and the company's sixth shopping center in the Northeast.
NEW YORK CITY — Smash Ash Music Stores will relocate and consolidate its Manhattan flagship store at 333 West 34th St. The family-owned music retailer has signed a 15-year lease to occupy 26,688 square feet in the 10-story building, located between Eighth and Ninth avenues. Jeffrey Roseman and Gregg Gropper of Newmark Knight Frank Retail represented the building owner, SL Green, in the transaction. Smash Ash plans to move into the new space in the first quarter of 2013.
NEW YORK CITY — Marcus & Millichap has arranged the $2.9 million sale of 1023 Lafayette Ave, a 22,500-square-foot mixed-use property in Brooklyn. Naomi Shu of Marcus & Millichap represented the buyer, a private investor. Terra Firma International represented the seller, a developer.
BOLTON, MASS. — Paragon Communications Inc. has acquired a 301,647-square-foot industrial building at 41 Main St. in Bolton. The facility reportedly sold for $8 million. Paragon, which serves the information technology and communications industries, will be relocating from its current location in Ashland, Mass. The facility features reinforced concrete floors, 145,536 square feet of office space and 10 truck docks. Tim O' Callaghan of Binswanger represented the seller, Future Electronics Inc., in the transaction.
CHESTNUT HILL, MASS. — The Bulfinch Cos. has acquired Atrium Mall at 300 Boylston St. in Chestnut Hill for $46 million. The seller is Simon Property Group. Bulfinch plans to renovate the 300,000-square-foot property and rename the facility, The Atrium Center at Chestnut Hill, for use as a medical and office center with ground-floor retail. Construction at Atrium Center is set to begin this year. ADD Inc. has been selected as the architect and John Moriarty & Associates will be the project's general contractor. The project is slated for completion in 2013.