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.
TAUNTON, MASS. — Allergy & Asthma Care PC has purchased a 5,500-square-foot medical office condominium at 101 Industrial Park Road in Taunton for $1.5 million. The practice is relocating from Northwoods Medical Center in Taunton. Catherine Minnerly and Ovar Osvold of NAI Hunneman represented the seller, Myles Standish Medical Center, in the transaction. They also procured the buyer.
ANDOVER, MASS. — Rockstar Games has signed a lease for 21,503 square feet of office space at 3 Dundee Park in Andover. Rockstar, one of the world's largest video game companies, is relocating from 300 Ballardvale St. in Andover and expanding its space in the 145,000-square-foot office park. The company's move-in date is targeted for August. Mitchell Jacoby of Cresa Boston represented the tenant in the transaction. The landlord, Ozzy Properties, was represented in-house by Orit Goldstein and Ellen Keller.
CRANBERRY TOWNSHIP, PA. — Development Capital Investors has secured a $1.9 million loan from the Commonwealth Financing Authority to develop a 90,000-square-foot office building in Cranberry Township. The three-story facility will be constructed on a six-acre parcel of land owned by The Elmhurst Group. The site is located within 20 minutes of downtown Pittsburgh and will include 363 parking spaces. The project is expected to create at least 300 construction jobs.
BOSTON — L&B Realty Advisors has purchased 625 Massachusetts Ave., a mixed-use property in the Cambridge submarket of Boston, for $40.1 million. Built in 1929, the office and retail building underwent a complete renovation in 2000. The 122,104-square-foot property is located across the street from the Massachusetts Bay Transportation Authority's red line. The building is fully leased to tenants such as TD Bank and Walgreens. Scott Jamieson, John Osten and Peter Bekarian represented the seller, Samuels Property Group, in the transaction.
BESTHEDA, MD. — Bethesda-based Beech Street Capital has arranged $68 million in Fannie Mae loans to refinance four apartment properties in Pennsylvania and Delaware. Brian Sykes of Beech Street Capital originated the fixed-rate, 10-year loans on behalf of the borrower, the Galman Group. The portfolio consists of 1,106 units located in the Philadelphia-Camden-Willington MSA. The 101-unit North Lane is located in Conshohocken, Pa.; Sedgwick Station, with 93 units, is in Philadelphia; Buckingham Place, with 278 units, is in Newark, Del.; and the 624-unit Castlebrook is in New Castle, Del.
NEW YORK CITY — An 11,700-square-foot retail property at 2207 Adam Clayton Power Jr. Blvd. in Manhattan has sold for $3.1 million. The property includes one commercial unit, which was previously occupied by the nightclub Zipcode. Prior to that, the building was the site of Jimmy's Uptown restaurant. Currently vacant, the building has sold to a religious not-for-profit group that plans to hold services and community events in the space. Brian Leary, Duke McCabe and Tim Conan of CPEX represented the sellers in the transaction. Jennifer Polovetsky represented the buyers.