CAMBRIDGE, MASS. —BioMed Realty Trust has agreed to acquire Cambridge Place, a three-building complex totaling 287,000 square feet in Cambridge, for $119 million. The property is 80 percent leased. Tenants include CDM Smith, a full-service engineering and construction firm, and Idenix Pharmaceuticals, a biopharmaceutical company. When completed, the transaction will expand BioMed's real estate portfolio in the greater Boston-Cambridge market to approximately 3.2 million square feet.
ROXBURY, MASS. —Whittier Street Health Center has unveiled its new six-story, 79,000-square-foot health and wellness facility in Roxbury. The $37 million building will house a variety of medical, social and wellness services, including cancer screening, dental care and violence prevention programs. Construction was funded in part by federal stimulus money. Whittier received a $12 million grant through the American Recovery and Reinvestment Act in 2010. The center is located at 1190 Tremont St.
BOSTON — Boston Capital has closed the Boston Capital Tax Credit Fund XXXV, a diversified portfolio of 53 affordable apartment properties in 21 states, including Maryland, Maine and Rhode Island. The total fund size is $350 million. The firm has raised nearly $640 million in equity since January 2011. The properties acquired by the fund add an additional 3,610 apartment units to Boston Capital's holdings. The fund includes 1,093 newly constructed units and 2,517 rehabilitated units. Boston Capital will launch Fund XXXVI later this month.
NEW YORK CITY —Meridian Capital Group has negotiated a $55 million financing package for a mixed-use office and retail building located at 430 W. 14th St. in the Meatpacking District. The 3-year financing contains a $45 million senior loan provided by Citigroup Global Markets Inc., and a $10 million mezzanine loan provided by SL Green. Cary Pollack of Meridian's New York headquarters arranged the transaction. The 61,000-square-foot property includes 18,000 square feet of retail space and 43,000 square feet of office space.
HOBOKEN, N.J. — Pearson Education, an education textbook company, has signed a 200,000-square-foot lease for its new headquarters in downtown Hoboken. The company will occupy five floors of the Waterfront Corporate III building, which SJP Properties is building. Pearson had planned to move its operations in Upper Saddle River and Old Tappan, N.J. to New York. The company is reported to receive an Urban Transit Hub tax credit of about $66 million for keeping 900 jobs in northern New Jersey. Waterfront Corporate is slated for completion in 2014. Person will begin its relocation the same year.
EXPORT, PA. — Alside, a manufacturer and distributor of exterior residential building products, has opened its 100th supply center in the U.S. and second location in the Pittsburgh area. The new 37,000-square-foot center opened Jan. 2 at 3003 Venture Court in Export. The center includes Alside-manufactured products such as vinyl siding, as well as garage doors, stone, fencing and decking products.
PHILADELPHIA — Drexel University will break ground this month on a $97.6 million mixed-use project at the Philadelphia-based school.Drexel entered into a partnership with Austin-based American Campus Communities to construct 361,000 square feet of student housing and retail space on land it owns on Chestnut, between 32nd and 33rd streets. Under the agreement, American Campus has a 70-year ground lease with Drexel and will also manage the property. Designed by Robert A.M. Stern Architects, the development will include a 19-story residential tower and two eight-story, mixed-use buildings. The project is slated for completion in September 2013.
NEW YORK CITY — A former H&H Bagels property, located at 639 W. 46th St., has sold to an undisclosed buyer for $11 million at a bankruptcy sale in New York City. GA Keen Realty Advisors sold the property on behalf of Chapter 7 trustee Yan Geron, who had filed with the court a stalking horse contract of $10 million for the building. Geron represents the property owner, Third Toro Family Limited Partnership. The two-story building contains 12,500 square feet of space, which previously housed H&H Bagel's manufacturing plant and retail store.
NEW YORK CITY — CIM Group and Kushner Cos. have acquired a 121,000-square-foot office and retail building, located at 200 Lafayette St. in Soho. CIM and Kushner plan to convert the property into Class A retail and office space later this year. Capital One Bank occupies 4,500 square feet of ground-floor retail. About 16,500 square feet of retail and 100,000 square feet of office space are available. The purchase price was undisclosed.
PARSIPPANY, N.J. — Greg Nalbandian of NorthMarq Capital's Parsippany office has arranged $11.9 million for the first mortgage refinancing of the RBS Citizens Bank portfolio. The portfolio includes 16 RBS Citizens Banks branches in New York, Connecticut, Pennsylvania and Delaware. A regional bank provided the 5-year loan, which has a 40-year amortization schedule. The borrower was an undisclosed REIT.
