FAIRFIELD, N.J. — PPI Time Zone Inc., an electronic manufacturing services company, has signed a long-term, 30,000-square-foot office lease at 11 Madison Ave. in Fairfield. James Scancarella and Edward English of CresaPartners' New Jersey office represented PPI Time Zone in the transaction. Greg Sabato and Tom Consiglio of Resource Realty represented the landlord, The Richards and Robbins Group. PPI Time Zone plans to relocate its headquarters from its current location in Paterson, N.J.
BROOKLYN — CPEX New York has arranged the $3.65 million sale of 116 3rd Place, a 9,106-square-foot condominium in Brooklyn. Brian Leary and Ira Krivit represented the seller, TD Bank N.A., in the transaction. They also procured the buyer, a local investor.
PHILADELPHIA — Thomas Properties Group has signed Ernst & Young, an assurance, tax and advisory services firm, to a 74,240-square-foot lease at the One Commerce Square building in Philadelphia. A tenant in the adjoining twin Two Commerce building since 1992, Ernst & Young is relocating more than 800 professionals from its current space. Joe McManus and Morgan Murray of Thomas Group Properties represented Ernst & Young in the transaction.
ARDSLEY, N.Y. — Rand Commercial Services has closed the $3.9 million sale of an 80,000-square-foot warehouse in Ardsley, N.Y. Paul Adler and Ann Silver of Rand Commercial's White Plains, N.Y. office represented both parties in the transaction. The buyer was Elm Street Sport Group LLC.
BOSTON — Suffolk Construction has broken ground on The Victor, a 377,000-square-foot residential tower, located at 95 Havehill St. in Boston. The $92 million project will include 17,000 square feet of retail space, 286 new apartments and a parking garage. Simpson Housing LLP will manage the building upon completion. The architect is ADD Inc. Construction is scheduled to be completed in 2013.
NEW YORK — SL Green Corp. and its joint venture partner have agreed to sell One Court Square in Manhattan to a private investor group for an estimated $42 million. The transaction includes $315 million of existing debt, which will be assumed by the purchaser. The 1.4 million-square-foot office building is fully leased to Citibank. Eastdil Secured represented the sellers in the pending transaction.
CAMBRIDGE, MASS. — Intrepid Labs, a Cambridge-based startup specializing in alternative workspaces for venture-backed firms, has signed a 10,500-square-foot office lease at the American Twine Office Park, located at 222 Third St. in Cambridge. Tad Lee of Colliers International's Boston office represented the landlord, Transatlantic Investment Management Inc., in the transaction.
BURLINGTON, MASS. —Colliers International has arranged two office leases totaling 58,482 square feet at New England Executive Park in Burlington. Black Duck Software signed a lease for 29,323 square feet at 8 New England Executive Park. COMSOL Inc. renewed and expanded its lease to 27,159 square feet at One New England Executive Park. Matthew Daniels, John Carroll III and Andrew Whipple of Colliers represented the landlord, Equity Office, in the transaction. T3 Advisors represented Black Duck and COMSOL was represented by Colliers.
WOBURN, MASS. — The Stubblebine Co. has brokered the $2 million sale of 9 Micro Dr., a 28,970-square-foot industrial building in Woburn, Mass. David Stubblebine, James Stubblebine and Micah Stubblebine represented the buyer, Inscribe Inc. They also represented the seller, Wetmore Inc., in the transaction.
NEW YORK — Investcorp's real estate arm based in the U.S. has purchased mezzanine debt supported by the 20-story Paramount Hotel in New York City's Time Square. Investcorp bought two existing loans of the mezzanine with a principal balance of $40 million from Fillmore Capital Partners, which was the existing lender for the Paramount at the time of RFR's purchase of the hotel. Highgate Holdings, a national hotel manager, will continue to operate the Paramount on behalf of new ownership.