CAMBRIDGE, MASS. — Meritage Properties has sold the 34,000-square-foot 485 Massachusetts Ave., an office and retail building in Cambridge, for $13.02 million to ClearRock Properties and Juster Properties. The building is 100 percent leased to Danvers Bank, Floating Rock, Heartland Robotics, HQ Global and IDEO. Scott Jamieson, Michael Smith, John Osten, Peter Bekarian and Robert Borden of Jones Lang LaSalle's Boston office represented the seller and procured the buyer.
MARLTON, N.J. — Colliers International's Southern New Jersey Office Division arranged the sale of a 62,000-square-foot office building, located at 13000 Route 73 in Marlton, for $7.7 million. Major tenants of the building include Bank of America, Foundation Title, Hahnemann University Health and Avnet. Colliers has been retained as the leasing agent for the property. Jason Wolf and Evan Zweben were the sole brokers in the transaction, representing Veritas Real Estate Investments, the buyer, and Liberty Property Trust, the seller.
BRAINTREE, MASS. — Here Comes There Goes, a joint venture between Dinosaur Capital Partners and The Grossman Cos., has purchased a former Borders, located at 255 Grossman Dr. in Braintree, from Zaremba Group for $4 million. Andrew Bonica and Michael Hotarek of Newton, Mass.-based Eastern Retail Properties represented the buyer.
LEXINGTON, MASS. — The Massachusetts Institute of Technology (MIT) Lincoln Laboratory has signed an 80,000-square-foot lease at the 160,000-square-foot Three Forbes Road, an office, research, development and lab building in Lexington. Three Forbes is part of a four-building campus know as Forbes Business Center. Needham, Mass.-based The Bulfinch Cos. is the owner of the building and the landlord.
NEW YORK CITY — Mack-Cali Realty Corp. has negotiated a new 21-year, 56,106-square-foot lease on behalf of General Reinsurance Corp. (Gen Re), a subsidiary of Berkshire Hathaway, at 125 Broad Street in downtown Manhattan. John Picco and Peter Van Duyne of Cushman & Wakefield's Midtown New York City office and Thomas Kaufman of the Downtown office represented Gen Re in the transaction, and Mark Ravesloot, Peter Turchin, Gerry Miovski, Zachary Freeman and Christopher Levinson of CB Richard Ellis' New York City office represented Mack-Cali.
NEW YORK CITY — Los Angeles-based The Gehr Group has acquired the 244-room Four Points by Sheraton Midtown Times Square, located at 326 West 40th St. in New York City, from The Lam Group for $112 million. The Four Points is adjacent to the Fairfield Inn by Marriott Times Square, which The Gehr Group acquired in 2009. The transaction was part of a $170 million portfolio financing secured by both hotels. Cushman & Wakefield Sonnenblick Goldman represented the buyer for the financing.
NEW YORK CITY — New York City-based GFI Realty Services has represented both parties in the sale of the 72-unit apartment complex 300 Linden Boulevard in Brooklyn for $7.7 million. Josh Orlander represented the seller, Bronstein Properties, and Erik Yankelovich represented the buyer.
YORK, PA. — The 124-unit York View Hotel, a distressed asset located in York, has sold for $1.15 million. Joe McCann of Philadelphia-based Optimum Hotel Brokerage represented the seller, a large regional bank.
NEW YORK CITY —Coty has leased an additional 101,736 square feet of space at the Empire State Building to consolidate its North American headquarters. Coty already occupies 86,000 square feet at the building and will expand in April 2012 when it relocates from One Park Avenue and Two Park Avenue. Ralph Giordano and Richard Bernstein of Cassidy Turley's New York City office represented the tenant in the negotiations and Ryan Kass, William Cohen and Lauren Davidson of Newmark Knight Frank's New York City office represented the landlord, W&H Properties, which is supervised by Malkin Holdings.
MAHWAH, N.J. — The 38,500-square-foot 500 Corporate Drive, located off Route 17 in Mahwah, has been sold for $3.32 million. The industrial/flex facility offers 15,500 square feet of warehouse space, 10,500 square feet of flex/assembly space and 12,500 square feet of office space. Kenneth Lundberg of NAI James E. Hanson's Hackensack, N.J., office represented the seller, MSS Associates. Mark Siegler and Marc Hirschinger of Cassidy Turley's Teaneck, N.J., office represented the buyer, ARC Global Holdings.