STRATHAM, N.H. — The Timberland Company, a footwear and apparel retailer, has renewed its lease for 246,000 square feet at 200 Domain Drive, located in Stratham. The company currently occupies the entire two-story building as its corporate headquarters. The lease carries a 12-year term. It was negotiated on behalf of the landlord, Altid Enterprises, by John Wilson and James Lipscomb of Richards Barry Joyce & Partners. Timberland was represented by Thomas Farrelly of Cushman & Wakefield. Timberland’s headquarters is situated on 28 acres within Stratham Exeter Industrial Park. It features child care and a full-service cafeteria. Timberland also provides office space within the building for City Year’s New Hampshire headquarters.
Northeast
NEW YORK CITY — SL Green Realty Corp. has secured a $145 million leasehold mortgage to refinance the company’s corporate headquarters building located in New York City. Known as the Graybar Building, the property totals 31 stories and 1.5 million square feet, and is situated at 420 Lexington Ave. near Grand Central Terminal. SL Green first acquired the building in 1998; it was 97 percent leased at the time of closing. The lender was TIAA-CREF; Morton Holliday, Alex Hernandez, Kate Pelet and Kathryn Schledwitz of Cushman & Wakefield Sonnenblick Goldman advised SL Green in the transaction.
PATERSON, N.J. — The Private Client Group of CB Richard Ellis (CBRE) has brokered the sale of a 20,000-square-foot residential building, located at 19-21 Park Ave. in Paterson. The property comprises 24 two-bedroom apartments and four retail spaces. CBRE’s Charles Berger and Dean Marchi represented the seller and procured the buyer. Both parties were undisclosed.
HAMPTON, N.J. — Meridian Capital Group has arranged a $1.9 million loan for the refinancing of The Hampton Manor Apartments, an age-restricted, affordable apartment property located at 154-160 Route 31 North in Hampton. The community comprises four garden-style buildings, each of which contains 12 units. The community also contains a 1,600-square-foot community building. Josh Gorsky of Meridian’s New Jersey office arranged the non-recourse financing, which includes a 10-year term, a 30-year amortization schedule and a 6.12 percent fixed interest rate. The borrower and lender were not disclosed.
OSSINING, N.Y. — Urstadt Biddle Properties has secured $17.8 million in financing for the Arcadian Shopping Center in Ossining. The loan has a 10-year term with payments based on a 25-year amortization period at a fixed interest rate of 6.66 percent per annum. The mortgagee is New Alliance Bank. The Arcadian Shopping Center is a 178,000-square-foot shopping center anchored by a newly constructed 76,000-square-foot Super Stop and Shop.
PRINCETON, N.J. — FirstService Williams New Jersey has arranged a long-term, 67,531-square-foot office lease on behalf of the landlord, RXR Realty, at One University Square in Princeton. Otsuka America Pharmaceutical Inc. will occupy the entire top floor as its U.S. headquarters and will take possession in early 2010. Otsuka is relocating its offices from 100 Overlook Center in Princeton. One University Square is a five-story, 313,000-square-foot Class AAA office building featuring the most up to date communications, technology and connectivity, as well as a two-story atrium lobby with sophisticated finishes of cherry wood paneling and granite pavers. The building offers 21-foot high window walls, concierge service, 24/7 security system and four passenger elevators with satin stainless steel doors and interior finish of granite panels with cherry wood trim. Amenities also include a top-tier health club with men’s and women’s locker rooms, showers and saunas, a 60-seat, multi-media team room, full-service cafeteria and 900 kw generator providing 2 watts per square foot for tenant’s use. Jane Moni and Lori Gaffney of Triad Commercial Real Estate represented the tenant, and Ward Greer and David Simson represented RXR Realty in the transaction.
NEW YORK CITY — The Partnership For New York City, a non-profit organization comprised of business leaders dedicated to enhancing the economy of the five boroughs and maintaining the city’s position as the global center of business and finance, has renewed its 25,825-square-foot office lease for 10 more years at One Battery Park Plaza, a high-rise tower in New York City owned by a joint venture of the Rudin and Rose families. Also known as 24 State Street, the 35-story tower contains 750,000 square feet of prime office space and was built in 1972. Barry Gosin and Hal Stein of Newmark Knight Frank represented the tenant in the long-term leasing transaction while Gene Baumstein of Rudin Management represented the landlord.
NEW YORK CITY — The Kaufman Organization has brokered a 5-year, 11,695-square-foot lease at 550 Seventh Avenue in Manhattan, New York City, for designer Eugene Fenasci. Michael Heaner of Kaufman Organization represented Bill Blass Licensing Co. in the transaction, while Glenn Roberts and Harriet Molk of Fenway Equities and Molk Associates represented the tenant. Although the terms of the lease were undisclosed, the asking rent for the space was $45 per square foot. 550 Seventh Avenue is a 24-story building completed in 1925 in Manhattan’s Garment District. The 250,000-square-foot building is home to several marquee names in the fashion industry, including Oscar De La Renta, Donna Karan, Cynthia Steffe, Jill Stuart, Polo Ralph Lauren, Lilly Pulitzer, Mavi Jeans, and Badgley Mischka.
WOODBRIDGE, N.J. — The Shannon Rose Irish Pub has opened its doors at St. Georges Crossing in Woodbridge. The new establishment represents the second location for the authentic Irish restaurant/pub; the original eatery is located in Clifton, N.J. Levin Management Corp. is the property’s leasing and managing agent. As part of a larger renovation, Levin converted the space, a former movie theater, for multi-tenant retail use, updated the exterior and created a new landscaping plan. The restaurant’s inviting façade features bold colors and downtown Dublin charm. Located on US 1 and 9, at the intersection of heavily traveled Route 35, and long a key regional shopping destination, St. Georges Crossing is anchored by a 91,000-square-foot ShopRite supermarket. Other tenants include P.C. Richard & Son, PETsMART, Taco Bell, Bertucci's, Wine Country, Pier 1 Imports, Golf Galaxy and GameStop.
Although many believe that the economy is starting to pick up, the “wait and see attitude” of many investors and companies still persists in the commercial real estate marketplace. Many are simply waiting for things to get better or waiting to see if, instead, things get much worse. Frank Gunsberg of First Service Williams says, “The economy is showing signs of picking up, although there have been fits and starts. I'm hopeful that we'll see a rebound by the end of the year and into 2010.” The seemingly perpetual wait and see attitude is having its way with the New Jersey office market as well. Gunsberg notes that many office tenants are asking for short-term lease renewals and extensions. Whereas, under typical market conditions office leases ranged from 5 to 10 years, tenants are asking for 1 or 2 years. “They just are not sure what is going to be happening with the economy,” he explains. “People are reluctant to do things even though this is probably one of the best times to jump. Landlords are willing to make concessions they would not normally make. If you have a good balance sheet, you are an extremely desirable tenant.” Although landlords …