WOODCLIFF LAKE, N.J. — CB Richard Ellis (CBRE) Realty Trust has acquired a 208,911-square-foot, Class A office building in Woodcliff Lake for an undisclosed amount. The three-story building, which is located at 100 Tice Blvd., is leased to Eisai, Inc., which is occupying the entire building through 2021 as its headquarters. The property was constructed in 2007 and features a two-story atrium lobby with marble floors and mahogany wood panels. The acquisitions team from CBRE Investors assisted in the transaction. The seller's name was not released.
WHITE PLAINS, N.Y. — RHYS Commercial has brokered the sale of a 12,000-square-foot retail property located in White Plains. Situated at 201 Tarrytown Road, the two-story property is tenanted by Papa John's, Subway and Service Master. Alexander Anderson of RHYS served as the sole broker in the deal between the seller, 10 East 127th Street Corp., and the buyer, Marcel Tarrytown Realty.
NEW YORK CITY — NorthMarq Capital has arranged $16 million in first-mortgage financing for 75 Henry Street, a 33-story co-op building located in Brooklyn. The building contains 370 units and is situated within the borough's Brooklyn Heights neighborhood. The loan carries a 10-year term, a 30-year amortization schedule, a 4.79 percent interest rate and a 12 percent loan-to-value ratio. The lender was Freddie Mac. Frank Relihan of NorthMarq's Washington, D.C., office secured the loan on behalf of Whitman Owner Corp.
NEW YORK CITY — Global law firm Freshfields Bruckhaus Deringer (FBD) has signed a long-term lease for 108,000 square feet at 601 Lexington Ave. in Midtown Manhattan. The law firm will relocate to the 59-story tower in mid-2011 from its current offices at 520 Madison Ave. The new lease represents a 38,000-square-foot expansion. The Studley team of Mitchell Steir, Michael Colacino, Matthew Barlow, David Goldstein and Colm Ralph represented FBD in lease negotiations. Frank Doyle and David Kleiner of Jones Lang LaSalle represented the landlord, Boston Properties.
NEW YORK CITY — Arbor Commercial Funding has arranged $83.1 million in Fannie Mae funds for the refinancing of Sand Castle Apartments in the Rockaway neighborhood of Queens. The 917-unit property has historically maintained 100 percent occupancy and units that are being continually renovated. The loan, which was originated by John Kelly of Arbor's Boston office, ccarries a 7-year term, a 30-year amortization schedule, an 80 percent loan-to-value ratio and a 1.2 debt service-coverage ratio. The borrower's name was not released.
LOWER MAKEFIELD TOWNSHIP, PA. — Matrix Development Group has broken ground for the construction of a 12,000-square-foot medical office building located in the Octagon Center mixed-use development in Lower Makefield Township. Lower Bucks Pediatrics will purchase and occupy the building upon its completion. Matrix plans to develop a second 12,000-square-foot medical office building within the center as well. The medical office buildings are part of a 186-acre master-planned community that will also contain retail and residential components.
WESTFORD, MASS. — NetScout Systems has signed an early lease renewal for its 175,000-square-foot headquarters building in Westford. The Class A office building, which is located at 310 Littleton Road, was constructed as a build-to-suit for NetScout in 2001. Chris Crooks, Joe Doyle, Adam Subber and Dan Sullivan of CresaPartners' Boston office represented the tenant in lease negotiations. The landlord, Gutierrez Co., provided in-house representation.
BRATTLEBORO, VT. — New England Retail Properties (NERP) has brokered the sale of Royal Square, a 103,000-square-foot neighborhood shopping center located in Brattleboro, for $9.2 million. Situated on Putney Road, the center's major tenants include Staples and Peebles. Additional tenants include Dollar Tree, Olympia Sports, Consumer Auto, Label Shopper Sleepy's, two restaurants and an eight-screen movie theater. Matt Halprin of NERP represented the seller, Andover, Mass.-based CA Investment Trust. The buyer was an affiliate of Cambridge, Mass.-based Unison Realty Partners.
ROCHESTER, N.Y. — The grand opening has been held for Global Village, a 189,000-square-foot mixed-use project on the campus of the Rochester Institute of Technology in Rochester. The main feature of the project, which is known as Global Village, is a 414-bed student housing component that contains a mix of apartments and suite-style housing. In addition, the project contains 12,000 square feet of academic space and 20,000 square feet of retail space that includes a restaurant. The project features an outdoor plaza containing outdoor seating for the restaurant as well as an outdoor lounge containing a fire pit and a small performance area. The lounge turns into a small skating rink in the winter. The outdoor area also features a south-facing lawn “beach” and a green roof above the restaurant. ARC/Architectural Resources Cambridge was the project architect, and SWA Group was the landscape architect.
PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has closed on its previously announced sale of five power centers to Cedar Shopping Centers for $134.7 million. The properties include Creekview Center in Warrington, Pa.; Monroe Marketplace in Selinsgrove, Pa.; New River Valley Center in Christianburg, Va.; Pitney Road Plaza in Lancaster, Pa.; and Sunrise Plaza in Forked River, N.J. The portfolio totals 936,000 square feet of retail space. PREIT is also under contract to sell its 50 percent interests in Red Rose Commons in Lancaster and Whitehall Mall in Allentown, Pa., but that portion of the transaction has not closed. To read the original story, click here.