Northeast

NEW REHAB AND NURSING FACILITY UNDER WAY FOR VCNY

by admin October 15, 2009

NEW YORK CITY — Construction is under way for a new residential rehabilitation and long-term skilled nursing facility for Village Care of New York (VCNY). The six-story facility is being built at 214-218 W. Houston St. in New York City. The 65,000-square-foot structure will feature 105 beds. It will also contain a physical rehabilitation room, a mediation/yoga room that overlooks a central landscaped courtyard, dining and common areas on each floor, and a rooftop deck. The project is slated for completion in August 2010 and will be applying for LEED-Silver certification. Locally based Levien & Co. is serving as project manager. Perkins Eastman is serving as project architect, and Marco Martelli Associates is providing general contractor services.

October 15, 2009

KEYBANK SECURES TWO FREDDIE MAC LOANS TOTALING $7.8 MILLION

by admin October 15, 2009

WEYMOUTH, MASS. — Keybank Real Estate Capital has secured a total of $7.8 million in Freddie Mac financing for Queen Anne's Gate Apartments in Weymouth. The funds are being used to refinance existing conduit loans for two phases of the development. First, $4.8 million was provided to Queen Anne's Gate Company II for Phase II of the community, which contains 108 units and was built in 1974. Additionally, $3 million was provided to Q.A. V LP for Phase V of the community, which contains 46 units and was built in 1988. Terms of the loans were not disclosed.

October 15, 2009

Northeast Office

STUDLEY RELOCATES, EXPANDS HEADQUARTERS

by admin October 14, 2009

NEW YORK CITY — New York City-based real estate firm Studley has signed a lease for its new corporate headquarters. Beginning in the first quarter of 2010, Studley will occupy the 61,000-square-foot 11th floor of 399 Park Avenue for a 10-year term. The company will relocate from an approximately 40,000-square-foot office at 300 Park Avenue, which it has leased since 1987. Mitchell Steir, Michael Colacino and Michael Goldman of Studley provided in-house representation for the firm in lease negotiations. The landlord, Boston Properties, was represented by John Powers of CB Richard Ellis.

October 14, 2009

Civic Northeast

NORTH BRANCH CONSTRUCTION PICKED FOR COLBY SAWYER PROJECT

by admin October 14, 2009

NEW LONDON, N.H. — Concord, N.H.-based North Branch Construction has been selected to provide construction management services for a new project at Colby Sawyer College in New London. The new Windy Hill School will be a 10,000-square-foot structure that will house the college's daycare, kindergarten and after-school programs for families in the community. The Windy Hill program is run by students and faculty of the college's Social Sciences & Education Program and is currently operated out of the lower levels of the Abbey and Burpee residence halls. Building amenities will include classrooms with built-in kitchens and computer work areas, seminar rooms, two “smart” classrooms for child development classes, an early childhood curriculum laboratory, a resource library and faculty offices. Completion is scheduled for spring 2010. The project architect is Lebanon, N.H.-based Banwel Architects.

October 14, 2009

Northeast Office

LANE CAPITAL TO TAKE MINORITY STAKE IN 24 COMMERCE

by admin October 14, 2009

NEWARK, N.J. — Diversified Capital has reached an agreement with Lane Capital in which Lane will take a minority ownership stake in Diversified's 24 Commerce Building, an 18-story, 180,000-square-foot office building located in Newark. As part of the agreement, Lane will provide long-term financing to help finish a multi-million renovation that is currently under way at the building. Current tenants at 24 Commerce include Newark Funding and Pediatric Dental Group. Several restaurants will be added as part of the building's repositioning.

October 14, 2009

Civic Northeast

THE KORTE COMPANY COMPLETES $13 MILLION POST OFFICE

by admin October 13, 2009

GREAT NECK, N.Y. — St. Louis-based The Korte Company has completed construction for a new $13 million facility for the United States Postal Service in Great Neck. The 26,388-square-foot post office contains a 14,000-square-foot annex, a workroom, office support and administrative areas, break rooms, employee lockers, equipment rooms, mechanical mezzanines and storage areas. The facility also includes a two-story, 85-space parking garage. This most recent project marks the 39th project Korte has completed for the Postal Service nationwide.

October 13, 2009

Northeast Retail

CONSTRUCTION BEGINS FOR $2 MILLION RETAIL CENTER

by admin October 13, 2009

BRIDGEVILLE, PA. — Pittsburgh-based Burns & Scalo Real Estate Services has begun construction for Bursca Frontgate I, a $2 million, multi-phase retail project located in Bridgeville. The project will be situated along Route 50 at the entrance to Bursca Business Park.The first phase of construction will consist of the renovation of an existing 8,000-square-foot building that will house New Dragon Express and Sudsy's Beer Distributor. A 3,000-square-foot space remains for lease. Completion is slated for May 2010. Phase II of construction will include the demolition of an existing building on the property and the construction of a new 6,000-square-foot retail building. Phase II completion is scheduled for December 2010.

October 13, 2009

Industrial Northeast

NAI HUNNEMAN BROKERS $1.59 MILLION FLEX SALE

by admin October 13, 2009

NORWOOD, MASS. — Boston-based NAI Hunneman has completed the sale of a 19,260-square-foot flex property located in Norwood for approxiamtely $1.59 million. The office and warehouse building is situated on 3 acres at 31 Astor Ave. NAI's Cathy Minnerly represented the sellers, Dave and Bob Dillon of Atlantic Safety Products, and procured the buyer, JI Enterprise.

October 13, 2009

Mixed-Use Northeast

BUILDERS GROUP COMPLETES MIXED-USE CONVERSION OF FLATIRON BUILDING

by admin October 12, 2009

NEW YORK CITY — Builders Group has completed the mixed-use conversion of 15 East 26th Street, a 20-story, 97-year-old building located in the Flatiron District of Manhattan, New York City. The former office building now features 65 high-end apartments, 80,000 square feet of office space and SD26, a 15,000-square-foot Italian restaurant. The building was continuously occupied during the project, which posed a challenge on floors that were to be converted into residential space. The restaurant occupies the first three floors, the office space takes up floors four through seven and the apartments occupy floors eight and above.

October 12, 2009

Northeast Office

MAINEHEALTH ACQUIRES 85,000-SQUARE-FOOT OFFICE BUILDING

by admin October 12, 2009

PORTLAND, MAINE — MaineHealth, the parent company of Maine Medical Center, has purchased the former Anthem Insurance Building in Portland. The approximately 85,000-square-foot office building is located at 110 Free St. MaineHealth plans to relocate its headquarters, other related offices and conferencing facilities to the new property. As part of the transaction, the adjacent parking garage at 40 Free St. was transferred to Holiday Inn by the Bay, and the parking garage adjacent to Children's Museum of Maine on Free Street was transferred from Holiday Inn to MaineHealth. Tony McDonald, Drew Sigfridson and Dan Greenstein of CB Richard Ellis | The Boulos Company brokered the transaction.

October 12, 2009

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