NEW YORK CITY — SL Green Realty Corp. has closed on a $215 million loan for the refinancing of 100 Park Avenue in Manhattan, New York City. The loan carries a 5-year term with two 1-year extension options and a 6.64 percent fixed interest rate. The proceeds will be used to retire the property's existing $175 million mortgage as well as complete a $72 million renovation of the property that began in 2007. The lender was a group of banks that includes DekaBank, Helaba, PB Capital Corp., Westdeutsche ImmobilienBank AG and Modern Bank. SL Green owns 100 Park Avenue in a joint venture with institutional investors advised by Prudential Real Estate Investors. The tower totals 36 stories and 825,815 square feet.
NEW YORK CITY — Jones Lang LaSalle (JLL) has completed two leases for Manhattan office space totaling 189,054 square feet. First, JLL brokered a 10-year renewal on behalf of General Motors Corp. (GM) at 767 Fifth Avenue. GM occupies the 14th through 16th floors of the building for a total of 114,300 square feet. The company has leased space at the 2 million-square-foot, Class A building since it was built in 1968. Peter Riguardi, Michael Shenot and Lloyd Desatnick represented the tenant. Robert Selsam and Andrew Levin of Boston Properties provided in-house representation for the landlord. In the second deal, JLL negotiated a sublease for 74,754 square feet on behalf of NYC Office Suites at 1350 Avenue of the Americas. The subtenant, which provides short-term office space for lease, will occupy the second through fourth floors of the 585,156-square-foot building for an 11-year term. Scott Panzer and Sean Black of JLL represented NYC Office Suites. Joseph Harkins of Grubb & Ellis represented the sublessor, Harper Collins.
NORTH KINGSTOWN, R.I. — Integrated Builders has completed construction for the Outside Air Center, an 80,000-square-foot retail component of The Shops at Quonset Point. The project also included 25,000 square feet of shell space for anchor Dave's Marketplace, as well as tenant fit-ups for Supercuts and Hollywood Nails. The project architect is Boston-based Bergmeyer Associates. The Shops at Quonset Point totals 25 acres; it consists of 160,000 square feet of retail space and 40,000 square feet of office space. The Shops at Quonset Point is part of the $80 million Quonset Gateway master-planned project.
WALTHAM, MASS. — J. Calnan & Associates has completed Phase I of the 85,000-square-foot renovation of Constant Contact's Waltham headquarters located at 1601 Trapelo Rd. A new Network Operations Center was built, which includes state-of-the-art audio/visual equipment and a media room for online podcasts. Phase II of the project will include the creation of a Great Room, which will be used for large training events. The project team also includes Visnick & Caulfield and WB Engineers.
HAVERHILL, MASS. — The grand opening has been held for the second building at Hamel Mill Lofts, a 305-unit multifamily project located in Haverhill. Known as The Pentucket, the eight-story building contains 60 units. The first building at the four-building complex opened in December 2008. Known as The Essex, the structure totals eight stories and contains 71 units. The other two buildings, a nine-floor, 163-unit building known as The Tilton, and a two-story, 11-unit building known as The Powerhouse, will open this December. Developed by Forest City Residential, Hamel Mill Lofts consists of the historic redevelopment of the former L.H. Hamel Leather Company Complex, a shoe manufacturing facility that was first built in 1916. All buildings feature one- and two-bedroom units with rents ranging from $1,100 to $1,800 per month. Amenities, which will be located on the first floor of The Powerhouse, include a fitness center, a screening room, a game room with a billiards table, a community room, a resident lounge and a cyber cafe. The property is currently 37 percent leased.
PHILADELPHIA — Levin Management Corp. has brokered the purchase of Morrell Plaza, a 103,244-square-foot shopping center located in Philadelphia, for $22 million. Located on Frankford Avenue, Morrell Plaza is anchored by a 60,726-square-foot ShopRite and a 12,718-square-foot RiteAid. Other tenants include Blockbuster, T-Mobile, Beneficial Mutual Savings Bank, Supercuts, Allstate Insurance, Jackson Hewitt and Dunkin' Donuts. The buyer, which was represented by Levin Management, was a joint venture partnership that includes Levin Properties. Richard Soloff of Colliers Lanard & Axilbund represented the seller, Midland Development Group.
AVON, MASS. — The Stubbledine Company has completed the sale of an industrial building located in Avon for $1.15 million. The 22,000-square-foot building is situated on 1.45 acres at 244 Bodwell St. Micah Stubbledine and Donald Humpton of The Stubbledine Company represented the seller, Titan Realty Trust, and procured the buyer, 244 Bodwell LLC.
HACKENSACK, N.J. — Hillside, N.J.-based P&F Managment Co. is completing the environmental remediation of the former Eval Oil Terminal in Hackensack in preparation for the construction of a new residential community. The 3.75-acre land site is located at South River Street and Shafer Place. P&F purchased it from the city of Hackensack in 2007 and will be partnering with the city for the redevelopment. The environmental remediation of the former oil storage site is expected to cost $3 million. P&F plans to begin construction in 2010 for a multi-story 144-unit residential project.
CAMP HILL, PA. — Camp Hill-based Campbell Commercial Real Estate has brokered the sale of 2.11 acres of land on Arthur Avenue in the Lower Allen Township of Camp Hill. The buyer, Little Rock, Ark.-based Motel Sleepers, plans to construct a 70-room hotel and restaurant on the site. The hotel will be for private industry use only but the restaurant, a 24-hour diner, will be open to the public. Construction will begin immediately and is expected to take 6 months. The seller in the land transaction was United Methodist Home for Children.
PRINCETON, N.J. — Acting as project architect, KSS Architects has completed the interior build-out for the new Princeton office of international law firm Dechert LLP. The firm relocated from its former office at Princeton Pike Corporate Center to a 30,000-square-foot space at 902 Carnegie Center. The interior contains marble tile floors as well as wood and glass workstations. Other features of the new office include conference rooms with audio-visual systems, a lunch room designed as a cafe, and security features throughout the space.