NEW YORK CITY — Colliers ABR has negotiated a lease renewal and expansion at 595 Madison Avenue in Manhattan, New York City. Levin Capital Strategies, LP, an investment advisory firm, renewed and expanded its lease, taking 18,967 square feet on the 16th and 17th floors. David Hoffman of Colliers ABR represented Levin Capital Strategies in the transaction, and the building owner, Vornado Realty Trust, was represented by Glen Weiss and Ronald Lo Russo.
Northeast
NEW YORK CITY — Greiner-Maltz has brokered a 5-year, 10,000-square-foot sublease for office space located at 33-10 Queens Blvd. in Long Island City in Queens, New York City. The space was subleased by FJC Security Company, the largest privately owned security company in America. Arie Zilka of Greiner-Maltz represented FJC Security Company, and George Margaronis and Decio Baio, both also of Greiner-Maltz, represented United Envelope in the transaction.
NEW YORK CITY — Dallas/Fort Worth-based Realty Capital Partners recently made a preferred equity investment to help complete construction of 180 East 93rd Street, a luxury residential development consisting of seven full-floor units. The 20,743-square-foot project is located in Manhattan, New York City’s Upper East Side in the Carnegie Hill neighborhood. Greystone Property Development Corp., the developer, anticipates completing construction in approximately one year. Amenities are expected to include a fitness facility, doorman service, a children’s playroom, temperature-controlled wine storage, as well as sustainable building materials. In addition, individual units will feature open-air terraces or balconies, oak wood floors, Viking kitchen appliances, custom cabinetry and nearly 10-foot ceilings.
CRANBURY, N.J. — The Intent Group, a notebook computer wholesaler, has purchased a 10,000-square-foot condominium unit at the Matrix Corporate Campus in Cranbury. Owned by Matrix Development Group, the company recently acquired the campus from Preferred Unlimited, a Pennsylvania-based real estate investment firm. Located at Exit 8A of the New Jersey Turnpike, Matrix Corporate Campus contains more than 342,000 square feet of office, laboratory and flex space. Current tenants include the worldwide headquarters of Innophos Inc, a leading North American specialty phosphate producer.
BOSTON — Tishman Construction Corp. has completed the $17 million renovation of Copley Square Hotel, located in Boston’s Back Bay neighborhood. Construction to the hotel, which was first built in 1891, included full renovations to each of the 143 guestrooms. New finishes were installed and the bathrooms were also renovated. Guestrooms now include workstations and wireless Internet access. A new boiler was added to the hotel and a second elevator was installed as well. Amenities at Copley Square Hotel include a full-service concierge, a casual restaurant, a martini bar, a lounge and a nightclub. The project architect was Arrowstreet and the interior designer was Intra-Spec. The hotel’s owner is CapStar Copley LLC.
TEANECK, N.J. — Japan Tobacco International (JTI) has moved into its new U.S. headquarters, located within Glenpointe Center West in Teaneck. The new 12,000-square-foot office contains five executive offices, 15 offices, 32 workstations, a conference room and a café-style pantry with a 55-inch, flat-screen television. The approximately $1 million interior build-out was completed on behalf of JTI by Livingston, N.J.-based Jarmel Kizel Architects & Engineers. The landlord and construction company responsible for the building is Alfred Sanzari Enterprises.
WEST ORANGE, N.J. — The New Jersey office of FirstService Williams has brokered a lease for 13,776 square feet at Mt. Pleasant Medical, a medical office building located in West Orange. The Urology Group of New Jersey will take occupancy of the space in November for a 12-year term. Situated on 11 acres at 375 Mt. Pleasant Ave., Mt. Pleasant Medical contains 106,000 square feet of medical office space. Frank Gunsberg of FirstService Williams represented the landlord, 375 Mt. Pleasant Avenue LLC, a joint venture between Hampshire Real Estate Cos. and Paragon Realty Group. John Feeney of Studley represented the tenant.
In Buffalo, New York, the office market is in the midst of a slow recovery from the lows experienced in the early 2000s. Even with the recent economic downturn, the statistics show that this market is still showing improvement. The inventory continues to grow at a slow, controlled pace and net absorption of space is positive. There is a growing preference for regionally based companies to invest in Buffalo. Two recent corporate relocations, HealthNow and New Era Cap, had a significant impact on the market by moving their headquarters operations into Buffalo’s Central Business District. HealthNow took 469,000 square feet of space and New Era Cap signed on for 130,000 square feet. The second trend has been the growth of governmental agencies and their policy of leasing privately owned facilities. Over the past 3 years, 600,000 square feet of government tenants have been moved to new, privately owned, Class A buildings. The best example of this is the relocation of 280,000 square feet of Federal GSA tenants from a government owned building to the new Federal Center at 150 S. Elmwood Avenue. The two largest tenants were the Veterans Administration, which leased 85,000 square feet, and the IRS, which took …
PITTSBURGH — Marcus & Millichap has completed the $29.75 million disposition of Chestnut Ridge, a 468-unit apartment community in Pittsburgh. Matthew Friedman of Marcus and Millichap’s National Multi Housing Group in Encino, and David Poluszejko, of the firm’s Pittsburgh office, represented the seller, an institutional investor, and the buyer, a local private investor. The property is located at 3200 Chestnut Ridge Dr. in Robinson Township, within the prominent Montour School District. Robinson Township is one of the fastest-growing communities in Pittsburgh. Developed in 1986, the 359,760-square-foot complex features 31 buildings set on 25 acres of maturely landscaped grounds. The asset consists of five different one- and two-bedroom layouts. The units have private entrances, full-size washers and dryers, ceiling fans, a breakfast bar and walk-in closets. Select units feature vaulted ceilings with skylights and wood-burning fireplaces. Community amenities include a newly renovated clubhouse with wireless Internet access, a pool, a park-like recreation area with grills, a sand volleyball court, lighted tennis courts and indoor basketball and racquetball courts. The property also has a tanning salon, a fitness center and ample parking, including carports and attached garages.
ARLINGTON, MASS. — Carl Christie, Dan McGee and Gina Barroso of NAI Hunneman completed the $12 million sale of a 90-unit apartment portfolio in Arlington. Christie, McGee and Barroso represented the seller, ADA Properties, Inc., and procured the buyer, Arlington Minuteman Towers, LLC. The 90-unit apartment portfolio, which was 98 percent occupied at the time of the sale, consists of three brick apartment complexes containing 86 rental units. In addition to the apartment buildings the portfolio included two single-family homes and one two-family home. Several of the properties abut one another and all are within walking distance located at 285 Massachusetts Ave., 287 Massachusetts Ave., 20 Tufts St., 10 Bates St., 14 Bates St. and 9 Foster St.