NEW YORK CITY — Broad Street Development (BSD) has signed a new 10,370 square-foot office lease for Crawford & Company at 55 Broadway in Manhattan, New York City. BSD's in-house leasing team of Daniel Blanco, David Israni and Ramona Huegel represented the ownership, while Randy Sherman and Alicia Popper of Murray Hill Properties negotiated the lease on behalf of the tenant. Built in 1983 and located on the southwest corner of Broadway and Exchange Place, the property is a 32-story Class A office tower consisting of more than 330,000 square feet of space in Downtown’s Financial District.
Northeast
BOSTON — Boston Realty Advisors has leased space to GreenWood International Insurance Services at 225 Franklin Street in Boston. The insurance company has signed on for 11,002 square feet of office space. Boston Realty Advisors’ Wil Catlin represented the Greenwood International Insurance, and Roger Breslin of Colliers Meredith & Grew represented the sub lessor, University of Massachusetts.
WESTHAMPTON, N.J. — Marcus & Millichap has brokered the sale of a 14,820-square-foot, freestanding Walgreens pharmacy, located at 800 Woodlane Rd. in Westhampton. The property, which traded for $7.2 million at a 7.25 percent cap rate, was constructed in 2008 and is subject to a 25-year triple-net lease. Brad Nathanson and Jordan Muchnick of Marcus & Millichap’s Philadelphia office represented the seller, Mark Investments, and procured the buyer, a New York-based partnership participating in a 1031 exchange. The acquisition financing was arranged by James Conley of Marcus & Millichap Capital Corp. In addition, Nathanson and Muchnick arranged the sale of a 3,500-square-foot McDonald’s ground lease, located at 2752 MacArthur Blvd. in Whitehall, Pa. The property, which traded for $1.48 million at a 5.25 percent cap rate, is shadow-anchored by a Lowe’s Home Improvement Warehouse. Nathanson and Muchnick represented the undisclosed seller. The buyer, a New Jersey-based partnership participating in a 1031 exchange, was represented by Thierry Smith with First Commercial Business Brokerage.
LAKEWOOD, N.J. — DMR Architects has held the grand opening for the $1.5 million Special Children’s Center in Lakewood. DMR designed the complex free-of-charge to accommodate 120 children with special needs currently enrolled in the center’s respite and support programs. The 10,000-square-foot building was completed with the help of Ralph Zucker of Somerset Development and the Yanky Mermelstein of Ray Builders. The building features five classrooms, therapy rooms, bathing facilities, an indoor playground and an auditorium.
TETEBORO, N.J. — NAI James E. Hanson has completed a 51,000-square-foot, long-term lease renewal at 100 Hollister Road, a 175,000-square-foot office building located in Teteboro. The tenant, Swift Electrical Supply, has occupied space within the building since 2003 and renewed its lease early. Scott Perkins and Andrew Somple of NAI Hanson represented the tenant. The landlord, KTR Capital, was represented in-house by Steve Pron.
NEW YORK CITY — BCD has represented Five Guys Burgers and Fries in a new lease transaction. Located at 690 Third Ave. in Manhattan, New York City, the 1,700-square-foot property is the restaurant’s fourth Manhattan location. The chain plans to aggressively expand throughout 2010. Alexandra Turboff of BCD represented Five Guys, and Ron Longstreet represented the landlord, Solil Management.
BOSTON — BioMed Realty Trust has closed on a $350 million loan. The proceeds of the loan were used to repay a portion of an existing $507.1 million loan for the construction of The Center for Life Science | Boston. The newly constructed facility encompasses 700,000 square feet and is located in the city’s Longwood Medical area. The 5-year loan was provided by John Hancock Life Insurance Co., TIAA-CREF and Westdeutsche ImmobilienBank AG. The loan bears a 7.5 percent interest rate.
LITCHFIELD, N.H. — Apartment Realty Advisors (ARA) has brokered the sale of a 32-acre improved site located in Litchfield. The site was sold with site plan approvals for an active adult community, Annandale on the River. Zoned for residential use, the partially developed site was improved with nine of 57 permitted independent living homes at the time of the sale. Site plan approvals are in place for the remaining 41 units to be built in Phase II. With Phase I infrastructure improvements in place, the buyer, K&M Deveopment, is currently completing three units that were partially built prior to the sale and plans to fully develop the site to comprise a total of 57 units of age 55+ independent living homes. The seller, Annandale Fields Development, LLC, was represented by ARA’s Brendan Reilly, Richard Robinson, Terry Scott and Stephen Ordway. Annandale on the River is located off of Route 3A with shore frontage on the Merrimack River and close proximity to Nashua and Manchester, N.H. The sale price was undisclosed.
NEW YORK CITY — CetraRuddy’s Hospitality Group has completed designs for CassaNY. Construction is currently underway on the 50-story independent hotel and condominium. Located at West 45th St. in Manhattan, New York City, the hotel will feature 57 residences and 166 hotel rooms and amenities such a world-class restaurant, a spa, a landscaped garden, a terrace, a lounge, and 24-hour concierge. CetraRuddy additionally serves as architect and is overseeing all construction for the project. The designs were completed in collaboration with Enrique Norten’s TEN Arquitectos. The project is anticipated to be complete in summer 2010.
RADNOR, PA. — Brandywine Realty Trust has completed a 14-year, 148,000-square-foot lease with VWR International at One Radnor Corporate Center in Radnor. The facility features 201,980 square feet of office space. VWR plans to take occupancy in February 2010. David Binswanger and Scott Gabrielsen of Binswanger represented the tenant in the transaction, and Brandywine was represented in-house by Richard McGuckin and Daniel Palazzo.