BOSTON — Construction is complete for the renovation and conversion of Boston's historic Ames Building into a 114-room boutique hotel. The 14-story building, the second tallest masonry building in the country, is located at One Court St. in the city's Financial District. Constructed in 1889, it was added to the National Register of Historic Places in 1974. A joint venture between Normandy Real Estate Partners and Morgans Hotel Group owns the hotel, with Morgans serving as operator. Tishman Construction Corp. was the general contractor for the renovation. Morgans' in-house design team collaborated with Rockwell Group for the design.
MONTVALE, N.J. — CB Richard Ellis (CBRE) has brokered the sale of One Paragon Plaza, a 107,221-square-foot, Class A office building located in Montvale. The property was 84 percent leased at the time of closing by a tenant roster that includes Cisco Systems, Volvo Financial Services, General Electric Corp. and Adecco Employment Services. Jeffrey Dunne, Kevin Welsh and David Gavin of CBRE's New York Institutional Group represented the seller, One Paragon Associates LP, an entity controlled by Ivy Realty Services. CBRE also procured the buyer, Samson Paragon LLC, an entity controlled by Samson Management Corp. The acquisition price was not disclosed.
NEW YORK CITY — Omni New York LLC has purchased a 53-unuit affordable housing community located in Manhattan, New York City, for $5.5 million. The property consists of two adjacent buildings located at 2059-71 Madison Ave. All f the units are under a Section 8 contract with HUD. Omni plans to continue the property's operation as affordable housing. Shimon Shkury and James Nelson of New York City-based Massey Knakal Realty Services represented Omni as well as the seller, a private investor.
NEW YORK CITY — Cosmetics retailer Avon has relocated its New York City corporate headquarters. The company will be moving from 1251 Avenue of the Americas to 777 Third Ave. Avon signed a lease for 246,500 square feet, which comprises floors two through 11. The lease carries a 15-year term that begins in the first quarter of 2011. Jon Zuckerman and Len DiMicelli of CB Richard Ellis and Dale Schlather of Cushman & Wakefield represented Avon. Frank Doyle and Peter Riguardi of Jones Lang LaSalle and Michael Lenchner of Sage Realty Corp. represented the landlord, the William Kaufman Organization.
NEW YORK CITY — SL Green Realty Corp. has taken over as sole owner of 100 Church Street, a 1.05 million-square-foot office tower located in downtown Manhattan, New York City. SL Green initially acquired a 50 percent interest in the tower's senior mezzanine loan and two additional mezzanine loans from Gramercy Capital Corp. in 2007. In August 2009, SL Green obtained management and leasing control of the property on behalf of the mezzanine lender, which foreclosed on it. As part of the foreclosure, SL Green reached an agreement with Wachovia to provide additional capital to extend and restructure the property's current debt. Gramercy declined to fund its share of this transaction, and instead chose to transfer its interests to SL Green. SL Green has brought on Newmark Knight Frank to launch an aggressive leasing campaign for the property, which is currently 42 percent occupied. It will also complete capital improvements to the building.
SOUTH BRUNSWICK, N.J. — IDI has completed a lease for Middlesex I, a 1.35 million-square-foot industrial center located in South Brunswick. The building will be leased by an undisclosed tenant, which plans to use it as a regional distribution center and will take occupancy in June. The property contains 36-foot clear ceiling heights, 279 dock doors, 167 trailer spaces and an ESFR sprinkler system. Frank Petkunas of IDI provided in-house representation for the developer, with assistance from Paul Torosian and Nate Demetsky of Cushman & Wakefield. Middlesex I is the first building to be completed at the Middlesex Center industrial park.
WALLINGTON, N.J. — Woodbridge, N.J.-based The Kislak Company has completed the sale of Jefferson Gardens, a 16-unit apartment community located in Wallington. The property comprises a two-story garden community located on Chestnut Street. Robert Squires of Kislak represented the seller and Scott Davidovic represented the buyer. Both parties were undisclosed. The seller provided part of the financing for the deal.
PHILADELPHIA — CB Richard Ellis (CBRE) Investors has purchased 2000 Market Street, a 29-story, 661,909-square-foot office building located in Philadelphia's central business district. The building has received $3.5 million in renovations over the past 5 years, and CBRE Investors plans to complete an additional $5.5 million in improvements. New features of the building will include a conference center and a fitness center. Occupancy was 76 percent at the time of closing. CBRE Investors made the purchase on behalf of its CBRE Strategic Partners U.S. Value 5 fund.
PORTLAND, MAINE — The Boston office of Love Funding has arranged a $5.28 million acquisition loan for Fallbrook Woods, a 56-unit assisted living facility located in Portland. Originated by Leonard Lucas of Love Funding, the loan carries an 85 percent loan-to-value ratio, a 35-year term and a 4.67 percent interest rate. The loan includes funds to cover needed improvements to the property. Itwas secured through the HUD 232/223(f) program. The lender was undisclosed.
PORTSMOUTH, N.H. — The Kane Company has brokered the sale of a former Toyota dealership located in Portsmouth for $1.1 million. The property consists of an 18,000-square-foot building situated on 6.7 acres. The buyer, Regernation Realty Trust, plans to redevelop the property into retail and office space. Two tenants, biomaterials firm MatMarket and software company Mesh 01, have already signed on for the new project. The construction timetable was not released. Jean Kane and Jody Skaff of Kane represented the seller. Lisa Kane, also of The Kane Company, represented the buyer.