NEW YORK CITY — Massey Knakal Realty Services has completed the sale of a 5,687-square-foot residential building located in the Manhattan's Chelsea neighborhood for $2.6 million. The building, which is located at 333 W. 18th St., contains four residential units, consisting of an owner duplex, two free-market units and one rent-controlled unit. Brock Emmetsberger arranged the deal between the two undisclosed parties.
DERRY, N.H. — Marcus & Millichap has brokered the sale of a freestanding Applebee's Neighborhood Grill & Bar located in at 14 Manchester Road in Derry for $1.85 million. The restaurant currently has more than 18 years remaining on its lease, with four 5-year extension options. Robert Horvath, Todd Tremblay and Ethan Cole of Marcus & Millichap's Boston office procured the buyer, M Cohen Enterprises. The seller was New York City-based DBAPPLEF LLC.
NEW YORK CITY — PineBridge Investments will lease 111,728 square feet of office space at the 399 Park Avenue trophy tower for its New York headquarters. The lease comprises all of the building's fourth floor and a portion of the sixth floor. PineBridge, which was formerly known as AIG Investments, will sublease 72,647 square feet from Legg Mason through September 2017, and the lease will convert to a direct lease with landlord Boston Properties after that. The remaining 39,081 square feet will be directly leased through Boston Properties for a 15-year term. PineBridge will consolidate is operations at 70 Pine St. and 277 Park Ave. to the new location and will take occupancy this summer. Mitchell Steir, Matthew Barlow and David Goldstein of Studley represented the tenant in lease negotiations. John Powers, Peter Turchin and Gregg Rothkin of CB Richard Ellis represented Boston Properties, with Ken Rapp and Christopher Mansfield, also of CB Richard Ellis, representing Legg Mason.
BELMONT, MASS. — Skanska USA has been selected to construct the new Wellington Elementary School in Belmont. The $29 million project will include the demolition of the existing school and the construction of a new one, which will consist of two buildings connected by a one-story core. The project is being designed to meet Massachusetts High-Performance Green School Criteria, with sustainability features that include a geothermal HVAC system, high-efficiency mechanical systems and increased use of daylighting. Demolition of the existing school is already under way, and completion of the entire project is expected in July 2011. Jonathan Levi Architects is the lead architect for the project, and Burt Hill is the associated architect.
MILLBURN, N.J. — CB Richard Ellis (CBRE) has arranged an $11.5 million loan for the refinancing of 16 and 33 Bleeker St. in Millburn. The property totals 178,000 square feet; it was acquired by the current owner/user, Elie Tahari Ltd., in 2004 and was subsequently renovated, which added an office component to it and expanded the mezzanine area. The financing carries a 5-year term and a 60 percent loan-to-value ratio. The floating interest rate of the previous loan was converted to a 5.47 percent fixed rate. The lender was a large commercial bank. Keith Braddish, Jason Gaccione and Rayna Karaivonov of the New York City office of CBRE Capital Markets partnered with Jim Gunning and Donna Falzarano of CBRE's Saddle Brook, N.J., office to secure the financing package. Bruce Beegel, also of CBRE, assisted in the deal.
NEW YORK CITY — Ascot Properties has acquired a retail condominium in New York City for $4.7 million. The unit is the ground floor of 129-135 Lafayette Street, a 12-story mixed-use building located in Manhattan. Cathay Bank currently occupies the space. Salmon & Marshall partners Kevin Salmon and Matthew Marshall represented the seller, Tribeach Holdings, and procured the buyer.
BOSTON — The U.S. Green Building Council has awarded LEED-Gold certification to 33 Arch Street in Boston. The designation was awarded under the LEED for Existing Buildings: Operations and Maintenance program. The building rises 33 stories and contains 600,000 square feet of Class A office space. It is located in the heart of the city's Financial District. A joint venture between AREA Property Partners and SITQ owns the building, which was constructed in 2006, and recently completed a $3 million renovation program. CB Richard Ellis / New England leases and manages the property.
GREENWICH, CONN. — Starwood Capital Group has closed two of its investment funds, which have raised a combined $2.8 billion. Starwood Global Opportunity Fund VIII raised more than $1.8 billion, making it the largest fund ever raised by the investment group. Starwood Global Hospitality Fund II raised $965 million. With the closing of these two funds, Starwood has raised more than $4.4 billion in capital since January 2009. In that same time period, the firm also invested approximately $1.5 billion in total equity capital across its investment platforms, including its recent joint venture with the FDIC for the acquisition of a $4.5 billion loan portfolio from the failed Corus Bank.
SYOSSET, N.Y. — Newmark Knight Frank has completed the 13,000-square-foot sale of an office building located at 75 Jackson Ave. in Syosset for $2.55 million. The buyer is a joint venture between Glen Cove. N.Y.-based General Anesthesia Services and Lake Success, N.Y.-based Lion & Company CPA's. Both businesses plan to relocate their operations to the building by this summer. Scott Berfas and Michael Sliver of Newmark Knight Frank represented the buyer. Real Estate Strategies, Ltd., represented the seller, SJS Realty.
MARLBOROUGH, CONN. — Colliers Dow & Condon has brokered the sale of an 8,000-square-foot industrial building in Marlborough for $550,000. North Windham, Conn.-based United Abrasives will occupy the building, which is located at 359 N. Main St. The seller was Sarasota, Fla.-based Haug Development. Richard Abo of Colliers arranged the deal.