Clearly, the demand for office space has significantly diminished since the end of last year. Office leasing is directly related to jobs and the expectation of future employment and, therefore, over-reliant on Wall Street. However, it does lag behind the stock market somewhat. Having said that, it is important to look at the Manhattan office space market with a broader perspective. The unique advantages of New York City include the diversity of businesses residing here and the transportation infrastructure that makes it easy for people to get to work. Other cities such as London, Seattle and Silicon Valley, California, are far more reliant on specific industries and their market tends to suffer more dramatically when those industries are in decline. Although the financial services and banking industry represents a large portion of the overall inventory of office space in Manhattan, industries such as healthcare, legal (with strong bankruptcy and litigation departments) and accounting have shown resilience — and in some cases growth — of their businesses. The subleasing of excess office space, although predominantly in the financial services sector, also includes retailers, law firms and pharmaceutical companies. Recent major leases include: Deutsche Bank, which renewed 150,000 square feet at 345 …
NEW YORK CITY — New York-based Newmark Knight Frank Construction Services has completed One Brooklyn Bridge Park, a $175 million residential redevelopment project in Brooklyn, New York City. Construction consisted of the conversion of a 1.1 million-square-foot distribution center located at 360 Furman St. into luxury condominiums. The building was first constructed in 1929 and was formerly owned by Jehovah’s Witnesses before being acquired by RAL Companies & Affiliates, the developer of the project, in 2004 for $205 million. Two additional floors were built on top of the previously 12-story building, and the interior was reconfigured to include 438 residences. The units range in size from 588 to approximately 10,000 square feet and include loft apartments, townhomes and penthouses. Many units feature terraces cabanas and fireplaces. Building amenities include a residents-only recreation facility, 7,000 square feet of landscaped gardens, an indoor virtual golf driving range, and on-site valet and concierge services. The project also includes 70,000 square feet of retail space and a 500-space parking garage. The project architect was Creative Design Associates. One Brooklyn Bridge Park is situated within an 85-acre waterfront park that is currently under construction in the borough’s Brooklyn Heights neighborhood. Once complete later this year, …
PLYMOUTH MEETING, PA. — Pennsylvania Real Estate Investment Trust (PREIT) is continuing its $100 million redevelopment of Plymouth Meeting Mall, located in Plymouth Meeting. New construction includes a new Whole Foods Market and Café, which is scheduled to open later this year. Also under construction is Plaza Shops, an open-air retail wing that will connect the Whole Foods to the existing enclosed mall. Plaza Shops will include a landscaped plaza with textured concrete, enhanced lighting and wrought-iron seating. Retailers Ann Taylor Loft, Coldwater Creek, Chico’s and Jos. A Bank have already signed leases for spaces within Plaza Shops. In addition, Benihana recently opened its new restaurant concept, joining California Pizza Kitchen, P.F. Chang’s China Bistro and Redstone American Grill, which all opened freestanding restaurants in 2008. Dave & Busters also opened a new location at the mall in 2008. Finally, this spring will see the opening of a two-story, 23,000-square-foot Krazy City children’s entertainment attraction.
MATAWAN, N.J. — Iselin, N.J.-based American Properties Realty is advancing construction for The Preserve at Matawan a 157-unit residential condominium project located in Matawan. The project comprises seven three-story buildings and one two-story building that all contain two-bedroom units. There are three models, ranging from 1,446 to 1,635 square feet, and prices start at approximately $269,000. The Preserve at Matawan also abuts a 10-acre nature preserve. The project’s interior designer is Atlanta-based Design Environments Inc. Model residences have recently opened for prospective buyers and Phase I of the project is already 40 percent sold. The construction timetable was not released.
PAOLI, PA. — Philadelphia-based Binswanger has brokered the sale of an 8,800-square-foot commercial building, located at 522 King Rd. in Paoli, for approximately $3 million. The property was formerly the location of the restaurant Basil. It was sold by 54-1K LP, which is a partnership between Scott Morrison and Philadelphia-area restaurateur Martin Grims. The buyer, Citadel Federal Credit Union, plans to utilize the property as a bank and office building, and will take occupancy by the end of the year. The seller plans to focus its restaurant brand on alternative markets.
CHERRY HILL, N.J. — Congregation Beth El has sold its 73,500-square-foot property, which encompasses a synagogue and a school campus, to Impacting Your World Ministries for $5.05 million. Congregation Beth El will move from the property, located at 2901 Chapel Ave. in Cherry Hill, to a new location in Voorhees, N.J. Jim Scott and Marc Isdaner of Philadelphia-based Colliers Lanard & Axilbund represented the seller. Mount Laurel, N.J.-based NAI Mertz’s Jeffrey Licht represented the buyer.
BETHLEHEM, PA. — Adler Place Partners has purchased a 27,000-square-foot office building in the Bethlehem Business Park in Bethlehem from an undisclosed party for an undisclosed amount. Adler plans to renovate the property, which formerly housed the executive offices of National Penn Bank. One tenant has already signed a $1 million lease for 10,000 square feet of the space. Allentown, Pa.-based Dietrick Group represented Adler Place in the transaction.
HARRISON, N.J. — New York-based Kingsland 138 Realty has purchased a 25,000-square-foot flex building from 501 Bergen LLC for an undisclosed amount. Due to the current lending climate, the transaction almost fell through. With the deal almost finished, Kingsland’s credit lines were frozen, forcing the seller to take a short-term mortgage out on the purchase price. Kingsland paid the difference from its own capital. Michael Weiss of Studley represented the buyer. The property is located at 501 Bergen St. in Harrison.
PARSIPPANY, N.J. — Wockhardt USA has relocated its regional headquarters to Parsippany, signing a 12,000-square-foot sublease with Clifton, N.J.-based Cortega for turnkey space. The property is located at 20 Waterview Blvd. in the 13-acre Waterview Corporate Center. The 4.5-year lease covers the remainder of Cortega’s existing lease term. John Feeney of Studley represented the tenant in the transaction.
MIDDLESEX COUNTY, N.J. — Mark Scott of NorthMarq Capital’s Parsippany, N.J., office has secured a $20 million loan for a 244-unit apartment complex in Middlesex County. The 10-year loan carries a 5.66 percent interest rate and a 30-year amortization schedule. AmeriSphere Multifamily Finance provided funding for the loan.