NEW YORK CITY — Accrete has signed a 13,757-square-foot office lease expansion in Lower Manhattan. The software company is effectively doubling its footprint at 17 State Street, a 42-story building, from its 2021 commitment of 6,681 square feet via a three-year extension. Matthew DeRose of Nomad Group represented the tenant in the lease negotiations. A.J. Camhi and Ryan Silverman internally represented the landlord, RFR.
NEW YORK CITY — Life Time (NYSE: LTH) has announced an agreement with Silverstein Properties to open an athletic country club at Brooklyn Tower, a 74-story residential skyscraper located at 9 Dekalb Ave. in downtown Brooklyn. The health and wellness experience will mark Life Time’s largest location in Brooklyn at approximately 80,000 square feet. Life Time Brooklyn Tower will span seven floors throughout the 1,066-foot-tall building. Life Time’s programming will include studio classes, personal training, strength and fitness offerings and amenities. Highlights of the new club will include: Life Time Brooklyn Tower is expected to open in the second half of 2026. Additional information will be provided as the project progresses, and a waitlist for members has been established. Brooklyn Tower integrates the historic Dime Savings Bank of Brooklyn into its design and features 143 luxury condominiums and 398 rental units. Silverstein gained full control of the project in a $672 million deal last year and is expected to relaunch condo sales in April, according to the Brooklyn Daily Eagle, which reports that only 20 of the tower’s condos have sold since its 2022 launch. “As the new owner of Brooklyn Tower, Silverstein Properties is committed to a successful completion …
PHILADELPHIA — Federal Realty Investment Trust has broken ground on a $30 million retail redevelopment project in northwest Philadelphia. Federal Realty is repositioning 30,000 square feet of inline space at Andorra Shopping Center and developing a 50,000-square-foot GIANT grocery store from the ground up. Other plans for the redevelopment call for approximately 14,000 square feet of landscaped plazas and outdoor dining spaces, as well as expanded sidewalks and curbside pickup spaces and a reconfiguration of the north-end parking lot to create an internal pathway to the main shopping center. Andorra Shopping Center currently houses tenants such as T.J. Maxx, Five Below and Kohl’s, and childcare provider KinderCare is planning to open a 10,000-square-foot facility as part of the redevelopment. Construction work is expected to be complete by the end of the year, with store openings slated for 2026.
SOUTH PORTLAND, MAINE — Newmark has brokered the $19.7 million sale of Mall Plaza, a 153,576-square-foot shopping center in South Portland. Mall Plaza is located across from The Maine Mall and was 83 percent leased at the time of sale, with Dick’s Sporting Goods serving as the anchor tenant and Petco as a junior anchor,. The center also features five pad sites, four of which are occupied by Burger King, Verizon, Maine Community Bank and Friendly’s. An entity doing business as GMG LLC sold the property to New Gen Hospitality Inc. Robert Griffin, Jonathan Martin, Paul Penman and Casey O’Brien of Newmark brokered the deal.
NEW YORK CITY — Aaronson Rappaport Feinstein & Deutsch LLP has signed a 15-year, 42,764-square-foot office lease extension in Midtown Manhattan. The deal keeps the law firm on the entire fifth and sixth floors at 600 Third Avenue, a 575,254-square-foot building that was originally constructed in 1970, through 2042. Mark Weiss and David Mainthow of Cushman & Wakefield, along with Larry Bank of Matador Capital Management, represented the tenant in the lease negotiations. Jonathan Tootell, Tanya Grimaldo and Giannina Brancato represented the landlord, L&L Holding Co., on an internal basis.
SEEKONK, MASS. — Locally based brokerage firm The Stubblebine Co. has arranged the sale of a 2.6-acre industrial outdoor storage (IOS) site in Seekonk, located near the Massachusetts-Rhode Island border. The site at 75 Mead St. houses a 17,500-square-foot building. Anawan Realty Inc. sold the property to Philadelphia-based Alterra IOS for an undisclosed price. Matty Drouillard and James Stubblebine of The Stubblebine Co. represented both parties in the transaction.
MANCHESTER, N.H. — Metro Boston-based investment firm The Grossman Cos. has acquired South Willow Shops, a 9,869-square-foot retail strip center in Manchester, located near the Massachusetts-New Hampshire border. Built in 1988, the center is home to tenants such as Hannoush Jewelers, Mattress Firm and Chipotle Mexican Grill. The seller was Linear Retail Properties. Bob Horvath of Horvath & Tremblay brokered the deal.
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Franklin BSP Realty Trust Agrees to Acquire Multifamily Mortgage Originator NewPoint Holdings
NEW YORK CITY AND PLANO, TEXAS — Franklin BSP Realty Trust Inc. (NYSE: FBRT), a REIT based in New York City, has entered into a definitive agreement to acquire NewPoint Holdings JV LLC, a multifamily loan originator headquartered in Plano. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions, including regulatory approvals. Terms of the transaction were not released. Launched in 2021, NewPoint has an existing servicing portfolio of $54.7 billion, including mortgages for market-rate multifamily, affordable housing, seniors housing, healthcare and manufactured housing properties nationwide. The company operates as both a direct lender and third-party placement provider. NewPoint, through its wholly owned subsidiary NewPoint Real Estate Capital LLC, is one of 19 multifamily originators and servicers approved to make loans on behalf of Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development (HUD). The acquisition will now allow Franklin BSP Realty Trust to originate agency mortgage loans. “For years we have been looking to add agency capabilities to the platform,” says Michael Comparato, president of Franklin BSP Realty Trust. “We believe this transaction is the final piece to complete our ‘one stop shop’ puzzle.” The acquisition will …
STAMFORD, CONN. — Newmark has arranged a $133 million loan for the refinancing of The Link, an office building located at 200 Elm St. in the southern coastal Connecticut city of Stamford’s downtown area. According to LoopNet Inc., The Link totals 588,345 square feet. The property was built in 1984 and underwent a $50 million renovation in 2023 that reimagined the lobby, modernized the elevators and upgraded the common areas. Jordan Roeschlaub, Nick Scribani and Chris Kramer of Newmark arranged the loan on behalf of the borrower, a partnership between A.M. Property Corp. and Northeast Capital Group. Deutsche Bank and Urban Standard provided the debt.
NEW YORK CITY — Locally based investment and development firm Savanna has acquired a 95,000-square-foot office building in the Meatpacking District of Lower Manhattan for $85 million. The building at 430 W. 15th St. rises eight stories and includes 8,000 square feet of outdoor terrace space following a renovation in 2015. Will Silverman, Alana Bassen, Gary Philips and Jeff Organisciak of Eastdil Secured represented the undisclosed seller in the transaction. Adam Kopald of law firm Goodwin Procter acted on behalf of Savanna. The building was fully leased at the time of sale.