PLYMOUTH MEETING, PA. — Plymouth Meeting-based RAS Brokerage has arranged three Pennsylvania leases for Plaza Azteca Restaurantes Mexicanos. The restaurant chain will open a 6,921-square-foot location in a freestanding building near the intersection of Plymouth Road and Germantown Pike in Plymouth Meeting, as well as another freestanding, 6,400-square-foot location in Wyomissing across from Berkshire Mall. Finally, the chain will open a 4,600-square-foot location for its high-end concept, Salsa’s Mexican Grill, in front of Montgomeryville Mall in Montgomeryville. Marc Mandel of RAS Brokerage represented the tenant in each of the lease transactions. Plaza Azteca is based out of Virginia Beach, Va., and plans to expand into the New England area, specifically, Pennsylvania, New Jersey and Delaware, over the course of the coming year.
BOSTON — Construction has topped out for The Clarendon, a 33-story residential tower under development in the Back Bay neighborhood of Boston. The project consists of 103 one- to four-bedroom condominiums starting on the 15th floor, as well as 178 rental residences, more than three dozen of which will be designated affordable housing. The Clarendon will also include a signature restaurant and a gourmet market operated by American Food Management. The post office that formerly occupied the property will relocate to the building upon completion in late 2009. The project will be applying for LEED-Silver certification from the U.S. Green Building Council. It is being developed by a joint venture between New York-based Related Cos. and Boston-based The Beal Companies. The project was designed by Robert A.M. Stern Architects.
NEW YORK CITY — The topping off ceremony has been held for the structural steel of 11 Times Square, a 1.1 million-square-foot office tower under construction in Midtown Manhattan, New York City. Developed by SJP Properties, the building is on schedule for a 2010 completion. The building’s unique concrete core, which rises the entire height of the 40-story building and encases all of the building’s critical elements, was completed in October. The project is applying for LEED-Gold certification, making it one of the largest environmentally sustainable commercial projects in the Northeast.
PHILADELPHIA — The Falcone Group has signed Philadelphia restaurant Rae to 11,000 square feet at The Residences at Two Liberty Place in Philadelphia. The restaurant will relocate from its previous spot in Philadelphia’s Cira Centre to the 37th floor of the Two Liberty Place building — making it the highest restaurant in the region. The restaurant, which is run by executive chef David Stern, will share the floor with The Residences’ 10,000-square-foot Owner’s Club. In addition to serving the general public, Rae will provide preferred seating for residents of the tower, as well as room service. The Residences at Two Liberty Place comprises the top 20 floors of the Two Liberty Place Tower. It consists of 90 units that span from the 40th to the 57th floor of the building. First occupancies began in March, and full occupancy is expected in 2009.
NEW YORK CITY — Calabasas Hills, Calif.-based PNC ARCS has arranged a $2.1 million loan for Central Park South Apartments, a 21-story, Class A apartment building located in New York City. The property contains 37 owner-occupied units and a ground-floor commercial unit. Terms of the loan include a 5.82 percent fixed interest rate and a 10-year term with interest-only payments. The loan was secured on behalf of the borrower by the Princeton, N.J., office of PNC through Fannie Mae.
BOSTON — BNY Mellon Center at One Boston Place, an approximately 800,000-square-foot office tower located in Boston and the third largest tower in the city, has been awarded LEED for Existing Buildings Gold certification from the U.S. Green Building Council. The property is owned by a joint venture between TIAA-CREF and SITQ. Anchor tenants at the tower include Bank of New York Mellon, Boston Capital Corp., Robinson & Cole and Wells Fargo. The tower also received the Environmental Protection Agency’s Energy Star rating in 2007.
BOSTON — Four projects, totaling more than $75 million in private investment, received approvals from the Boston Redevelopment Authority’s Board of Directors. The individual projects include: Seaport Square’s First Residential Building — Known as Parcel A, this $40 million project is one of 20 parcels that comprise the Seaport Square Project, located on the South Boston Waterfront. The 54,400-square-foot, six-story building will include 34 residential units. It will feature one-, two-, and three-bedroom floor plans and ground-level retail space. The joint venture of MS Boston Seaport and Boston Residential Group is developing Parcel A. Construction is scheduled to begin second quarter 2009, with an estimated completion date in fourth quarter 2010. Fenway Residential Project — This $20 million project will bring 45 residential units to the East Fenway neighborhood of Boston. The 47,000-square-foot building will consist of nine floors. Catamount Westland is developing the property, which will feature loft-style and two-bedroom units. Construction is scheduled to begin third quarter 2009, with an estimated completion date in first quarter 2011. Beacon Hill Project — Originally designated as residential and retail space, developer Talanian Realty recently decided to scratch those plans in favor of a $9.5 million, five-story office building with ground-level …
MAHWAH, N.J. — An $8.2 million capital improvements program is under way for The Sheraton Mahwah Hotel, located within Crossroads Corporate Center in Mahwah. Renovations to the guestrooms were completed in October, and included a complete redesign of the spaces with new colors, a hi-definition television, new beds and bathrooms with new fixtures. Additional renovations, which should be complete by the first quarter of 2009, include renovations to common areas and the addition of upgraded amenities. The lobby will be redesigned to feature a towering waterfall, as well as a 32-seat bar, and a communications hub that includes complimentary wireless Internet access and computer stations. New carpeting, wall coverings and furnishings will also be installed. Finally, the hotel’s 12th floor Skylite Ballroom and first floor Grand Ballroom will be renovated as well. The Sheraton Mahwah is operated by Interstate Hotels & Resorts.
BOSTON — Linear Retail Properties has acquired four retail condominiums, located within the Guildford Halls Condominiums building at the corner of Newbury and Clarendon streets in Boston’s Back Bay district, for $3.95 million. The four units, located at 108 Newbury St. and 220 Clarendon St., total 6,300 square feet, and are fully occupied by Tealuxe, Frank Stella Clothiers and Pour Le Corps Spa. The purchase was made in cooperation with Brookline, Mass.-based Farmer & Flier. Linear Retail has tapped Colliers Meredith & Grew to provide property management services, and Sam Hawkey of The Dartmouth Company to serve as exclusive leasing agent. The seller was not disclosed.
NEW YORK CITY — CB Richard Ellis (CBRE) has arranged the relocation of the relocation of the flagship dealership location of Mercedes-Benz USA. The automakers new 332,982-square-foot facility will be located at 770 11th Ave., between 53rd and 54th streets, on the West Side of Manhattan, New York City. It will feature 39,236 square feet of first-floor showroom and office space, 28,918 square feet of mezzanine space, and three below-grade levels averaging approximately 90,000 square feet each. The facility will sell the Mercedes-Benz and Maybach brands, as well as other smart brands from the automaker. It will also feature a service center, as well as used car sales. Completion is scheduled for 2011. The project is being developed by Two Trees Management Co. CBRE’s Michael Laginestra, Michael Geoghegan and Joan Meixner arranged the deal. Mercedes-Benz will be relocating from a smaller facility located at 41st Street and 11th Avenue, near the entrance to the Lincoln Tunnel. Terms of the deal were not disclosed.