FARMINGTON, CONN. — TRUMPF, one of the world’s largest producers of fabricating machinery and a leader in laser production technology, has completed its new 83,000-square-foot Laser Innovation & Technical Excellence building in Farmington. The new $20 million facility features research labs, a 6,000-square-foot class 10,000 cleanroom, and a 55,200-square-foot production hall. TRUMPF will use the facility to develop new lasers and expand the production of laser resonators. Diversified Project Management provided project management services for the development.
RENSSELAER, N.Y. — Marx Properties has commenced construction of de Laet’s Landing, a new waterfront development in Rensselaer. Set on 24 acres on the Hudson River, the initial construction will feature 200 residential units, 90,000 square feet of retail and a 360-space parking area. Occupancy for this phase is slated for fall 2009. The entire project is expected to be developed in stages over the next 8 to 10 years. Plans include 250,000 square feet of Class A office space, 165,000 square feet of retail space, 236,000 square feet for a hotel site and 630,000 square feet of residential space that will include mid-rise, water-view condominiums and townhomes. RealtyUSA is the exclusive commercial and residential broker for the development.
HAMILTON TOWNSHIP, N.J. — The Fruscione Company has completed construction of 300 Clocktower Dr., a 64,750-square-foot office building in the Hamilton Clocktower Corporate Center in Hamilton Township. The new facility is the first building to be completed within the three-building, 27-acre office complex. Upon completion, the center will offer 172,000 square feet of office space. Milt Charbonneau of Colliers Houston has completed the first lease within the new building — an 18,000-square-foot lease by Princeton Healthcare Systems.
BOSTON — Abbey Road Back Bay has acquired two buildings for approximately $10 million in the Back Bay retail district in Boston. The firm purchased 131 Newbury St. for $6.2 million and 569 Boylston St. for $3.8 million. Tim Breda of Goedecke & Co. arranged financing from TD Banknorth for the acquisition. The seller was undisclosed.
MEDFORD, MASS. — Wells Fargo has provided $25 million for the construction of greater Boston’s first precertified LEED Gold office building, 200 River’s Edge. The four-story facility will feature 115,700 square feet of space along the Malden River’s west bank in the Wellington area of Medford. Susan Leff of Wells Fargo originated the deal for the borrower, Preotle, Lane & Associates.
LAWRENCEVILLE, N.J. — Simon Property Group and Kravco Simon Co. are set to begin the expansion and renovation of Quaker Bridge Mall in Lawrenceville. Plans call for a lifestyle center component that will include restaurants and two new high-end retail anchors, Neiman Marcus and Nordstrom. Cooper Carry is designing the project. The 1.63 million-square-foot renovation and expansion is slated to begin this fall and is scheduled for completion in 2011.
NEW YORK CITY — Carlton Advisory Services has secured $215 million in acquisition and mezzanine financing for 1250 Broadway in Manhattan, New York City. The 39-story, 770,000 square-foot office tower is located on Broadway between W. 31st and 32nd streets. Carlton secured $175 million from a German lender and $40 million from a prominent REIT. The acquisition was closed on behalf of Norman Sturner of Murray Hill Properties and a large German opportunistic equity fund. Howard Michaels, Michael Campbell and Damien Wilson of Carlton arranged the financing.
OLD BRIDGE, N.J. — GE Real Estate has provided $30.65 million for the refinancing of Parkway 120, a five-story, Class A office building in Old Bridge. The 211,871-square-foot facility is located 10 miles south of the intersection of Interstate 287. The building is 79 percent leased to tenants such as Del Rey, Healthnet and VSNL. Vision Equities acquired Parkway 120 in 2001.
TUXEDO, N.Y. — Ron Mahr of Weichert Commercial Brokerage has completed the $1.8 million sale of the former Duck Cedar Inn banquet facility and inn in Tuxedo. The 25,300-square-foot building is situated on 9 acres on Route 17. The buyer, James Lantini, plans to renovate the facility into a new 15,000-square-foot retail center and move his electronics business into 10,000 square feet in the rear of the building. The new retail center, which is slated for completion September 2008, will feature units ranging from 750 to 7,200 square feet. Mahr represented the undisclosed seller in the transaction and was also retained by the buyer to market the new facility.
WALTHAM, MASS. — Adobe Systems has entered into a purchase and sale agreement with Normandy Real Estate Partners to purchase Overlook Center in Waltham upon substantial completion. Located at 21-61 Hickory Dr., the approximately 108,500-square-foot building is slated for completion May 2009. The transaction, valued at $44.7 million, is subject to the agreement’s closing conditions.