BOSTON — Mullen, a full-service advertising agency, has leased 100,000 square feet of office space at 40 Broad St. in Boston for their new corporate headquarters. Mullen will occupy the top four floors of the building, which is currently undergoing capital improvements with completion slated for February 2008. William Collins and Bradley McGill of Jones Lang LaSalle represented the owner, Chicago-based Transwestern. James Brady, Edward Weiss, Robert Romano and Melisa Schneider of Cushman & Wakefield represented Mullen in the transaction.
Northeast
SWANSEA, MASS. — Geoffrey Rice with CB Richard Ellis’ New York City group has arranged bridge financing in the amount of $61 million on behalf of Carlyle Swansea Partners LLC. The 2-year mortgage, provided by UBS Realty Investors LLC, will allow the owner to perform rehabilitation and retenanting efforts. Swansea Mall is a 700,000-square-foot, single-level property located near Interstate 195 and approximately 12 miles from Providence, R.I. Sears, Macy’s and Wal-Mart currently anchor the center. Wal-Mart is scheduled to complete a new superstore in place of its current store by mid-2008.
IRVINGTON, N.J. — Hasbrouck Heights, N.J.-based DMR Architects has completed work on the design contract with New Jersey School Construction Corp. for University Elementary School in Irvington. The new school will feature classroom and support spaces on the first three floors and offices on the fourth for the Irvington Board of Education department. Administrative spaces, the cafeteria and gymnasium will be located on the first floor, and interior renovations and site improvements will also be included in the design.
NEW YORK CITY — Massey Knakal Realty Services has brokered the $4.55 million sale of an 86-unit multifamily portfolio in Staten Island, New York City. Harbor Court I and II are located at 110 Harbor Loop and 15 Harbor Rd., and consist of six buildings. The two-story buildings feature approximately 62,838 square feet. Marco Lala and Jordan Zotts of Massey Knakal represented the undisclosed seller in the transaction, and the buyer was also undisclosed.
MILFORD, CONN. — Michael Richetelli of Colonial Properties has brokered the sale of 16 Oxford Road in Milford. Metropolitan Dental Laboratory of Stratford acquired the building from Oxford Place LLC for $675,000. The 4,800-square-foot building is situated on .62 acres and the owner plans on using 50 to 75 percent of the building for its own operations and leasing out the remaining space.
NEW YORK CITY — SL Green Realty Corp. has agreed to sell 440 Ninth Avenue, a 339,000-square-foot office building in Manhattan, New York City, to a joint venture between Paramount Group and Sherwood Equities for $160 million. Situated on Ninth Avenue between 34th and 35th streets, B Photo, Duane Reade and eEmerge are the three largest tenants in the 18-story office building. The building was 100 percent occupied at the time of sale. Cushman & Wakefield represented the seller in the transaction. The transaction is slated to close first quarter 2008.
WOBURN, MASS. — The CB Richard Ellis Capital Markets Team of Gary Lemire, Bill Moylan, Chris Angelone and Mutt Pullen has brokered the $15.6 million sale of The Charrette Property in Woburn. The property comprises four industrial-zoned buildings — 31 Olympia Ave., 3-15 Normac Rd., 16-24 Normac Rd. and 23 Normac Rd. — situated on 14.48 acres. Located on the northbound side of Interstate 95 at Exit 36, The Charrette Property is located in close proximity to the Mishawum Station and the Anderson Regional Transportation Center, which offers MassHighway’s Park and Ride carpool service and express bus service to Logan International Airport. Lemire, Moylan, Angelone and Pullen represented the seller, Olympia Avenue Associates, and procured the buyer, Morris & Morse Co., in the transaction. Morris & Morse Co. has appointed Mark Reardon, David Corkery and Jason Levendusky of CB Richard Ellis to market the facilities.
SOMERSET, N.J. — InterContinental Hotels Group (IHG) has opened the 439-room Crowne Plaza Somerset-Bridgewater at 110 Davison Ave. in Somerset. Formerly a Marriott, the converted hotel features a 24-hour business center, the area’s largest health club, a gift shop, an indoor/outdoor swimming pool, wireless Internet access, a restaurant and lounge and Kosher catering capabilities. The hotel also includes 14,000 square feet of office space and offers the Crowne Plaza Sleep Advantage program, which creates a restful environment and supplies sleep-related products and services. Alpha Capital Corp. owns and manages the hotel under a license agreement with an IHG company.
NEW YORK CITY — Massey Knakal Realty Services has brokered the $20.35 million sale of a more than 2-acre site comprised of nearly 100,000 square feet at 1600 Sheepshead Bay Rd. and 1501 Voorhies Ave. in the Sheepshead Bay neighborhood of Brooklyn, New York City. The transaction was the largest in Sheepshead Bay in 20 years, and the second largest in the neighborhood’s history. Acadia Realty Trust purchased the properties, located on the north side of Voorhies Avenue between Sheepshead Bay Road and E. 14th St., from Leonard Halpern and Scott Feiden of Brooklyn. The buyer plans to construct a mixed-use development featuring national retail tenants and extensive parking. Currently a one-story, 8,400-square-foot building sits on the 1501 Voorhies Ave. parcel, which totals approximately 83,962 square feet. The approximately 12,709-square-foot 1600 Sheepshead Bay Rd. site includes an 11,870-square-foot, two-story mixed-use building containing five retail stores, five offices and one residential apartment. The properties encompass a total of almost 330,000 commercial buildable square feet, or almost 235,000 residential buildable square feet, and are in close proximity to the Sheepshead Bay waterfront. Massey Knakal was the sole broker in the transaction.
LYNN, MASS. — NAI Hunneman has brokered the $2.6 million sale of 1-4 Kingsley Terrace, an apartment complex in Lynn. The two detached, identical apartment buildings comprise a total of 22,320 square feet and 48 one-bedroom units. Carl Christie, Robert Tito and Dan McGee of NAI Hunneman represented the seller, High Street Property Management, and the buyer, Yan Schecter, represented himself in the transaction.