PARSIPPANY, N.J. — A partnership between two New Jersey-based firms, The STRO Cos. and Kushner Real Estate (KRE) will develop a 65,000-square-foot industrial project in Parsippany, about 30 miles west of New York City. The building at 3 Century Drive will offer 36-foot clear heights, 10 dock doors, one drive-in door and divisibility to 32,000 square feet. Vertical construction is underway, and completion is slated for the fall. Resource Realty is the leasing agent.
PHILADELPHIA — Banco Inbursa has provided a $150 million senior construction loan for a multifamily project that will be located within Wharton Piers, a mixed-use waterfront development in South Philadelphia. The project will consist of a 36-story residential building and a single-story commercial building for a total of 620 market-rate apartments and 30,800 square feet of retail space. The borrower/developer is New York City-based Brevet Capital. Construction is expected to begin in early 2027, with leasing to commence in the fourth quarter of 2028. Full completion is slated for the first quarter of 2029.
MORRISTOWN, N.J. — CBRE has arranged a $40 million construction loan for an 89-unit multifamily project that will be located in the Northern New Jersey community of Morristown. Known as Morristown Station, the development will comprise 76 market-rate apartments and 13 affordable housing units, mostly in two-bedroom floor plans, as well as 5,111 square feet of retail space. Matthew Pizzolato and Josh Stein of CBRE arranged the loan through Truist Bank on behalf of the owner, an entity doing business as Lackawanna Place Morristown Urban Renewal LLC.
BEDFORD, MASS. — Newmark has negotiated a 47,500-square-foot industrial lease in Bedford, located northwest of Boston. The tenant is sustainable energy company Fourth Power, and the space is located within a newly built, 147,000-square-foot advanced manufacturing facility. Torin Taylor, Rich Ruggiero, Matt Adams, Tyler McGrail and Rory Walsh of Newmark represented the landlord, a partnership between Camber Development and Wheelock Street Capital, in the lease negotiations. Rob Glor and Michael Goodwin of Rise73 represented the tenant.
PARSIPPANY, N.J. — Provident Bank has signed a 23,000-square-foot office lease in the Northern New Jersey community of Parsippany. The lender is taking space at the 200,000-square-foot building at 9 Entin Road. Jeff Babikian and Mark Trevisan of CBRE represented the tenant in the lease negotiations. Jamie Drummond, Andrew Perrotti and Luke Reid of Newmark represented the landlord, American Equity Partners.
GLASTONBURY, CONN. — CBRE has brokered the $27.7 million sale of an office complex within the Somerset Square mixed-use development in Glastonbury, located just southeast of Hartford. The two-building, 185,000-square-foot complex was 95 percent leased at the time of sale to 38 tenants, including Wells Fargo, Merrill Lynch and RBC Capital Advisors. John McCormick, Anna Kocsondy, Jeffrey Dunne and Steve Bardsley of CBRE represented the undisclosed seller in the transaction. The buyer was a New York-based entity doing business as Unified Holdings of Glastonbury LLC.
NEW YORK CITY — Resolution Real Estate, a member of NAI Global, has arranged the $9.4 million sale of an 18,500-square-foot office and retail building in Midtown Manhattan. The seven-story building at 5 E. 47th St. was completed in 1920 and was vacant at the time of sale. Jonata Dayan and Jeffrey Zund of Resolution Real Estate represented the buyer, Liberty Bagels, which plans to occupy about half the space, in the transaction. David Schectman, Abbe Kassin and Lipa Lieberman of Meridian Capital Group represented the seller, private investor Walter Samuels.
PARSIPPANY, N.J. — Tilcon has signed a 35,000-square-foot office lease extension in the Northern New Jersey community of Parsippany. The provider of construction materials will remain a tenant at the 200,000-square-foot building at 9 Entin Road. Josh Cohen and Ben Brenner of Cushman & Wakefield represented the tenant in the lease negotiations. Jamie Drummond, Andrew Perrotti and Luke Reid of Newmark represented the landlord, American Equity Partners.
LONDONDERRY, N.H. — BGO, the institutional investment firm formerly known as BentallGreenOak, has acquired a 30,000-square-foot healthcare clinic in Londonderry, located near the Massachusetts-New Hampshire border. Known as Lahey Medical Center, the building was completed in 2025 as a purpose-built facility for regional provider Beth Israel Lahey Health. Practices housed within the facility include oncology, infusion, cardiology, gastroenterology and neurology.
NEW YORK CITY — American Express (NYSE: AXP) has unveiled plans to build a new global headquarters at 2 World Trade Center in Lower Manhattan. The credit card giant will be the sole owner and occupant of the new building, which is slated for completion in 2031. Spanning nearly 2 million square feet across 55 floors, the tower will have capacity to host up to 10,000 colleagues across flexible and modern workspaces. The project will feature more than an acre of outdoor space with several greenery-filled terraces and gardens that will offer views of the Manhattan skyline. “This is an investment in our company’s future, our colleagues and the Lower Manhattan community, reaffirming our deep commitment to the neighborhood we’ve called home for nearly two centuries,” says Stephen Squeri, chairman and CEO of American Express. Silverstein Properties is the developer, and Foster + Partners is the design architect. Fried Frank advised American Express on the development agreement. The project team is pursuing LEED certification and integrating smart-building technology and fully electric, energy-efficient mechanical systems. Located at 200 Greenwich St., the building will be developed on land owned by The Port Authority of New York and New Jersey (PANYNJ) under a …