BOSTON — Deloitte has signed a 138,000-square-foot office lease at Winthrop Center, an 812,000-square-foot mixed-use complex in downtown Boston. The accounting giant plans to take occupancy in fall 2024. Regional developer Millennium Partners owns Winthrop Center, which offers amenities such as a fitness facility and meeting and event space. CBRE represented both parties in the negotiations for the lease, which is the largest to be executed within the Boston office market this year, according to multiple media sources including The Boston Globe.
NEW YORK CITY — Lument has provided a $31.7 million HUD-insured loan for the refinancing of Lefferts Heights, an 87-unit affordable housing property located in the Clinton Hill neighborhood of Brooklyn. The property was built in 1974, and units range in size from 550 to 970 square feet. Josh Reiss of Lument originated the long-term, fixed-rate financing through HUD’s 223(f) program on behalf of the sponsor, Wavecrest Management. The financing includes proceeds to fund capital improvements.
SOMERSET, N.J. — Dallas-based investment firm Dalfen Industrial has acquired a 99,714-square-foot building in the Northern New Jersey community of Somerset. The newly built property offers a clear height of 36 feet, 14 loading doors, an ESFR sprinkler system and 62 car parking spaces. Joel Lubin of JLL brokered the sale. Shortly after closing, Dalfen leased the entire building to Scentbird Inc., a fragrance subscription service company. Chuck Fern of Cushman & Wakefield represented the tenant in the lease negotiations.
JERSEY CITY, N.J. — The lending arm of New York City-based development and investment firm Slate Property Group has provided a $160 million bridge loan for 618 Pavonia Avenue, a 27-story apartment building in Jersey City. Located in the Journal Square area, the building comprises 432 apartments, 21,000 square feet of office space and 10,000 square feet of retail space. Units come in studio, one-, two- and three-bedroom floor plans, and amenities include a bowling alley, rooftop lounge, game room and a fitness center. The borrower, New York-based Namdar Group, will use the proceeds to retire $120 million in existing construction debt and fund lease-up costs. Drew Fletcher and Bryan Grover of Greystone arranged the loan.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $7.5 million sale of a seven-unit apartment building located at 230-232 W. 72nd St. on Manhattan’s Upper West Side. The 11,500-square-foot building was constructed in 1900 and includes one retail space and two office spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented the buyer, a private office, in the transaction. Andrew Natter and Harold Fuchs of Collaborative Group represented the seller, the Niederman Family. The deal traded at a cap rate of 4.8 percent.
NEW YORK CITY — JLL has negotiated a 30,166-square-foot office lease at 875 Third Avenue in Midtown Manhattan. Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter of JLL represented the landlord, Global Holdings Management Group, in the lease negotiations. Jeffrey Peck, Daniel Horowitz, Roi Shleifer and Jacob Stern of Savills represented the tenant, the New York Compensation Insurance Rating Board. The nonprofit association of insurance carriers is relocating from 733 Third Avenue to the entire eighth floor of the 29-story building. The deal brings the 750,000-square-foot property, which was originally constructed in 1982, to 98 percent occupancy.
ALLENTOWN, PA. — NAI Summit has brokered the sale of a 30,000-square-foot industrial building located in the Eastern Pennsylvania city of Allentown. The sales price was $2 million. The recently renovated building features multiple dock and drive-in doors and clear heights of 20 to 24 feet, and the site spans 9.5 acres with the capacity to support future expansion. Mike Adams and Sarah Finney Miller of NAI Summit represented the undisclosed seller in the transaction.
EAST RUTHERFORD, N.J. — Babies ‘R’ Us has opened its 10,000-square-foot flagship store at American Dream, a 3 million-square-foot entertainment destination in East Rutherford, roughly 13 miles outside New York City. The store features interactive experiences in addition to a baby registry lounge, nursery design center, learning center and comfort zone. This marks the return of the chain to the United States following WHP Global’s acquisition of both the Babies ‘R’ Us and Toys ‘R’ Us brands in 2021 and the launch of a new partnership between Toys ‘R’ Us and Macy’s last year.
NEW YORK CITY — Dynamic Star has released details for One Fordham Landing, a 350,000-square-foot office building located in the University Heights neighborhood of The Bronx in New York City. The building will be the first of a larger mixed-use development, Fordham Landing, which is valued at $3.5 billion, according to Crain’s New York Business. Located on West Fordham Road along the Harlem River, Fordham Landing will be developed in phases beginning with the segment Fordham Landing South. Alongside the recently announced office building, this initial phase will include 505 units of affordable and market-rate housing. The multifamily and office portions of the project will share a 20,000-square-foot amenity space featuring community gardening areas, a pickleball court, lap pool, basketball court and fitness center. Plans for Phase I also include a landscaped public waterfront esplanade overlooking the Harlem River. One Fordham Landing, which is scheduled for completion in 2025, will target medical and educational tenants. The building’s base will feature 28,000-square-foot floor plates with 18-foot ceiling heights, and the upper floors of the project will feature 10,000-square-foot floor plates. The development is also set to include a new entrance and pedestrian bridge to the adjacent North University Heights Metro station. …
WINDSOR, CONN. — Cushman & Wakefield has brokered the sale of a 605,502-square-foot industrial flex property in Windsor, located about 15 miles north of Hartford. The sales price was $9 million. The property sits on 78.6 acres and consists of approximately 400,000 square feet of industrial space and 200,000 square feet of office space. Amenities include a full-service cafeteria, fitness center with locker rooms and a conference center. Matt Torrance, Joel Grieco, Damon Bowers, Al Mirin, Kate Schwartz, Sean Duffy and Timothy D’Addabbo of Cushman & Wakefield represented the sellers in the transaction. The team also procured the buyer, a joint venture between two Connecticut-based investment firms, Hollister & Moore and The New Haven Group. Cushman & Wakefield has also been retained as the leasing agent.