Northeast

Headquarters-Plaza-Morristown-New-Jersey

Olnick, Fisher Underway on Redevelopment of 1 MSF Mixed-Use Complex in Morristown, New Jersey

by Taylor Williams March 4, 2024

MORRISTOWN, N.J. — A partnership between The Olnick Organization and Fisher Development Associates is underway on the redevelopment of Headquarters Plaza, a 1 million-square-foot mixed-use complex in the Northern New Jersey community of Morristown. Headquarters Plaza consists of 650,000 square feet of office space, 100,000 square feet of retail and restaurant space, a 265-room Hyatt Regency hotel, a 40,000-square-foot health club and a 10-screen AMC movie theater. Full renovations of the hotel and 50,000-square-foot public outdoor space have already been completed. Ownership has now unveiled plans for the redesign of the main office concourse and signed leases with three new restaurant tenants. Gensler is the project architect.

March 4, 2024

Acquisitions Industrial New Jersey Northeast

JLL Brokers Sale of 216,000 SF Warehouse in South Brunswick, New Jersey

by Taylor Williams March 4, 2024

SOUTH BRUNSWICK, N.J. — JLL has brokered the sale of a 216,000-square-foot warehouse in South Brunswick, located just outside of Trenton. Built in 1991, the cross-dock facility at 152 Ridge Road features a clear height of 30 feet and 33 loading docks and was fully leased at the time of sale to an undisclosed, third-party logistics company. The unnamed owner sold the asset to Atlanta-based Invesco Real Estate for an undisclosed price. Jordan Avanzato, Marc Duval, Nicholas Stefans, Jason Lundy, Jose Cruz and Conor Walsh of JLL brokered the deal.

March 4, 2024

Leasing Activity Net Lease New York Northeast

Cushman & Wakefield Negotiates 27,667 SF Office Lease in Midtown Manhattan

by Taylor Williams March 4, 2024

NEW YORK CITY — Cushman & Wakefield has negotiated a 27,667-square-foot office lease at 3 Times Square in Midtown Manhattan. The tenant, Atlanta-based law firm Kilpatrick Townsend & Stockton, will relocate from the W.R. Grace Building to the 28th floor of the 30-story building, which originally opened in 2001 and recently underwent a capital improvement program. Ron Lo Russo, John Cefaly, John Santora, Paige Engeldrum, Lou D’Avanzo, Mike Burgio and Dan Organ of Cushman & Wakefield, along with internal agent Tom Keating, represented the landlord, Rudin, in the lease negotiations. Mark Weiss and Sam Hollis Jr., also with Cushman & Wakefield, represented the tenant, which joins the likes of Touro University, Remy Cointreau and accounting firm Anchin, Block & Anchin

March 4, 2024

Industrial Leasing Activity Massachusetts Northeast Office

McPhail Associates Signs 12,739 SF Lease at Industrial Flex Property in Burlington, Massachusetts

by Taylor Williams March 4, 2024

BURLINGTON, MASS. — Geotechnical engineering services firm McPhail Associates has signed a 12,739-square-foot lease at an industrial flex property in Burlington, a northwestern suburb of Boston. According to LoopNet Inc., the property at 42-44 Third Ave. was originally constructed in 1966 and totals 25,521 square feet. ABG Commercial Realty represented the landlord, Nordblom Management Co., in the lease negotiations. The representative of the tenant was not disclosed.

March 4, 2024

Hospitality Loans New York Northeast

Walker & Dunlop Arranges $103M CMBS Loan for Refinancing of Manhattan Hotel

by Taylor Williams March 1, 2024

NEW YORK CITY — Walker & Dunlop has arranged a $103 million CMBS loan for the refinancing of Casa Cipriani, a 47-room luxury hotel, private members club and event space located along the Lower Manhattan waterfront. The property was originally constructed in 1909 as the Battery Maritime Building to serve ferries traveling to Brooklyn. The sponsor, a partnership between Cipriani, Midtown Equities and Centaur Properties, completed the redevelopment in 2021. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian of Walker & Dunlop arranged the debt through Citigroup, J.P. Morgan and Argentic.

March 1, 2024

Development Multifamily New York Northeast

Moinian Group, Bushburg Begin Leasing 320-Unit Multifamily Redevelopment Project in Brooklyn

by Taylor Williams March 1, 2024

NEW YORK CITY — A partnership between locally based developer The Moinian Group and Bushburg has begun leasing a 320-unit multifamily redevelopment project in the Cypress Hills area of Brooklyn. The development team converted the former Empire State Dairy site at 2840 Atlantic Ave. into a 14-story multifamily building with market-rate and affordable housing units, as well as 21,000 square feet of commercial space and an onsite charter school. Units come in studio, one-, two- and three-bedroom formats, and amenities include a rooftop terrace, fitness center, coworking space, tenant lounge and children’s play area. Valley Bank and Cross Valley Bank provided $105 million in construction financing for the project. Information on starting rents was not disclosed.

March 1, 2024

Acquisitions New Jersey Northeast Retail

Urban Edge Properties Buys 87,318 SF Shopping Center in Watchung, New Jersey

by Taylor Williams March 1, 2024

WATCHUNG, N.J. — Urban Edge Properties has purchased Heritage Square, an 87,318-square-foot shopping center located in the Northern New Jersey community of Watchung. The center was built in 2019 and is home to tenants such as HomeSense, Sierra Trading Post, CityMD, Starbucks, Chick-fil-A, Ulta Beauty, Miller’s Ale House and David’s Bridal. The tenant roster has a weighted average remaining lease term of about eight years and no rollover until 2029. Jose Cruz, J.B. Bruno, Kevin O’Hearn and Austin Pierce of JLL represented the undisclosed seller in the transaction and procured Urban Edge as the buyer.

March 1, 2024

Leasing Activity New Jersey Northeast Office

ConnectiveRx Signs 19,371 SF Office Lease Renewal in Fairfield, New Jersey

by Taylor Williams March 1, 2024

FAIRFIELD, N.J. — ConnectiveRX, a provider of various support services for the healthcare industry, has signed a 19,371-square-foot office lease renewal in the Northern New Jersey community of Fairfield. ConnectiveRX is re-committing to its space at Greenbrook Executive Center, a 203,028-square-foot building owned by locally based investment firm Accordia Realty Ventures, on a short-term basis. Fred Hyatt and Derek DeMartino of JLL brokered the lease on behalf of ownership. Law firm Dwyer, Connell & Lisbona LLP also recently committed to a five-year renewal for its 7,731-square-foot suite at Greenbrook Executive Center.

March 1, 2024

Acquisitions New York Northeast Office

JLL Negotiates 15,202 SF Office Lease at 71 Fifth Avenue in Manhattan

by Taylor Williams March 1, 2024

NEW YORK CITY — JLL has negotiated a 15,202-square-foot office lease at 71 Fifth Ave. in the Union Square/Flatiron area of Manhattan. The tenant, AI-backed video game company Captions, will occupy the entire sixth floor of the 11-story building, which was originally constructed in 1907. Kyle Riker of JLL represented Captions in the lease negotiations. Mitchell Konsker, Ben Bass, Dan Turkewitz and Kyle Young, also with JLL, represented the landlord, a partnership between Madison Capital and Lubert Adler Partners, in conjunction with internal agents Jonathan Ratner and Cindy Chang.

March 1, 2024

Industrial Loans New York Northeast

Affinius Capital Provides $150M Loan for Refinancing of National Industrial Portfolio

by Taylor Williams February 29, 2024

NEW YORK CITY — Affinius Capital has provided a $150 million loan for the refinancing of a portfolio of six industrial properties totaling 1.8 million square feet. Though names and addresses were not disclosed, the properties are located in Atlanta, Dallas, Philadelphia, Charlotte, Louisville and South Florida and feature clear heights ranging from 24 to 36 feet. The borrower was Ares Management. The portfolio was roughly 40 percent occupied at the time of sale, although Affinius notes that “letters of intent are out on the majority of the remaining vacant space.”

February 29, 2024

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