NEW YORK CITY — EQT Partners has signed a 38,358-square-foot office lease expansion in Midtown Manhattan. The global investment organization now occupies 114,562 square feet across the 32nd, 33rd and 34th floors of 245 Park Avenue, a 44-story, 1.8 million-square-foot. Michael Movshovich and Ethan Silverstein of Cushman & Wakefield represented the tenant in the lease negotiations. Bruce Mosler, Harry Blair, Ron LoRusso, Justin Royce and Pierce Hance, also with Cushman & Wakefield, represented the landlord, SL Green.
NEW YORK CITY — Walker & Dunlop Inc. has arranged an $867 million financing package for 111 Wall Street, a 24-story, waterfront office building in Lower Manhattan’s Financial District. The development team, led by borrower InterVest capital partners, a global alternative investment manager based in New York City, plans to convert the fully vacant office building into a 30-story luxury apartment building housing 1,568 rental units. Approximately 25 percent of the units will be designated as affordable housing for residents earning an average of 80 percent of the area median income (AMI), qualifying the project for New York City’s Affordable Housing Conversion Program. Dustin Stolly, Aaron Appel, Adam Schwartz, Keith Kurland, Jonathan Schwartz, Sean Reimer and Sean Bastian of Walker & Dunlop arranged a $778.6 million construction loan through Apollo Global Management, J.P. Morgan Chase & Co. and TYKO Capital. The closing of this financing marks the largest single-building office-to-residential conversion loan in New York City history as well as the country, according to Walker & Dunlop. Walker & Dunlop also advised on the extension of an existing $88.4 million C-PACE loan from Petros that remained in the capitalization, bringing the total financing package to $867 million. “With office vacancies …
NEEDHAM, MASS. — Newmark has negotiated the $132 million sale of 140 Kendrick Street, a 400,00-square-foot office property in Needham, located southwest of Boston. Wellington Management anchors the property, which comprises three interconnected buildings that are also home to tenants such as Clarks, CyberArk and Focus Partners Wealth. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark represented the seller, BXP (formerly known as Boston Properties), in the transaction. The team also procured the buyer, a partnership between Cross Ocean Partners and Lincoln Property Co.
TRENTON AND EWING, N.J. — General contractor and construction management firm Torcon Inc. has completed the Paul Robeson Charter School, a $35 million academic project in Central New Jersey. The site is a formerly vacant lot that lies at the nexus of the communities of Trenton and Ewing. The school, which spans 55,000 square feet and can support about 750 students in kindergarten through eighth grade, features 38 classrooms, science labs, elective spaces, administrative offices and academic support areas. Project partners included Atkin Olshin Schade Architects Inc., Aegis Property Group, Bala Consulting Engineers and structural engineer O’Donnell & Naccarato.
BRICK, N.J. — Marcus & Millichap has brokered the $7.2 million sale of Yorketown Plaza, a 41,219-square-foot shopping center in Brick, located near the Jersey Shore. The center sits on 5.8 acres and is home to tenants such as Domino’s, Mariner Finance, Crown Fried Chicken, Nova Games and Community Medical Center. Brent Hyldahl, Alan Cafiero and Seth Goldberg of Marcus & Millichap represented the seller, Ocean County Equities LLC, in the transaction. The buyer was not disclosed.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged a $6.5 million acquisition loan for a 12,500-square-foot retail building in the Bedford-Stuyvesant area of Brooklyn. The building formerly housed a Rite Aid store. Matthew Dzbanek and Matt Swerdlow of Ariel arranged the five-year bank loan, which carried an interest rate of 6.25 percent. The borrower is an owner and operator of stores of regional grocer Foodtown.
NATICK, MASS. — Local developer Stonegate Group has delivered a 46-unit multifamily project in Natick, a western suburb of Boston. In addition to the apartments, which come in one-, two- and three-bedroom floor plans, the four-story building features four for-sale duplexes and 12,000 square feet of retail space. Finegold Alexander Architects designed the project, and Nauset Construction served as the general contractor. Rents start at $3,200 per month for a one-bedroom, market-rate apartment.
JERSEY CITY — Locally based investment and development firm GN Management has acquired a multifamily development site in Jersey City with plans to construct a 57-story tower. The waterfront site is known as Harborside 9 and is approved for the development of 579 units, as well as 14,800 square feet of retail and a 555-space parking garage. Fifteen percent (87 residences) will be set aside as affordable housing. Information on floor plans and amenities was not disclosed. Jim Pompa of Coldwell Banker brokered the sale of the site from Panepinto Properties, which recently closed on financing for a 678-unit multifamily project at Harborside, to GN Management. Construction is targeted for a 2027 commencement.
NEW YORK CITY — Walker & Dunlop has arranged a $163.4 million loan for the refinancing of 122 Fifth Avenue, a 278,000-square-foot office building in Manhattan’s Flatiron District. Microsoft and Chime anchor the building, which recently underwent a $107 million capital improvement program, under long-term leases. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Jordan Casella, Christopher de Raet and Jack Krentzman of Walker & Dunlop arranged the fixed-rate, interest-only financing through Helaba Bank and Deka-Bank. The borrower is Bromley Cos.
BURLINGTON, MASS. — Newmark has arranged the $84.5 million sale of the 431,233-square-foot campus of Keurig Dr Pepper in Burlington, located north of Boston. The two-building campus was constructed in 2014 and consists of a 280,560-square-foot office building and a 150,673-square-foot research-and-development/manufacturing facility. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark represented the seller, Peakstone Realty Trust, in the transaction. The team also procured the buyer, Montana Avenue Capital Partners.