Northeast

Vera Wang Signs 26,708 SF Office Lease at 500 Park Avenue in Manhattan

by Taylor Williams August 23, 2023

NEW YORK CITY — Vera Wang has signed a 26,708-square-foot office lease at 500 Park Avenue in Manhattan’s Plaza District. The fashion designer is relocating from 15 East 26th St. and will occupy the entire fifth floor and part of the seventh floor. The complex comprises the 11-story former Pepsi-Cola Building that was constructed in 1960 and the 40-story 500 Park Tower that was built in 1984. Cynthia Wasserberger, Frank Doyle and Michael Pallas of JLL represented the undisclosed landlord in the lease negotiations. Jeff Peck, Daniel Horowitz and Christopher Foerch of Savills represented Vera Wang.

August 23, 2023

Development Leasing Activity Massachusetts Northeast Office Top Stories

LEGO Group’s Americas Division to Relocate to 100,000 SF Office in Boston’s Back Bay

by Kristin Harlow August 23, 2023

BOSTON — The LEGO Group has chosen 1001 Boylston St. in Boston’s Back Bay neighborhood as the location of its new Americas head office when the company relocates in 2026. LEGO first announced in January that it would be relocating from its current base in Enfield, Conn. Samuels & Associates is the developer of 1001 Boylston St., which will feature 450,000 square feet of office and life sciences space, 35,000 square feet of shops and restaurants, new public plazas and a CitizenM hotel over the Massachusetts Turnpike. The project is slated to open in 2024. Amenities at the property will include a fitness center, wellbeing room, parent room and onsite parking and bike storage. The building was designed to achieve multiple sustainability certifications: LEED Gold, WELL Gold and WELL Core Gold v2. Elkus Manfredi served as the project architect. Spread over five floors and more than 100,000 square feet, LEGO’s new office will feature areas for collaboration as well as “concentrative work zones.” The site is accessible for employees walking and cycling to work, and is situated near Green Line and Orange Line public transit stops. LEGO says the location was strategically chosen to draw upon the region’s diverse talent …

August 23, 2023

Hospitality Loans New York Northeast

JLL Arranges Loan for Refinancing of 774-Room Hotel in Midtown Manhattan

by Taylor Williams August 22, 2023

NEW YORK CITY — JLL has arranged a loan of an undisclosed amount for the refinancing of Westin Grand Central, a 774-room hotel located at 212 E. 42nd St. in Midtown Manhattan. Built in 1981, the property features 13,000 square feet of meeting and event space, a restaurant and lobby bar, fitness center and a 144-space parking deck. Kevin Davis and Mark Fisher of JLL arranged the floating-rate financing through funds managed by Apollo Global Management. The borrower was an undisclosed global investment management firm that has owned the hotel since early 2019.

August 22, 2023

Development Industrial Northeast Pennsylvania

PCCP, MRP Industrial Break Ground on 674,000 SF Spec Industrial Project in York, Pennsylvania

by Taylor Williams August 22, 2023

YORK, PA. — A partnership between Los Angeles-based PCCP LLC and MRP Industrial has broken ground on Expressway Commerce Center, a 674,000-square-foot speculative project that will be located west of Philadelphia in York. The development will consist of a 271,000 and 403,000-square-foot building, both of which will have rear-load configurations, 36-foot clear heights and combined parking for 563 cars and 175 trailers. Construction is slated for a third-quarter 2024 completion.

August 22, 2023

Connecticut Loans Multifamily Northeast

Greystone Provides $11M Agency Loan for Refinancing of Multifamily Property in Meriden, Connecticut

by Taylor Williams August 22, 2023

MERIDEN, CONN. — Greystone has provided an $11 million Fannie Mae loan for the refinancing of The Kennedy Building, a 135-unit multifamily property in Meriden, located roughly midway between Hartford and New Haven. The property was built in 1921 and offers studio, one- and two-bedroom units. Dan Sacks of Greystone originated the 10-year, nonrecourse loan, which carried a fixed interest rate, 30-year amortization schedule and seven years of interest-only payments. The borrower was Kennedy Holdings Inc.

August 22, 2023

Leasing Activity New York Northeast Office

Sprinklr Signs 23,623 SF Office Lease at Hudson Commons in Manhattan

by Taylor Williams August 22, 2023

NEW YORK CITY — Sprinklr (NYSE: CXM), a provider of customer management software, has signed a 23,623-square-foot office lease at Hudson Commons in Manhattan. The company will occupy the entire 12th floor of the 25-story, 697,960-square-foot building. Evan Haskell, Ben Joseph, James Ackerson and Howard Fiddle of CBRE, along with internal agents Ian Gaffney and Taber Brown, represented the landlord, CommonWealth Partners, in the lease negotiations. Nick Farmakis and David Goldstein of Savills represented Sprinklr.

August 22, 2023

Acquisitions Northeast Pennsylvania Retail

Friedman Real Estate Negotiates Sale of 14,560 SF Retail Building in Glassport, Pennsylvania

by Taylor Williams August 22, 2023

GLASSPORT, PA. — Michigan-based brokerage firm Friedman Real Estate has negotiated the sale of a 14,560-square-foot, single-tenant retail building in Glassport, a southern suburb of Pittsburgh. Rite Aid occupies the building, which is located at 210 Ninth St. Steven Silverman and Ryan Wilner of Friedman Real Estate represented the seller in the transaction. Additional terms of sale were not disclosed.

August 22, 2023

Development Loans Multifamily New Jersey Northeast Top Stories

JLL Arranges $193M in Construction Financing for Pathside Apartment Tower in Jersey City, New Jersey

by John Nelson August 22, 2023

JERSEY CITY, N.J. — JLL has arranged a $193 million construction loan for Pathside, a 605-unit luxury apartment tower in Jersey City, a suburb of New York City. Located at 499-507 Summit Ave. in the city’s Journal Square neighborhood, the high-rise will be situated within an opportunity zone and adjacent to the PATH subway station. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Salvatore Buzzerio of the debt advisory team at JLL Capital Markets arranged the five-year, floating-rate, nonrecourse loan through Pacific Life. The borrower, locally based Panepinto Properties Inc., plans to deliver Pathside in the second quarter of 2026. Joseph Panepinto Jr., global president of Panepinto Properties, led the financing negotiations on behalf of the developer. “We are excited to announce the vertical capitalization of Pathside, the newest luxury delivery in Panepinto’s Gold Coast pipeline,” says Thomas Didio Jr. “Pacific Life provided the borrower team with an accretive single-source solution in a very challenging market for large construction loans.” Upon completion, Pathside will feature studio, one-, two- and three-bedroom apartments averaging 710 square feet in size. The property will also feature 3,200 square feet of commercial space on the ground level. The general contractor on the project is AJD Construction, …

August 22, 2023

Development Industrial Loans Northeast Pennsylvania

Newland Capital Group to Develop 1.2 MSF Industrial Project in Mount Pocono, Pennsylvania

by Taylor Williams August 21, 2023

MOUNT POCONO, PA. — Newland Capital Group will develop Mount Pocono Commerce Center, a 1.2 million-square-foot industrial project that will be located roughly midway between Scranton and Allentown in eastern Pennsylvania. The project is a build-to-suit for an undisclosed third-party logistics group and will feature a clear height of 40 feet, 196 loading docks, four drive-in doors, 384 trailer stalls and 200-foot truck court depths. David Pelaia and Chad Morgan of JLL arranged a senior construction loan through Axos Bank and mezzanine financing from Fidelity Investments, as well as joint venture equity from an undisclosed partner, for the project. A tentative completion date was not disclosed.

August 21, 2023

Acquisitions Industrial New Jersey Northeast

Prologis Acquires 125,500 SF Industrial Property in Teterboro, New Jersey

by Taylor Williams August 21, 2023

TETERBORO, N.J. — San Francisco-based Prologis has acquired a 125,500-square-foot industrial property in the Northern New Jersey community of Teterboro. The property features 15 loading docks, four drive-in doors, clear heights of 14 to 16 feet, parking for over 125 cars and nearly 60 trailers and 18,516 square feet of office space. Thomas Vetter, Jeffrey DeMagistris and Gary Sauerborn of NAI James E. Hanson represented the seller, Marschall Partners LP, in the transaction. The sales price was not disclosed.

August 21, 2023

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