NEW YORK CITY — Investment services and financial advisory firm Flexpoint Ford has opened its 30,000-square-foot office at One Vanderbilt, a 77-story tower in Midtown Manhattan by locally based real estate giant SL Green. The space features an open floor plan and a variety of smart technology and energy-efficient systems. SPECTOR Cos. designed the space. Cresa and Clune Construction Co. handled the build-out.
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Site Design Science: How Understanding Operations Draws Pharmaceutical Manufacturers
Pharmaceutical companies have captured the interest of many developers and with good reason. Softening demand for traditional office space has planners looking for alternative uses to fill out business parks and multiuse developments, and drug makers represent a promising source of highly valuable occupancy. Speculative construction that accelerated during the pandemic has given pharmaceutical manufacturers plenty of options and enabled them to be choosy in site selection. However, to compete for end users, developers must ensure their properties offer the features and amenities drug makers seek, says Matt Mrva, northeast director of planning and landscape architecture at Bohler, a land development consulting and site design firm. “Simply adding a life sciences label on conventional flex space is unlikely to lure pharma companies. Research, lab and pharmaceutical manufacturing facilities often require specialized infrastructure and site layouts,” Mrva says. “Even if a property is zoned to allow for life sciences, design and development teams need to understand the proposed operations in order to optimize the facility.” Unique Facility Requirements Depending on anticipated needs, tenants may require advanced climate control and ventilation, redundant electrical feeds, high-volume water and sewer service, on-site wastewater pretreatment, backup power generation, reinforced floors to handle the weight of …
CARTERET, N.J. — Weida Freight System, a third-party logistics firm based in Hong Kong, has signed a 188,000-square-foot industrial lease in the Northern New Jersey community of Carteret. Weida Freight is taking space at Crow Holdings at Carteret, a newly built, 1.2 million-square-foot development. Jules Nissim, Stan Danzig and Kimberly Bach of Cushman & Wakefield represented the landlord, Crow Holdings, in the lease negotiations. Jimo Liu of Avison Young represented the tenant.
BOSTON — Newmark has negotiated the sale of 855 Boylston, a 142,765-square-foot office building in Boston’s Back Bay area. The building was fully leased to 13 tenants at the time of sale and offers an updated lobby and glass curtainwall, as well as multiple outdoor terraces and 32 below-grade parking spaces. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, an undisclosed global investment manager, in the transaction. The buyer and sales price were not disclosed.
PHILADELPHIA — Cushman & Wakefield has arranged undisclosed amounts of construction financing and joint venture equity for a 40,000-square-foot industrial project in Philadelphia that is a build-to-suit for Stateside Vodka. The facility will be located within Crown 95 Logistics Center, a 381,200-square-foot development on the city’s northeast side, and will feature a clear height of 28 feet and seven loading docks. John Alascio, Aaron Graves, Chuck Kohaut, T.J. Sullivan, Mitch Rothstein and Claire Oster of Cushman & Wakefield arranged the debt through Univest and the equity from Tramview Capital Management. The borrower/developer was not disclosed.
ABINGTON, MASS. — Marcus & Millichap has brokered the $2.5 million sale of a portfolio of three multifamily buildings totaling 16 units in Abington, about 25 miles south of Boston. The portfolio spans a combined 1.2 acres and consists of one studio apartment, 13 one-bedroom units and two two-bedroom residences. Tony Pepdjonovic and Evan Griffith of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction and procured the buyer, a locally based limited liability company.
JERSEY CITY, N.J. — Whole Foods Market will open a 51,156-square-foot store at the corner of Washington Street and Columbus Drive in Jersey City on Nov. 9. The store, which will be the Austin-based grocer’s first in Jersey City, will offer more than 1,000 locally sourced items and will feature full-service meat and seafood counters, a bakery, prepared foods section and a wellness and beauty section.
PHILADELPHIA — Rite Aid Corp. (NYSE: RAD) has filed for Chapter 11 bankruptcy protection and has received financial commitments totaling roughly $3.4 billion from lenders to support business operations as the company works to restructure its debt. The Philadelphia-based pharmacy and convenience store chain did not say whether it would immediately close any stores as a direct result of this filing, just that it would continue “assessing its footprint and closing underperforming stores.” However, in September, The Wall Street Journal reported that Rite Aid had proposed to its creditors a restructuring and rightsizing plan that would involve closing 400 to 500 of its 2,100 or so stores nationwide. The bankruptcy filing has long been expected within the industry, as Rite Aid’s position has grown more precarious in the wake of numerous lawsuits alleging the pharmacy’s role in supplying opioid drugs that contributed to overdose deaths. That legal activity reached its crescendo earlier this year when the U.S. Justice Department formally lodged a complaint against Rite Aid. According to CNN, the government alleged at that time that Rite Aid had “knowingly filled unlawful prescriptions for controlled substances.” According to CNBC, Rite Aid ended its most recent fiscal quarter on June 3 …
LAWRENCEVILLE, N.J. — Federal Realty Investment Trust has rebranded Mercer Mall in Lawrenceville, roughly 40 miles northeast of Philadelphia. Moving forward, the property, which totals 551,000 square feet, will be known as Mercer on One. Federal Realty has also signed leases with two new tenants at the property. J. Crew Factory will occupy 6,100 square feet, and Crate & Barrel has opened a 42,000-square-foot store. Additionally, DSW is currently undergoing a full remodel and façade upgrade. Ashton Design led the rebranding effort.
PHILADELPHIA — Florida-based investment firm DoveHill Capital Management has acquired a 329-room, dual-branded hotel in Philadelphia’s Wynnefield Heights neighborhood. The Hilton hotel was built in 2000 and was fully renovated in 2016, while the Homewood Suites hotel was built in 2005 and fully renovated in 2022. The hotels share 26,000 square feet of amenity space, as well as 1,300 parking spaces, and have jointly benefited from over $10 million in capital investment since 2015. DoveHill’s subsidiary, The Wurzak Hotel Group, will manage the property.