NORWALK, CONN. — Norseland Inc., a subsidiary of Norway’s largest dairy cooperative, has signed an 11,353-square-foot office lease in the coastal Connecticut city of Norwalk. The company is relocating its U.S. headquarters from nearby Darien to Merritt 7 Corporate Park. John Hannigan and James Riffice of locally based brokerage firm Choyce Peterson represented the tenant in the lease negotiations. Betsy Buckley, Ed Tonnessen and Gil Ohls of JLL, along with internal agent JoAnn McGrath, represented the landlord, a partnership between Clarion Partners and Marcus Partners.
BOSTON — CBRE has brokered the sale of the Joy Realty Portfolio, a collection of eight apartment buildings totaling 284 units in Boston. The four- and five-story buildings were constructed in the early 20th century and are located in the Fenway and Longwood Medical areas. The unit mix comprises studio through four-bedroom floor plans, and the portfolio has an average unit size of 550 square feet. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a private family that had owned some of the assets for more than 100 years, in the transaction. The team also procured two separate buyers; an affiliate of Cambridge-based Forest Properties purchased six buildings totaling 222 units, and an undisclosed investor acquired the other two buildings totaling 62 units.
NEW YORK CITY — Blue Owl Capital has signed a 238,673-square-foot office lease extension and expansion at 375 Park Avenue in Midtown Manhattan. The global alternative asset manager first committed to 375 Park Avenue, which is known locally as The Seagram Building, in 2022 with a 137,600-square-foot lease across floors two through five. In 2023, Blue Owl added 31,597 square feet to its footprint via occupancy of the entire sixth floor. The latest lease expansion totals 70,076 square feet across floors 16 through 19. Mark Weiss of Cushman & Wakefield represented the tenant in the lease negotiations. A.J. Camhi and Paul Milunec represented the landlord, RFR Realty, on an internal basis.
MANAHAWKIN, N.J. — New Jersey-based developer Walters has begun leasing Cornerstone at Grassy Hollow II, a 34-unit affordable housing complex located in the coastal city of Manahawkin. The four-building property features one-, two- and three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Physical amenities include a fitness center, a children’s play area, basketball court and clubhouse with computer workstation. Residents also have access to services such as afterschool programs, special interest clubs and a food pantry program, as well as career readiness, eviction prevention and social services assistance.
EXTON, PA. — Locally based developer Hankin Group has completed Hamilton Passive House, a 32-unit multifamily project in Exton, a western suburb of Philadelphia. The four-story building offers one-, two- and three-bedroom units and represents the first phase of a larger, 156-unit development known as Hamilton at Eagleview. Amenities include a pool, golf and multisport simulator, fitness center, bark park, coffee bar, electric vehicle charging stations, business center with private workspaces and a clubhouse with an entertainment kitchen. Rents start at approximately $2,300 per month for a one-bedroom apartment. Hamilton Passive House will be the first apartment complex in Pennsylvania to have a Phius ZERO designation — a standard for net-zero energy design and the highest certification from Phius, an organization that certifies passive house projects in North America.
MINNEAPOLIS — Sleep Number will open three new stores in New Jersey and Delaware. The stores will be located within The Shops at the Crossings in Burlington, N.J.; The Marketplace at Garden State Park in Cherry Hill, N.J.; and The Christiana Mall in Delaware. Brian Wherty and Rob Samtmann of Equity Retail Brokers, in collaboration with Bialow Real Estate, represented Minneapolis-based Sleep Number in the lease negotiations. The expected opening dates were not disclosed.
KENILWORTH, N.J. — CoreWeave, a data center owner and operator based in Roseland, N.J., plans to invest $1.2 billion into the development of a new data center facility in Kenilworth, roughly 20 miles outside New York City and 35 miles from Princeton, N.J. The facility marks CoreWeave’s first data center in New Jersey, despite the state housing the company’s corporate headquarters. The company — which trademarks itself as “the AI Hyperscaler” — has signed a full-building industrial lease at 11 NEST, a 280,000-square-foot former lab and manufacturing building within The Northeast Science & Technology (NEST) Center. CoreWeave will convert the industrial building into a new hyperscale data center. “CoreWeave’s commitment to invest over $1 billion at the NEST campus demonstrates New Jersey’s leading role in artificial intelligence (AI), and our innovation strategies are working,” says New Jersey Gov. Phil Murphy. “Through collaboration with utilities, government, investors and real estate developers, we’re committed to attracting businesses that will build an innovation economy for the future.” A partnership between Onyx Equities, Machine Investment Group and Pivot Real Estate Partners owns NEST. The partnership plans to invest $50 million for the new data center project, which will be powered by utility provider PSE&G. A construction timeline was …
PISCATAWAY, N.J. — New York City-based Rockefeller Group will develop Normandy Logistics Center, a 241,200-square-foot distribution center in the Northern New Jersey community of Piscataway. The site at 10 Normandy Drive spans 36 acres, and the facility will feature a clear height of 40 feet, 162 car parking spaces, 60 trailer parking spaces and 41 single-load loading docks. Mancini Duffy is the project architect, and Alston Construction is the general contractor. Michael Markey and Jonathan Tesser of Colliers brokered the sale of the land and have also been retained as leasing agents. Construction will begin before the end of the year and is expected to be complete in the fourth quarter of 2025.
KEARNY, N.J. — Cushman & Wakefield has brokered the sale of a 211,287-square-foot warehouse in the Northern New Jersey community of Kearny. The site at 936 Harrison Ave. spans 17 acres, and the building features a clear height of 38 feet and a two-acre fully paved drop lot for fleet and trailer parking. Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the sellers, Russo Development and River Development, in the transaction and procured the buyer, Seagis Property Group. The sales price was not disclosed.
HARRISBURG, PA. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $9 million loan for the refinancing of an 176-unit apartment building in Harrisburg. The unnamed building was originally constructed in 1987. Ned Perlman of Largo Capital arranged the loan through an undisclosed life insurance company. The name of the borrower was also not disclosed.