Northeast

Tuscan Brands Debuts 165-Room, Marriott-Branded Hotel at Flagship Destination in Salem, New Hampshire

by Taylor Williams November 8, 2023

SALEM, N.H. — Tuscan Brands has debuted a 165-room, Marriott-branded hotel at Tuscan Village, its 170-acre flagship shopping, dining and entertainment destination located north of Boston in Salem, New Hampshire. The Artisan at Tuscan Village features an outdoor pool, fitness facility, business center, sundries market and 12,000 square feet of meeting and event space. Guests of the boutique hotel, which is part of the Marriott International Tribute Portfolio family of brands, also have access to an adjacent full-service restaurant, as well as a rooftop bar and café located off the lobby.

November 8, 2023

Acquisitions Connecticut Northeast Retail

Arrowhead Properties Buys 17,557 SF Shopping Center in Newtown, Connecticut

by Taylor Williams November 8, 2023

NEWTOWN, CONN. — Arrowhead Properties has purchased a 17,557-square-foot shopping center that is situated along Church Hill Road in Newtown, located in the southern coastal part of Connecticut. An entity doing business as Church Hill & Queen LLC sold the property for $3.4 million. Bruce Wettenstein of Vidal/Wettenstein represented the seller in the transaction. Joe Wrinn and Garett Palmer of Coldwell Banker Commercial represented Arrowhead Properties.

November 8, 2023

Leasing Activity New York Northeast Office

Kensington Vanguard Signs 13,394 SF Office Headquarters Lease in Midtown Manhattan

by Taylor Williams November 8, 2023

NEW YORK CITY — Kensington Vanguard National Land Services has signed a 13,394-square-foot office headquarters lease at 41 Madison Avenue in Midtown Manhattan’s Flatiron District. The title insurance agency and Truist Bank subsidiary plans to relocate from 39 West 37th Street to the entire 21st floor of the building in the second quarter of next year. Howard Hirsch and Brett Harvey of JLL represented the tenant in the lease negotiations. Robert Steinman represented the landlord, Rudin, on an internal basis.

November 8, 2023

Company News New York Northeast Office Top Stories

Flexible Workspace Pioneer WeWork Files for Bankruptcy, Plans to Renegotiate Leases

by John Nelson November 7, 2023

NEW YORK CITY — Coworking and office-sharing pioneer WeWork Inc. (NYSE: WE) has filed for Chapter 11 bankruptcy protection. WeWork also plans to file similar protectionary measures in Canada. WeWork has entered into a restructuring support agreement with its creditors representing approximately 92 percent of its secured notes to “drastically reduce” the company’s existing funded debt and expedite the restructuring process. Reuters reports the debt-for-equity swap deal with its creditors totals $3 billion. The New York City-based company plans to continue operations and “further rationalize its commercial office lease portfolio” with its network of office landlords. WeWork’s locations and franchisees outside of the United States and Canada are not part of this process. According to the company website, WeWork operates more than 320 locations globally across various workplace solutions platforms. As part of the filing, WeWork is requesting the ability to reject the leases of certain locations that are “non-operational,” all of which have affected members that have received advanced notice. The company has retained Hilco Real Estate, an Illinois-based real estate restructuring and advisory firm, to assist with lease renegotiations. “WeWork has a strong foundation, a dynamic business and a bright future,” says David Tolley, CEO of WeWork. “Now …

November 7, 2023

Hospitality Loans Northeast Pennsylvania

JLL Arranges $215M Loan for Refinancing of Marriott Hotel in Downtown Philadelphia

by Taylor Williams November 7, 2023

PHILADELPHIA — JLL has arranged a $215 million loan for the refinancing of the 1,408-room Philadelphia Marriott Downtown hotel. The hotel, which is connected to the Pennsylvania Convention Center and recently underwent a capital improvement program, consists of a 1,198-key main tower that was built in 1994 and the 210-key historic Headhouse Tower. Hotel amenities include a 24-hour fitness center, indoor pool, lobby lounge, restaurant and new pub with duckpin bowling and billiards. Kevin Davis, Ryan Ade, Mark Fisher, Barnett Wu and Caleigh O’Connell of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, a joint venture between funds managed by Oaktree Capital Management and Clearview Hotel Capital. Barclays, Wells Fargo and J.P. Morgan provided the debt.

November 7, 2023

Development Multifamily New Jersey Northeast

Russo Development Begins Leasing 296-Unit Apartment Community in Downtown Newark

by Taylor Williams November 7, 2023

NEWARK, N.J. — Locally based firm Russo Development has begun leasing Vermella Broad Street, a 296-unit apartment community located at 355 Broad St. in downtown Newark. The property consists of two five-story buildings that house studio, one- and two-bedroom units. Residences are furnished with stainless steel appliances and quartz countertops, and select units offer private balconies. Vermella Broad Street also features 40,000 square feet of indoor and outdoor amenity space. Rents start at roughly $1,900 per month for a studio apartment.

November 7, 2023

Acquisitions Massachusetts Northeast Retail

Horvath & Tremblay Negotiates $7.6M Sale of Retail Pad Sites in Wareham, Massachusetts

by Taylor Williams November 7, 2023

WAREHAM, MASS. — Regional brokerage firm Horvath & Tremblay has negotiated the $7.6 million sale of three retail pad sites in Wareham, located south of Boston at the base of Cape Cod. The sites are home to Starbucks, U.S. Air National Guard, Aspen Dental, Chipotle Mexican Grill, Crumbl Cookies and Wareham Animal Hospital. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the undisclosed seller in the transaction. The buyer was also not disclosed.

November 7, 2023

Leasing Activity New Jersey Northeast Office

Jefferies LLC Signs 60,000 SF Office Lease Renewal in Jersey City

by Taylor Williams November 7, 2023

JERSEY CITY, N.J. — Global investment banking firm Jefferies LLC has signed a 60,000-square-foot office lease renewal at 101 Hudson St. in Jersey City. The 42-story, 1.2 million-square-foot tower is located in the city’s Exchange Place neighborhood and is known as The Merrill Lynch Building. Conor Dolan, David Opper and Mike Nieliwodski of CBRE represented the landlord, The Birch Group, in the lease negotiations. Rob Lowe of Cushman & Wakefield represented the tenant.

November 7, 2023

Development New Jersey Northeast Office

Onyx Equities Completes Renovation of Two Office Buildings Totaling 33,882 SF in Parsippany, New Jersey

by Taylor Williams November 7, 2023

PARSIPPANY, N.J. — Locally based investment and development firm Onyx Equities has completed renovations of 4 and 6 Campus Drive, two office buildings totaling 33,882 square feet in the Northern New Jersey community of Parsippany. Both buildings are part of Arbors at Parsippany, a 60-acre campus that offers amenities such as a conference center, café and outdoor walking trails. Renovations included upgrades of the lobbies and various common areas. Ware Malcomb handled design of the project.

November 7, 2023

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail

Lee & Associates: Slowing Absorption, Rent Growth Put Brakes on New Development for Most Real Estate Types, Though Retail Sector Shines

by Sarah Daniels November 7, 2023

Slower absorption and rent growth plagued industrial, office and multifamily asset classes across the United States in the third quarter, as outlined in Lee & Associates’ 2023 Q3 North America Market Report. Some regional exceptions were able to buck the overdevelopment trend, but retail was the only property type to avoid the quarter’s shift toward rising vacancy rates. High interest rates, slower rent growth and fear of overbuilding have contributed to lower construction starts in every sector. The full Lee & Associates report is available — including breakdowns of factors like detailed vacancy rates, inventory square footage, cap rates outlined city by city, market rents and more — here. The analysis below provides an overview of industrial, office, retail and multifamily real estate sectors alongside sector trends, economic background as well as geographic exceptions within each property type. Industrial Overview: Absorption Continues Slowing, Inventories to Spike Demand for industrial space remained positive in the United States in the third quarter, but growth this year has lost steam compared to strong net absorption totals of the last two years. U.S. net growth in the third quarter totaled 29.9 million square feet compared to 94 million square feet for the same period last year. …

November 7, 2023

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