NEW YORK CITY — Fox Corp. has signed a 670,000-square-foot office lease extension at 1211 Avenue of the Americas in Midtown Manhattan. Under the terms of the new lease, which goes into effect in December 2025, the media giant will remain at the 44-story, 2.2 million-square-foot building through 2042, with further extension options available thereafter. Timothy Dempsey, Mary Ann Tighe, Ken Rapp, Christopher Mansfield and Ariel Ball of CBRE represented Fox in the lease negotiations. Josh Kuriloff, Ethan Silverstein, Mitch Arkin and Heather Thomas of Cushman & Wakefield represented the landlord, Ivanhoe Cambridge, which plans to begin a capital improvement program later this year.
NEWARK, N.J. — JLL has arranged a $75.8 million acquisition loan for a portfolio of three industrial buildings totaling 738,238 square feet in Newark. The portfolio sits on a combined 19.5 acres and features clear heights of 27 feet, 68 dock doors and approximately 80 car parking spaces. In addition, the portfolio includes 23,302 square feet of land for trailer parking that is leased to One Stop Newark. Colby Mueck, Matthew Pizzolato and Ryan Carroll of JLL arranged the loan through SMBC on behalf of the borrower, Houston-based investment and development firm Hines. At the time of the loan closing, the portfolio was fully leased to 16 tenants.
NEW YORK CITY — Hudson Square Properties, a joint venture between Trinity Church Wall Street, Norges Bank Investment Management and Hines, is nearing completion of 555 Greenwich, a 270,000-square-foot speculative office project in Manhattan’s Hudson Square neighborhood. Office suites are expected to be available for occupancy in the first quarter, with full completion scheduled for later in the year. COOKFOX Architects designed the 16-story building, and AECOM Tishman served as the general contractor. CBRE is the leasing agent. According to the development team, 555 Greenwich is the first speculative office building to be developed in New York City in the wake of the pandemic.
CINNAMINSON, N.J. — Colliers has brokered a 67,260-square-foot industrial sale-leaseback in the Southern New Jersey community of Cinnaminson. The property at 1450 Taylors Lane sits on four acres and features a clear height of 24 feet, nine loading docks and three drive-in doors. An affiliate of Massachusetts-based Northbridge Partners purchased the property from Actega North America, a provider of specialty coatings, inks and adhesives for a variety of industries. Richard Gorodesky of Colliers brokered the deal.
BLOOMFIELD, N.J. — Newmark has negotiated a 15,186-square-foot office lease in the Northern New Jersey community of Bloomfield. The tenant, Technogym, a provider of equipment and digital technologies for the fitness industry, will occupy space at the 400,000-square-foot Broadacres Office Park. Jeff Schotz, Dan Reider and Peter Kasparian of Newmark represented the landlord, ERCT Capital Group, in the lease negotiations.
LIVINGSTON, N.J. — JLL has arranged $88.6 million in construction financing and a $38 million equity placement for Canterly Place, a 300-unit multifamily project in Livingston, approximately 20 miles west of Manhattan. The total project cost is estimated at $135 million. Canterly Place will feature 240 market-rate units and 60 affordable units in one-, two- and three-bedroom floor plans. Residences will be funished with hardwood-style flooring, oversized windows, walk-in closets and individual washers and dryers. Communal amenities will include a pool, clubroom, library lounge, private dining rooom, game room, fitness center, coworking lounge, golf simulator, basketball court and a pickleball court. The site of Canterly Place is located just off Route 10, less than one mile west of Eisenhower Parkway, providing easy access to nearby I-280, I-287 and Route 24. The property offers an easy commute to the region’s major employment hubs in the surrounding area including New York City. Jon Mikula, Jim Cadranell, Matthew Pizzolato and Michael Lachs led the JLL team that arranged the debt and equity on behalf of the borrower, Okner Developers LLX. Northwestern Mutual provided the loan, which was structured with a 10-year term and a fixed interest rare, as well as the joint venture equity. — …
MANCHESTER, CONN. — A joint venture between Virginia-based investment firm Harbor Group International and Cammeby’s International Group has acquired The Pavilions, a 932-unit apartment community in Manchester, an eastern suburb of Hartford. Built in phases between 1990 and 1992, the property offers one-, two- and three-bedroom units. The amenity package comprises multiple pools, fitness centers, resident lounges and tennis courts, as well as outdoor grilling and dining areas, a sand volleyball court and a dog park. The new ownership plans to invest $21.2 million in upgrades to unit interiors, common areas, amenity spaces and building exteriors.
STAMFORD, CONN. — Urby, a joint venture between Ironstate Development and Brookfield Properties, is nearing completion of a 176-unit apartment complex in Stamford, located in the southern coastal part of Connecticut. Designed by Concrete Amsterdam, the project represents the latest phase of Stamford Urby, a development that will ultimately consist of 641 units across 11 buildings. Residences are available in studio, one- and two-bedroom formats, with rents starting at approximately $2,000 per month for a studio. Amenities include a pool, outdoor grilling and dining areas, a fitness center, dog park, central courtyard and a coworking lounge. The first move-ins will begin in February.
MILLBURN, N.J. — JLL has arranged a $20 million construction loan for a 53-unit multifamily project in the Northern New Jersey community of Millburn. Units will come in one- and two-bedroom floor plans and will be furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a fitness center, private event room and a clubhouse with a wet bar. Jon Mikula and Salvatore Buzzerio of JLL arranged the three-year, floating-rate loan through Provident Bank. The borrower was a partnership between Eagle Cliff Real Estate Partners and MRY Associates. Completion is slated for early 2024.
FALCONER, N.Y. — New York-based investment firm GreyHill Group has acquired a 401,000-square-foot industrial property in the Western New York community of Falconer for $7.3 million. Orbis Corp. and Keywell Metals are the anchor tenants of the property, which is located at 2632 S. Work St. and features a clear height of 20 feet. The off-market deal traded at a price of approximately $18 per square foot. The seller and sales price were not disclosed.