Northeast

WorkFusion Signs 13,327 SF Office Lease at 1450 Broadway in Midtown Manhattan

by Taylor Williams December 21, 2022

NEW YORK CITY — Fintech services firm WorkFusion has signed a 13,327-square-foot office lease at 1450 Broadway in Midtown Manhattan. The tenant will relocate from 48 Wall Street to the entire 19th floor of the 42-story building, which features a fitness center, conference facility and tenant lounges. Val Stobetsky, William McGarry and Michael Pallas of JLL represented WorkFusion in the lease negotiations. Mitchell Konsker, Barbara Winter, Greg Wang, Simon Landmann and Thomas Swart, also with JLL, represented the landlord, ZG Capital. The building is now 90 percent leased.

December 21, 2022

Market Reports New Jersey Northeast Northeast Market Reports Office

The Two Most Likely Outcomes for New Jersey’s Suburban Office Parks

by Taylor Williams December 21, 2022

By Ken Colao, president and CEO, CNY Group Whether you’re on the Jersey Parkway or the Turnpike, you’ve undoubtedly driven past commercial buildings and office parks that have stood in the Garden State for decades. But the age of many of these structures is starting to cause problems. Earlier this year, JLL released a report in which the real estate firm estimated that 57 percent of suburban office space nationwide is old enough to be considered functionally obsolete. In New Jersey, specifically, that figure rises to 72 percent, among the highest in the nation. Based on two decades worth of construction experience in New Jersey and New York, CNY Group believes the two most likely outcomes for these structures involve upgrades to true Class A offices or conversion to life sciences facilities. Keeping Offices Intact With a growing number of people migrating out of urban cores, suburban office developers are revitalizing their properties to attract new tenants. When employees began moving away from city centers, employers didn’t particularly follow them, but that trend could change. Businesses will decrease their real estate footprints in urban areas unless costs of occupancy are reduced, safety is maintained and environmental standards and practices are …

December 21, 2022

50-Robert-Milligan-Parkway-Merrimack-New-Hampshire

Development Industrial New Hampshire Northeast

Trammell Crow, Diamond Realty to Develop 323,750 SF Industrial Project in New Hampshire

by Taylor Williams December 20, 2022

MERRIMACK, N.H. — A partnership between Dallas-based Trammell Crow Co. and Diamond Realty Investments will develop a 323,750-square-foot industrial project in Merrimack, located in the southern part of the Granite State. The site at 50 Robert Milligan Parkway spans 43 acres. Building features will include a clear height of 36 feet, 53 dock-high doors, an ESFR sprinkler system and 2,000 square feet of office space. Macgregor Associates designed the project, and RC Anderson and Bohler are serving as the general contractor and civil engineer, respectively. Santander Bank provided construction financing, and CBRE is the leasing agent. Completion is slated for the fourth quarter of 2023.

December 20, 2022

Development Multifamily New Jersey Northeast

Prism Capital Begins Leasing 252-Unit Multifamily Project in Dunellen, New Jersey

by Taylor Williams December 20, 2022

DUNELLEN, N.J. — Locally based developer Prism Capital Partners has begun leasing The Nell, a 252-unit multifamily project in the Central New Jersey community of Dunellen. Designed by Spiezle Architectural Group, the transit-oriented property offers one- and two-bedroom units and includes 3,700 square feet of retail space. The amenity package comprises a pool, fitness center, resident lounge, community kitchen, meeting rooms, an outdoor bar with TVs and grilling and dining areas. Rents start at $2,140 per month for a one-bedroom apartment.

December 20, 2022

Development New York Northeast Office

SJP Properties, PGIM Complete $15M Renovation of Manhattan Office Building

by Taylor Williams December 20, 2022

NEW YORK CITY — SJP Properties and PGIM Real Estate have completed a $15 million renovation project at 470 Park Avenue, a 300,000-square-foot office building in Manhattan. The multi-year project refreshed the building façade, replaced windows to increase natural lighting, delivered custom buildouts of select suites, upgraded infrastructure, improved sustainability systems and modernized the elevator system. Ownership also added a new tenant lounge and outdoor space for meetings, presentations and conferences and updated the building’s retail space.

December 20, 2022

Leasing Activity New Jersey Northeast Retail

FunCity Adventure Park to Open 36,500 SF Venue in Millville, New Jersey

by Taylor Williams December 20, 2022

MILLVILLE, N.J. — FunCity Adventure Park, an entertainment concept that features trampolines, laser tag, ropes courses, bumper cars and arcades, will open a 36,500-square-foot venue in the Southern New Jersey community of Millville. The center will be located within Union Lake Crossing, which is anchored by grocer ShopRite, Target and Kohl’s. According to New Jersey Stage, FunCity is backfilling a space formerly occupied by Dick’s Sporting Goods and is targeting a mid-2023 opening. Massachusetts-based advisory firm KeyPoint Partners represented FunCity in its site selection and lease negotiations.

December 20, 2022

Leasing Activity New Jersey Northeast Office

PNC Bank Signs 26,117 SF Office Lease in Little Falls, New Jersey

by Taylor Williams December 20, 2022

LITTLE FALLS, N.J. — PNC Bank has signed a 26,117-square-foot office lease at Overlook Corporate Center in the Northern New Jersey community of Little Falls. The tenant, which signed an 11-year lease, is relocating from nearby 1 Garret Mountain Plaza. Frank Recine, Derek DeMartino and Nicolas DeCotiis of JLL represented the landlord, Theta Holding Co., in the lease negotiations. David Simson, Jeff Schotz and Peter Kasparian of Newmark represented PNC Bank.

December 20, 2022

Development Life Sciences Loans Northeast Pennsylvania Top Stories

JLL Arranges $290M Construction Loan for Life Sciences Project in Philadelphia’s University City Neighborhood

by Jeff Shaw December 20, 2022

PHILADELPHIA — JLL Capital Markets has arranged a $290 million construction loan for project partners Gattuso Development Partners and Vigilant Holdings of New York to build a new research facility and life sciences development in the heart of Philadelphia’s University City submarket. The development will be the largest life sciences research and lab facility in the city, according to JLL. Located at 3201 Cuthbert St., the 11-story development features 519,647 square feet of wet lab and dry space, 11,908 square feet of street-level retail space and 137 underground parking stalls. SmartLabs and Drexel University have preleased 45 percent of the lab space. This will be SmartLab’s first location in a market outside of San Francisco or Boston. Infrastructure will include lab-friendly column spacing, expanded floor-to-floor heights, an HVAC system designed specifically for lab research, best-practice chemical storage space and ph neutralization capability, and six enclosed loading docks. Robert A.M. Stern Architects designed the property to meet LEED Gold certification. University City spans 2.4 square miles and is home to one of the largest concentrations of health systems, teaching institutions, life sciences, biotech and pharmaceutical companies in the world. “We believe the project validates Philadelphia’s emergence as a global hub for …

December 20, 2022

Acquisitions Industrial New York Northeast Self-Storage

Marcus & Millichap Brokers Sale of 371-Unit Self-Storage Portfolio in Upstate New York

by Taylor Williams December 19, 2022

BATAVIA AND DARIEN, N.Y. — Marcus & Millichap has brokered the sale of a portfolio of two self-storage facilities totaling 371 units in the upstate New York communities of Batavia and Darien. West Batavia Rentals and Broadway Rentals are located roughly 12 miles from one another and span 51,670 square feet of combined net rentable space. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.

December 19, 2022

Acquisitions Multifamily Northeast Pennsylvania

Prestige Group Arranges $8.2M Sale of Philadelphia Multifamily Portfolio

by Taylor Williams December 19, 2022

PHILADELPHIA — Locally based brokerage firm The Prestige Group has arranged the $8.2 million sale of a portfolio of two multifamily buildings totaling 50 units in Philadelphia’s Mount Airy neighborhood. Both buildings rise four stories and predominantly house one- and two-bedroom units. Bob Cohen of Prestige Group represented the seller in the off-market transaction, and Jon Mirsky and Sajan Shah of Prestige Group represented the buyer. Both parties requested anonymity. The portfolio was 95 percent occupied at the time of sale.

December 19, 2022

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