NEW YORK CITY — Japanese alcoholic beverage supplier Suntory has signed a 100,000-square-foot office headquarters lease at 11 Madison Avenue in Manhattan. About 150 employees will work in the full-floor space, which includes two bar areas, a tasting room, interactive conference room, a digital art exhibit and flexible workstations. David Kleinhandler, Joe Cybulski, James Whalen and Maura Flanagan of CBRE represented Suntory, which is relocating from Chicago, in the lease negotiations. Zach Freeman, David Kaufman and Neil Kessner represented the landlord, SL Green, on an internal basis.
BOSTON — Marcus & Millichap has brokered the $5.8 million sale of Allston Townhomes, an apartment building located near Boston University. Built in 2011, the property comprises six units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction.
JERSEY CITY, N.J. — Veris Residential Inc. (NYSE: VRE), a publicly traded REIT with offices in New Jersey and Massachusetts, has agreed to sell Harborside 1, 2 and 3, a trio of adjacent office buildings in Jersey City. The unnamed buyer will purchase the properties for an aggregate price of $420 million, subject to closing adjustments. The three office buildings anchor Harborside, a 25-acre development that fronts the Hudson River and also houses five apartment communities, a Whole Foods Market, shops, eateries, the Harborside 5 and Harborside 6 office buildings, onsite daycare, urgent care and primary care medical space, and two parking garages. Veris recently signed Collectors Holdings, parent company of Professional Sports Authenticator, to a 130,000-square-foot lease at Harborside 3. Veris recently also closed on its $346 million sale of 101 Hudson Street, a 42-story office tower in Jersey City spanning nearly 1.3 million square feet of space. With sale of this and the Harborside portfolio, Veris is taking a big step toward the corporate goal of being a “pure-play multifamily REIT.” With these office sales and the stabilization of Haus25, a 750-unit apartment community underway in Jersey City, multifamily will represent 98 percent of Veris’ net operating income, …
By Taylor Williams Though very much in its infancy, the Philadelphia 76ers’ recent decision to assemble a development team and file a formal proposal for a new arena at the current site of Fashion District Philadelphia has drawn the city’s retail market into speculation on how buildings, operators and streetscapes will be impacted. Known as 76 Place, the $1.3 billion venue would theoretically anchor the Market East corridor that connects Center City to Chinatown and Old City via its location atop the city’s largest public transit hub. The ability to centralize the arrival of fans, shoppers and diners from all cardinal directions, as well as multiple states, automatically sparks excitement for growth opportunities in the world of retail real estate. This project would immediately check that box. “The announcement of the new 76ers arena has generated a lot of discussion in the retail world,” says Steve Gartner, executive vice president at CBRE. “Bringing an arena to downtown Center City, especially one that’s adjacent to a convention center, will allow Philadelphia to hold more concerts and global events, like political conventions, that impact retailers and restaurants. These positive impacts will permeate the fabric of all of downtown.” “The retail community is …
NEW YORK CITY — JLL has arranged the $387.5 million sale of 685 1st Avenue, a 408-unit multifamily property in Manhattan’s Murray Hill neighborhood. Built in 2018, the property rises 43 stories and houses 408 market-rate residential units, 148 condominiums and 9,693 square feet of commercial space. Amenities include a pool, fitness center, coworking lounge, media room and a children’s play area. Rob Hinckley, Jeff Julien, Scott Panzer, Andrew Scandalios, Steve Rutman, John Taylor, Jon Faxon and Joy Ryoo of JLL represented the seller, Solow Building Co., in the transaction. The team also procured the buyer, GO Partners, which is a joint venture between two private investors.
ELIZABETHTOWN, PA. — Chicago-based First Industrial Realty Trust has inked a 1.1 million-square-foot lease with boohoo, an online fashion retailer based in the United Kingdom, at First Logistics Center @ 283 in Elizabethtown, a southeastern suburb of Harrisburg. Jeff Lockard, Paul Torosian, Ryan Barros and Kyle Lockard of JLL represented the landlord in the lease negotiations. First Industrial has also broken ground on a 700,000-square-foot building at the site that will feature a clear height of 40 feet, 143 loading doors, 194 trailer parking stalls and 318 car parking spaces. Completion of that building is scheduled for the second quarter of 2023.
CONSHOHOCKEN, PA. — A partnership between locally based firm Keystone Development + Investment and Concord Hospitality has completed Hotel West & Main, a 127-room project in Conshohocken, a northern suburb of Philadelphia. The hotel, which will be operated under the Tapestry Collection by Hilton brand, is located within the $340 million SORA West mixed-use development. The property houses two food and beverage options and is the first new hotel to open in Conshohocken in 22 years, according to the development team. SORA West is also home to AmerisourceBergen’s corporate headquarters campus.
JERSEY CITY, N.J. — A partnership between two developers, Park Stone Management and Fields Grade, has begun leasing Le Léo, a 99-unit apartment building in Jersey City’s Journal Square district. Designed by Marchetto Higgins Stieve, the property offers one- and two-bedroom units with stainless steel appliances and quartz countertops. Amenities include a fitness center, resident lounge, coworking space and a rooftop terrace. Le Léo also houses ground-floor retail space. Rents start in the $2,500s for a one-bedroom apartment.
BEVERLY, MASS. — Marcus & Millichap has brokered the $3.8 million sale of a seven-unit apartment building in Beverly, a northeastern suburb of Boston. The unit mix comprises four one-bedroom apartments, one two-bedroom residence and two three-bedroom units, as well as two commercial spaces. Evan Griffith, Tony Pepdjonovic and Will Sanborn of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction.
DOUGLAS, MASS. — CRG, the development arm of Chicago-based construction engineering firm Clayco, has broken ground on The Cubes at Gilboa, a 1.1 million-square-foot industrial project in Douglas, about 20 miles south of Worcester. The facility will be situated on 85 acres and will feature a clear height of 40 feet, 171 dock doors, four drive-in doors, an ESFR sprinkler system and parking for 651 cars and 220 trailers. Lamar Johnson Collaborative is the project architect, and Clayco is the builder. Newmark is the leasing agent. Completion is slated for fall 2023.