Northeast

Fortis Property Group Receives $1B Refinancing for One Lincoln Office Tower in Boston

by Taylor Williams September 19, 2022

BOSTON — New York City-based investment and management firm Fortis Property Group has received a $1 billion loan for the refinancing of One Lincoln, a 1.1 million-square-foot office tower in Boston’s Financial District. Proceeds will be used to repay existing debt and provide more than $200 million in capital upgrades geared toward wellness and lifestyle amenities, as well as to fund future leasing costs. In addition, Fortis will renovate the common areas and reconfigure the floor plates to support a wider range of indoor and outdoor amenities. Concurrent with the financing, Fortis also signed HarbourVest Partners to a 250,000-square-foot lease. The company plans to occupy 11 floors of the building as the new anchor tenant. The Boston-based private equity firm will replace fellow financial services firm State Street Corp. in this role, becoming the building’s namesake tenant in the process. HarbourVest plans to take occupancy in 2025. “We are reimagining the post-COVID office environment, and One Lincoln signifies the beginning of a new era for workplaces in Boston,” says Jonathan Landau, CEO of Fortis Property Group. “The Fortis and HarbourVest teams both recognized the tremendous demand for luxury office space that is amenitized with unparalleled wellness and lifestyle-driven experiences in …

September 19, 2022

Market Reports Northeast Northeast Market Reports Office Pennsylvania

Amenities Rise in Importance as Greater Philadelphia Users Return to Offices

by Taylor Williams September 19, 2022

By Marc DeLuca, CEO and eastern regional president, KBS Refreshing office properties with updated amenities is a time-tested strategy for infusing buildings with new life and appealing to future and existing tenants. While an asset’s location is a fixed element and a region’s fundamentals tend to change slowly, amenities are more flexible and can usually be implemented quickly if necessary for immediate impact. A recent report by flexible workspace provider TCC Canada found that many companies and their team members increasingly recognize the benefits of gathering teams in a central workplace. But after more than two years of varying degrees of remote work, it makes sense for property owners to invest in amenities that actually meet the needs and wants of office users — which have recently shifted. So which amenities are the best ones to include in today’s office buildings? As an owner and operator of premier office assets for the last 30 years, KBS has witnessed amenity preferences come and go. We know how to spot a passing fad versus a trend with legs. Based on our expertise in this area, here are a few amenities we see attracting office tenants in the current and emerging environment. Scalable …

September 19, 2022

Development New York Northeast Office

Kimmerle Group Completes 175,000 SF Office, Showroom Renovation Project in Manhattan

by Taylor Williams September 16, 2022

NEW YORK CITY — Kimmerle Group, a New Jersey-based design-build firm, has completed a 175,000-square-foot office and showroom renovation project at 11 Penn Plaza in Manhattan. The project is a build-to-suit for SPARC Group, a provider of apparel and accessories whose brands include Brooks Brothers, Eddie Bauer and Forever 21. Specialty areas include mock stores for national retail buildout models, showrooms to support the wholesale business and designer workshops.

September 16, 2022

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates $26.7M Sale of Apartment Complex in Worcester, Massachusetts

by Taylor Williams September 16, 2022

WORCESTER, MASS. — CBRE has negotiated the $26.7 million sale of ReNew Tatnuck Square, a 120-unit apartment complex located in the Central Massachusetts city of Worcester. The five-building, garden-style property was built between 1969 and 1972 and offers a pool, fitness center and a leasing office. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of San Francisco-based FPA Multifamily, in the transaction. The team also procured the buyer, an affiliate of Massachusetts-based Arrowpoint Properties.

September 16, 2022

Loans Multifamily Northeast Pennsylvania

Trevian Capital Provides $17.1M Acquisition Loan for Philadelphia Multifamily Property

by Taylor Williams September 16, 2022

PHILADELPHIA — New York City-based Trevian Capital has provided a $17.1 million bridge loan for the acquisition of an undisclosed, 71-unit multifamily property located in Philadelphia’s Fishtown neighborhood. The newly constructed property includes ground-floor retail space and was 74 percent occupied at the time of the loan closing. The borrower was not disclosed.

September 16, 2022

Leasing Activity New Jersey Northeast Office

Lexicon Pharmaceuticals Signs 20,000 SF Office Lease in Bridgewater, New Jersey

by Taylor Williams September 16, 2022

SOMERSET, N.J. — Lexicon Pharmaceuticals has signed a 20,000-square-foot office lease at Somerset Corporate Center I in Bridgewater, located in the northern part of the Garden State. Gregg Najarian and Slava Vaynberg of Savills represented Lexicon, which is relocating from Basking Ridge in the first quarter of 2023, in the lease negotiations. Other tenants at Somerset Corporate Center, which is owned by SJP Properties, include Qualcomm, Oracle and Merrill Lynch.

September 16, 2022

Leasing Activity New York Northeast Retail

Lincoln Market to Open 10,621 SF Grocery Store in Manhattan’s Greenwich Village

by Taylor Williams September 16, 2022

NEW YORK CITY — Lincoln Market will open a 10,621-square-foot grocery store at 501 Sixth Ave. in Greenwich Village, the grocer’s first location in Lower Manhattan and seventh overall. The opening is scheduled for the third quarter of 2023. Daniyel Cohen and Manu Wendum of Winick Realty Group represented the undisclosed landlord in the lease negotiations. Scott Sher of Katz & Associates represented the tenant.

September 16, 2022

Development Multifamily New Jersey Northeast

Larken Associates Nears Completion of 254-Unit Multifamily Project in Readington, New Jersey

by Taylor Williams September 15, 2022

READINGTON, N.J. — New Jersey-based developer Larken Associates is nearing completion of The Ridge at Readington, a 254-unit multifamily project located about 50 miles southwest of Manhattan. The Ridge at Readington will feature a mix of market-rate and affordable units in one- and two-bedroom formats across nine buildings. Residences will be furnished with stainless steel appliances and quartz countertops. Amenities will include a pool, fitness center, lounge and wet bar, outdoor pavilion, dog park and walking trails. The first move-ins are scheduled for the fourth quarter.

September 15, 2022

Loans New Jersey Northeast Northmarq Office

Northmarq Arranges $26.4M Acquisition Loan for Hoboken Parking Garage

by Taylor Williams September 15, 2022

HOBOKEN, N.J. — Northmarq has arranged a $26.4 million acquisition loan for the Hudson Tea Parking Garage in Hoboken. Built in 2004 by multifamily developer Toll Brothers (NYSE: TOL), the eight-story structure spans 389,984 square feet and houses 1,250 parking spaces. Daniel Karp of Northmarq arranged the fixed-rate financing on behalf of the borrower, Boston-based LAZ Parking Realty Investors. The loan carried a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule.

September 15, 2022

Acquisitions Development Multifamily Northeast Pennsylvania

Chatham Bay Acquires Former Philadelphia Factory for $9.6M, Plans Multifamily Conversion

by Taylor Williams September 15, 2022

PHILADELPHIA — The Chatham Bay Group has acquired a former factory located at 2019-53 E. Boston St. in Philadelphia’s East Kensington neighborhood for $9.6 million. The Delaware-based investment firm plans to implement an adaptive reuse program that will convert the facility into a 178-unit apartment complex. Philadelphia-based architecture firm Designblendz is designing the project. Phil Sharrow and Craig Thom of Scope Commercial represented Chatham Bay and the seller, Viking Mill Associates LLC, in the transaction.

September 15, 2022

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