BOSTON — InterSystems Corp., a Boston-based provider of data management services and healthcare information systems, has signed a 420,000-square-foot office lease in the state capital’s downtown area. The company will relocate from its current address at 1 Memorial Drive in Cambridge to One Congress, a 1 million-square-foot tower by The HYM Investment Group that is nearing completion, where it will occupy the top 14 floors. InterSystems Corp. will join financial services firm State Street Corp. and global law firm K&L Gates as the building’s anchor tenants. John Barry, Peter McQuaid and Jeff Landers of CBRE represented the landlord, a joint venture between Carr Properties and National Real Estate Advisors LLC, in the lease negotiations. Dave Fitzgerald and Tim Howe, also with CBRE, represented the tenant.
MILLSBORO, DEL. — Ohio-based owner-operator Chase Properties has acquired Peninsula Crossing, a 334,000-square-foot retail power center located in the southern Delaware city of Millsboro. Lowe’s Home Improvement and PetSmart anchor the open-air center, which will soon be adding German discount grocer Aldi to its tenant roster. According to mallsinamerica.com, other tenants at Peninsula Crossing include Supercuts, Mattress Firm, AT&T, GNC and Burger King. The seller and sales price were not disclosed.
BRIDGEWATER, N.J. — Houston-based investment firm Lovett Industrial, in partnership with an undisclosed capital source, has acquired Middlebrook Crossroads, a 580,277-square-foot industrial park in the Northern New Jersey community of Bridgewater. The development comprises 18 buildings with an average size of 32,000 square feet on a 38.6-acre site. At the time of sale, Middlebrook Crossroads was close to fully leased to 28 tenants including UPS, Lexus and SCP Distributors. Gary Gabriel, Kyle Schmitt, David Bernhaut and Ryan Larkin of Cushman & Wakefield brokered the deal. The seller was not disclosed.
NEW YORK CITY — HSBC Bank has signed a 265,000-square-foot office lease for its new U.S. headquarters at The Spiral, a 65-story tower located at 66 Hudson Blvd. in Manhattan. The lease term is 20 years. Tishman Speyer is developing The Spiral, which is nearing completion. Peter Riguardi, Matt Astrachan, Ken Siegel, Mitch Konsker and Will McGarry of JLL represented HSBC Bank in the lease negotiations. Tishman Speyer was represented internally. HSBC Bank plans to relocate from its current space in Midtown in January 2024. Following this transaction, the 2.8 million-square-foot building is now roughly 70 percent leased, with pharmaceutical giant Pfizer and law firm Debevoise & Plimpton set to anchor The Spiral with 14- and 13-floor commitments, respectively.
NORTH BRUNSWICK, N.J. — Kaplan Cos. has opened Amaranth at North Brunswick, a 222-unit active adult community located approximately midway between New York City and Philadelphia. Apartments range in size from 823 to 1,397 square feet. Amenities include a resident lounge, demonstration kitchen, card room, doggie day spa, yoga studio with interactive mirrors and a package room. Kaplan is also underway on its second Amaranth development in nearby East Windsor. Information on starting rents was not disclosed.
DEPTFORD, N.J. — SRS Real Estate Partners has negotiated the $17 million sale of a 60,750-square-foot retail property in the Southern New Jersey community of Deptford that is fully leased to Best Buy on a triple-net basis. The electronics retailer has occupied the six-acre site for more than 25 years. Andrew Fallon and Rick Fernandez of SRS represented the seller, a Chicago-based private investment firm, in the transaction. The buyer was Michigan-based REIT Agree Realty Corp. (NYSE: ADC).
POUGHKEEPSIE, N.Y. — Marcus & Millichap has brokered the $10.4 million sale of 40 Cannon, a multifamily building located about 85 miles north of Manhattan in Poughkeepsie. According to LoopNet Inc., the property, which includes retail space, was originally built as a hotel in 1957. Joseph French Jr., Kodi Traver and Matthew Gault of Marcus & Millichap represented the seller, an undisclosed private investor, in the deal. Steven Rock of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. The property was fully leased at the time of sale.
NEW YORK CITY — Locally based private equity firm Madison Realty Capital has provided a $90 million construction loan for a mixed-use project that will be located in the Flushing area of Queens. The development will comprise 150 residential condos, 202 hotel rooms, 23,000 square feet of ground-floor and below-grade retail space and 300 parking spaces. All of these uses will be housed in two adjoined buildings rising 16 and nine stories that will be set on a retail podium and will total 263,151 square feet. Residential floor plans will come in studio, one-, two- and three-bedroom formats, and amenities will include a fitness center and outdoor terraces and courtyards. The borrower and developer is an entity doing business as 37 Ave Richouse LLC. A construction timeline was not disclosed.
NEW YORK CITY — Sage Realty, a division of The William Kaufman Organization, will undertake a $53 million renovation of 767 Third Avenue, a 40-story, 320,000-square-foot office building in Manhattan. Capital improvements will include a facelift of the lobby and the revamping and introduction of new and existing amenity spaces. Upon full completion of the project in the first quarter of 2023, tenants will have access to a café, lounge, library, catering kitchen, sculpture garden and a salon meeting room. Touchless mechanisms and other features that promote wellness will also be installed throughout the property. FXCollaborative led the redesign of the lobby, and Fogarty Finger designed the amenity spaces.
NEW HAVEN, CONN. — A partnership between Adam America Real Estate, EPIMONI and BH Management Services has opened Olive & Wooster, a 299-unit apartment community in New Haven. Units feature studio, one-, two- and three-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops, shaker cabinets and wood-style flooring. Amenities include a pool, fitness center, clubroom with a bar and a gaming area. Rents start at $1,258 per month.