Northeast

JLL Arranges $33.3M in Financing for Multifamily Redevelopment Project in Philadelphia

by Taylor Williams September 22, 2020

PHILADELPHIA — JLL has arranged $33.3 million in financing for International House, a project that will convert a 14-story office building located at 3701 Chestnut St. in Philadelphia into a 400-unit apartment complex. The borrower, CSC Coliving LLC, will use the funds to acquire the 1.3-acre site, which is located in the University City area, and to begin construction. The two lowest floors will continue to house office and retail users. Chad Orcutt and Blaine Fleming of JLL arranged the financing through PostRoad Group. Completion is slated for summer 2021.

September 22, 2020

Leasing Activity New York Northeast Office

Madison International Inks 25,000 SF Office Lease at 300 Park Avenue in Manhattan

by Taylor Williams September 22, 2020

NEW YORK CITY — Real estate private equity firm Madison International Realty has signed a 25,000-square-foot office lease at 300 Park Avenue in Manhattan. The company will relocate from a 14,000-square-foot space at 410 Park Avenue in mid-2021. Tishman Speyer owns the 26-story building, which spans 773,056 square feet and was originally built in 1955. Howard Fiddle and Evan Fiddle of CBRE represented the tenant in the lease negotiations. Gregory Conen and Samantha Augarten represented Tishman Speyer internally.

September 22, 2020

Connecticut Leasing Activity Northeast Office

Cara Therapeutics Signs 11,685 SF Office Lease Expansion in Stamford, Connecticut

by Taylor Williams September 22, 2020

STAMFORD, CONN. — Biotechnology firm Cara Therapeutics Inc. has signed an 11,685-square-foot office lease expansion at 107 Elm Street, the firm’s headquarters building in Stamford. John Hannigan and Adam Cognetta of Choyce Peterson Inc. represented the tenant in the lease negotiations. RFR Realty LLC owns the property.

September 22, 2020

Leasing Activity New York Northeast Retail

RD Management to Open 1,923 SF Food Hall at Harriman Commons in Woodbury, New York

by Taylor Williams September 22, 2020

WOODBURY, N.Y. — Development and management firm RD Management will open a 1,923-square-foot food hall at Harriman Commons, its 706,230-square-foot retail power center in Woodbury, about 55 miles north of New York City. The food hall will also offer a 3,300-square-foot outdoor dining terrace. Anchor tenants at the center include Walmart, Home Depot and Target. An opening date was not released.

September 22, 2020

Development Northeast Office Pennsylvania Texas Top Stories

Parkway Breaks Ground on $200M Office Tower in Philadelphia for Law Firm Morgan Lewis

by John Nelson September 22, 2020

PHILADELPHIA — Parkway Corp., a family-owned real estate developer and manager based in Philadelphia, has started construction of 2222 Market in its hometown. The $200 million office tower will be situated in Philadelphia’s Center City district, and will be the first office property in the submarket not built for Comcast in 30 years. Local law firm Morgan Lewis & Bockius will be the sole occupant of the development and was a key contributor to the design of the property. The office building will span 305,000 square feet and include multiple outdoor terrace amenities, flexible workspaces, a fitness center and a conference center. Designed by Gensler, 2222 Market will also feature 10-foot ceilings throughout with floor-to-ceiling windows. Gensler is aiming to achieve both LEED-CS Gold and Fitwell certifications. The property is located at the corner of 23rd and Market streets, seven blocks from City Hall and one block from the banks of the Schuylkill River. The office building is also situated near Comcast’s new headquarters with multiple transit options available to Morgan Lewis staffers within walking distance, including SEPTA’s Suburban and 30th Street stations, as well as the 22nd Street trolley station. The Philadelphia Inquirer reported that Parkway secured $187 million …

September 22, 2020

Company News New York Northeast

SitusAMC Acquires Cohen Financial’s Servicing, Asset Management Platform

by Taylor Williams September 21, 2020

NEW YORK CITY — Real estate advisory and consulting firm SitusAMC Holdings Corp. has acquired the third-party loan servicing and asset management platform of New York City-based Cohen Financial, a division of Truist. Under the terms of the deal, Cohen Financial’s clients and employees will be integrated into SitusAMC. As of August 31, Cohen’s portfolio totaled approximately 6,900 loans with more than $34 billion in unpaid principal balances. SitusAMC will now have a special servicing and asset management portfolio comprised of roughly 10,000 loans totaling more than $130 billion. Truist will retain Cohen’s debt advisory placement platform.

September 21, 2020

The-Residence-at-Penniman-Hill-Hingham-Massachusetts

Development Massachusetts Multifamily Northeast Seniors Housing

Callahan Construction Delivers 90-Unit Seniors Housing Project in Hingham, Massachusetts

by Taylor Williams September 21, 2020

HINGHAM, MASS. — Callahan Construction Managers has delivered The Residence at Penniman Hill, a 90-unit seniors housing project that is located in the southern Boston suburb of Hingham. Designed by The Architectural Team Inc., the property spans 90,000 square feet and offers assisted living and memory care services. Units come in studio, one- and two-bedroom formats, and amenities include an activity room, beauty salon, café and bistro, exterior planting areas and a memory garden. LCB Senior Living LLC developed the property and will also serve as the operator.

September 21, 2020

Development Multifamily New Jersey Northeast

American Landmark Completes 80-Unit Multifamily Project in Union, New Jersey

by Taylor Williams September 21, 2020

UNION, N.J. — Locally based developer American Landmark Development has completed Phase I of Centurion Union, a project that delivered 80 multifamily residences to the supply of Union, a suburb of Newark. The property features a mix of one- and two-bedroom units with wood-style plank flooring, quartz countertops and glass-enclosed showers. Amenities include a fitness center, resident lounge, coworking space, children’s play area and a dog run. Phase I of the project is now fully leased, and American Landmark may begin construction of Phase II by the first quarter of next year.

September 21, 2020

Connell-Park-Berkeley-Heights-New-Jersey

Leasing Activity New Jersey Northeast Office

Hana, Connell to Open 40,000 SF Coworking Space in Berkeley Heights, New Jersey

by Taylor Williams September 21, 2020

BERKELEY HEIGHTS, N.J. — A partnership between Hana, the coworking brand of CBRE, and locally based investment firm The Connell Co. will open Round Table Studios, a 40,000-square-foot coworking space in Berkeley Heights, located about 20 miles west of New York City. The space will be located within Connell’s building at 200 Connell Drive and is scheduled to open by the end of the year. Members may enjoy access to the building’s onsite health clinic, fitness center, dining services and surrounding network of parks and trails.

September 21, 2020

Acquisitions Net Lease New Jersey Northeast Retail

SRS Real Estate Arranges $6.7M Sale of Wawa Store in Roselle, New Jersey

by Taylor Williams September 21, 2020

ROSELLE, N.J. — SRS Real Estate Partners has arranged the $6.7 million sale of a retail asset that is occupied by convenience store chain Wawa in Roselle, located south of Newark. Patrick Nutt and Andrew Fallon represented the seller in the transaction. The buyer was an undisclosed private investor. The store opened in May 2019.

September 21, 2020

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