Northeast

Freshly Signs 92,306 SF Office Headquarters Lease at 63 Madison Avenue in Manhattan

by Taylor Williams January 29, 2021

NEW YORK CITY — Freshly, a provider of meal kit services that was recently acquired by Nestlé USA, has signed a 92,306-square-foot office lease at 63 Madison Avenue in Manhattan. The company’s new headquarters space will encompass the 12th and 13th floors at the Class A building. Eric Ferriello of Colliers International represented Freshly, which is expanding and relocating from a 20,000-square-foot space at 115 E. 23rd St., in the lease negotiations. Peter Duncan, Matt Coudert and Alex Bermingham represented the landlord, George Comfort & Sons Inc., on an internal basis. The building was recently renovated, and a 60,000-square-foot Whole Foods Market is planned to open on the ground floor.

January 29, 2021

Healthcare Leasing Activity Life Sciences Northeast Office Pennsylvania

Colliers Negotiates Life Sciences Lease for Gene Therapy Firm in Philadelphia’s University City Area

by Taylor Williams January 29, 2021

PHILADELPHIA — Colliers International has negotiated a life sciences lease at 3675 Market St. in Philadelphia’s University City neighborhood. Joseph Fetterman and Clifford Brechner of Colliers represented the tenant, gene therapy firm Spirovant Sciences, which will use the space for its expanded headquarters and lab operations, in the lease negotiations. A partnership between Ventas and Wexford Science + Technologies developed the 14-story, 340,000-square-foot building, which houses lab and traditional office space and is located near a variety of retail and restaurant options.

January 29, 2021

Company News New Jersey Northeast Retail Top Stories

U.S. Division of L’Occitane Files for Chapter 11 Bankruptcy Protection, Plans Store Closures

by Katie Sloan January 29, 2021

NEWARK, N.J. — The U.S. arm of beauty retailer L’Occitane en Provence has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the District of New Jersey and announced plans to close several stores in an effort to optimize the company’s U.S. footprint. L’Occitane currently operates 166 stores nationally. At least 23 stores are being targeted for closure in the U.S. and the company is taking a closer look at its other leases in hopes of better positioning L’Occitane for success over the next few years, according to reports by the New York Business Journal. Stores are set to remain open through the restructuring process. L’Occitane is the latest regional mall mainstay to struggle under strain caused by the COVID-19 pandemic. The company was recently sued by Simon Property Group — one of the largest shopping mall operators in the U.S. — for more than $3.7 million in back rent, according to reports by Crain’s New York Business. While L’Occitane has seen year-over-year growth in online sales, the business continues to feel the impact of high rent obligations, which the company deems no longer tenable. “Today’s action is a pivotal step forward in achieving the full potential of …

January 29, 2021

Development New York Northeast Office

Tishman Speyer Tops Out 2.8 MSF Spiral Office Tower in Manhattan’s Hudson Yards District

by Taylor Williams January 28, 2021

NEW YORK CITY — Tishman Speyer has topped out The Spiral, a 2.8 million-square-foot office tower located within Manhattan’s Hudson Yards mixed-use development. The 1,031-foot, 65-story building encompasses an entire city block between West 34th to West 35th streets and from 10th Avenue to the four-acre Bella Abzug Park. The Spiral, which was designed by Bjarke Ingels Group and is expected to open in 2022, is the future site of the global headquarters of pharmaceutical giant Pfizer, which will occupy 746,000 square feet. Law firm Debevoise & Plimpton LLP is also relocating its headquarters to The Spiral with a footprint of 531,000 square feet, while asset management firm AllianceBernstein has also committed to 166,000 square feet, bringing the building’s preleased occupancy rate to 51 percent. Tenants on every floor will have access to outdoor space as part of a series of spiraling landscaped terraces and hanging gardens that wrap around the façade of the tower. The building will also house 25,000 square feet of retail space.

January 28, 2021

Civic Development Multifamily New York Northeast

Madison Realty Capital Breaks Ground on 478-Unit Multifamily Project in Queens

by Taylor Williams January 28, 2021

NEW YORK CITY — Locally based real estate private equity firm Madison Realty Capital has broken ground on a 478-unit multifamily project in the Woodside area of Queens. Roughly 30 percent (143 residences) of the units in the building, which will also include 15,000 square feet of retail space, will be designated as affordable housing. Residential amenities will include a fitness center with a separate yoga room, a media lounge, laundry room, storage room, parking lot, bike storage, tenant lounge, rooftop terrace with a recreation kitchen and onsite parking. As part of the larger project, Madison Realty Capital is also developing a 78,000-square-foot public elementary school in partnership with the New York City School Construction Authority and Department of Education. The school will serve about 475 students in kindergarten through fifth grade. A tentative completion date was not released.

January 28, 2021

Loans New York Northeast Office

Urban Standard Capital Provides $20M Loan for Refinancing of Manhattan Office Building

by Taylor Williams January 28, 2021

NEW YORK CITY — Urban Standard Capital, a locally based lending and investment firm, has provided a $20 million loan for the refinancing of 265 W. 37th St., a 23-story office building in Midtown Manhattan that includes ground-floor retail space. The borrower, Meyer Equities, will use portions of the proceeds to buy out its partner and to fund tenant improvements and leasing costs at the 263,349-square-foot building. Charlie Brosens of Urban Standard Capital originated the interest-only financing, which was structured with a 24-month term and a 5.25 percent interest rate.

January 28, 2021

Leasing Activity New York Northeast Office

Beam Suntory Signs 99,556 SF Office Lease at 11 Madison Avenue in Manhattan

by Taylor Williams January 28, 2021

NEW YORK CITY — Liquor producer Beam Suntory has signed a 99,556-square-foot office lease at 11 Madison Avenue in Manhattan for its new global headquarters. The 15-year lease covers the entire 12th floor and brings the 30-story building to full occupancy. David Kleinhandler, James Whalen, Maura Flanagan and Joe Cybulski of CBRE represented the tenant in the lease negotiations. Brian Waterman, Scott Klau, Erik Harris and Brent Ozarowski of Newmark represented the landlord, SL Green. The building, which currently houses tenants such as Credit Suisse and SONY Corp. of America, will also house a global office of Beam Suntory’s parent company, Suntory Holdings.

January 28, 2021

Industrial Loans Northeast Pennsylvania

Cronheim Mortgage Arranges $14M Bridge Loan for Industrial Property in Souderton, Pennsylvania

by Taylor Williams January 28, 2021

SOUDERTON, PA. — Cronheim Mortgage has arranged a $14 million bridge loan for 209 Commerce Center, a 176,500-square-foot industrial property in Souderton, about 35 miles northwest of Philadelphia. The newly built property features 32-foot clear heights and 29 loading docks and was vacant at the time of the loan closing. A national bridge lender provided the loan on behalf of the undisclosed borrower. The loan was structured with an earn-out provision that will allow the sponsor to recoup some equity once the property leases up.

January 28, 2021

Development Multifamily Northeast Pennsylvania

Southern Land to Develop $180M Multifamily Building in Philadelphia

by Taylor Williams January 27, 2021

PHILADELPHIA — Nashville-based Southern Land Co. has acquired land at 1620 Sansom St. in the Rittenhouse neighborhood of Philadelphia for the development of a $180 million multifamily building. The property will rise 28 stories and will feature 306 units and 32,000 square feet of commercial space. Ken Wellar, Corey Lonberger and Mark Duszak of Rittenhouse Realty Advisors brokered the $24.5 million sale of the land.

January 27, 2021

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 294-Unit Apartment Community in New Haven

by Taylor Williams January 27, 2021

NEW HAVEN, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of Westville Village Apartments, a 294-unit multifamily community in New Haven. Built on eight acres in 2008, the property offers amenities such as a clubhouse, fitness center, game room and outdoor courtyards. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller and procured the buyer in the transaction. Both parties requested anonymity.

January 27, 2021

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