NEW YORK CITY — Los Angeles-based City National Bank has signed a 35,643-square-foot office lease renewal at 1140 Avenue of the Americas in Manhattan. The company has committed to an additional 10 years at the 250,000-square-foot building and will also open a 3,400-square-foot branch on the ground floor as part of the new agreement. Todd Korren of Avison Young represented the landlord, an affiliate of New York City REIT, in the lease negotiations. Lynn Williams and Jeffrey Welch of CBRE represented the tenant.
WEST HAVEN, CONN. — Locally based brokerage firm Pearce Commercial has arranged the sale of a 3,398-square-foot medical office building in West Haven for an undisclosed price. Carl Russell of Pearce Commercial represented the buyer and future occupant, Internal Medicine of Greater New Haven, in the transaction. Jed Backus of Backus Real Estate LLC represented the seller.
CAMBRIDGE, MASS. — Pharmaceutical giant Bristol Myers Squibb has signed a 360,000-square-foot life sciences lease at Cambridge Crossing in metro Boston, according to multiple news outlets including industry publication fiercebiotech.com and The Boston Business Journal. The former reports that Bristol Myers Squibb will occupy a building located at 250 Water St. beginning in early 2023. DivcoWest is the developer of the 2.1 million-square-foot campus, which is under construction and will also feature traditional office and retail space, as well as open green space.
NEW YORK CITY — Luxury jeweler Tiffany & Co. has unveiled plans for the redevelopment of its flagship store at 727 5th Ave. in Manhattan. The top three floors of the 10-story building will be converted from office space into a new exhibition and event space surrounded by a curtain of glass complementing the limestone façade below. That space was originally completed in 1980, and the building itself was originally constructed in 1940. Tiffany has partnered with The Office of Metropolitan Architecture on the project, which is expected to be complete in 2022.
ATTLEBORO, MASS. — MassHousing, an independent public agency that funds affordable housing properties in Massachusetts, has provided a $17.2 million loan for the acquisition and rehabilitation of three multifamily assets in the northern Boston suburb of Attleboro. The properties include the 83-unit Hebronville Mill, the 92-unit Gardner Terrace I and the 52-unit Gardner Terrace II. Each of the communities includes units that are reserved for renters earning less than the area median income. The borrower was Preservation of Affordable Housing, a locally based nonprofit organization.
TEANECK, N.J — Multinational corporation Cognizant has signed a 36,000-square-foot office lease at Glenpointe Center East in Teaneck, located northwest of New York City, for its new office headquarters. Glenpointe Center East features a 26,000-square-foot spa and fitness center, as well as a restaurant, wine bar and a lounge. Gregg Najarian and Nate Brzozowski of Savills represented the tenant in the lease negotiations. The landlord, Alfred Sanzari Enterprises, was represented internally.
NORTH HAVEN, CONN. — Locally based brokerage firm Pearce Commercial has negotiated a 4,500-square-foot industrial lease at 355 Sackett Point Road in North Haven. According to LoopNet Inc., the property was built in 1988 and totals 64,000 square feet. Dave Melillo of Pearce Commercial represented the tenant, Greenskies Renewable Energy LLC, and the landlord, 355 Sackett Point Road LLC.
ALLENTOWN, PA. — Locally based brokerage firm Markward Group has negotiated a 150,000-square-foot industrial sublease at Iron Run Distribution Center in Allentown. Del Markward and Mike Capobianco of Markward Group, along with Brian Lenahan of Premier Development, represented the sublandlord, True Value, in the lease negotiations. The trio also represented the subtenant, third-party logistics firm ShipHero. Prologis owns the building.
BERLIN, N.J. — New Jersey-based Markheim Chalmers has brokered the sale of a 33,303-square-foot office portfolio in Berlin, located southeast of Philadelphia. The portfolio spans four buildings and was 89 percent leased at the time of sale. Adam Dembo of Markheim Chalmers represented the seller, Affiliated Management, in the transaction. Dembo also procured the buyer, Taunton Road LLC. The sales price was not disclosed.
BLUE BELL, PA. — CBRE has arranged two life sciences leases totaling 13,067 square feet at PROTECS Innovation Center, a 50,000-square-foot lab and life sciences building in the northern Philadelphia suburb of Blue Bell. Molecular diagnostics firm KorGene committed to 8,259 square feet, and pharmaceutical and biotechnology firm ThirdLaw Technologies inked a deal for 4,808 square feet. Paul Touhey and Cody Lehrer of CBRE represented the landlord, 4 Valley Square Group LP, in the lease negotiations.