NEW YORK CITY — JEMB Realty is nearing completion of 1 Willoughby Square, a 500,000-square-foot office building in Brooklyn. The 34-story tower will feature underground parking and various outdoor amenity terraces and green spaces. FXCollaborative designed the project and will also be the anchor tenant upon completion, which is scheduled for the fourth quarter. The development team notes that the project represents the first ground-up office project in downtown Brooklyn in decades.
PORTSMOUTH, N.H. — Cornerstone Realty Capital has arranged a $34 million construction loan for West End Yards, a 134-unit multifamily project that will be located in Portsmouth, just south of the Maine-New Hampshire border. The property will feature one-, two- and three-bedroom units with quartz countertops, stainless steel appliances and individual washers and dryers. Amenities will include a fitness center and multiple common areas with lounges. The borrower and developer is Boston-based Torrington Properties. The direct lender was not disclosed.
BOSTON — BioMed Realty, an owner-operator of life sciences real estate, has entered into a partnership with Cresset Development and Boston-based Novaya Real Estate Ventures to acquire the XMBLY Campus at Assembly Square in the Somerville area of Boston. The campus spans 162,000 square feet of office and life sciences space and includes 7.5 acres for additional expansion. The new ownership plans to add lab, research and development and traditional office space. A timeline for construction has not yet been established.
NEW YORK CITY — Walker & Dunlop has acquired Beler Advisory Group (BAG), a locally based independent real estate finance firm. Mo Beler, former principal at BAG, will join Walker & Dunlop’s New York City capital markets debt and equity team, which is currently led by Aaron Appel, Jonathan Schwartz, Keith Kurland and Adam Schwartz. Beler, a 15-year industry veteran who has closed more than $6 billion in debt and equity transactions in his career, founded the company in 2019.
NEW YORK CITY — Urban Standard Capital, a New York-based lender, has provided a $1.3 million loan for the acquisition and pre-development of a 3,648-square-foot residential development site in Brooklyn. The property is located at 419 Manhattan Ave. and currently houses a retail and office building with a residential unit on top. The undisclosed borrower plans to redevelop the property to add two condos and a roof deck. Gerald Kray and Daria Benstead of Marcus & Millichap placed the loan.
BOSTON — A partnership of Boston-based developer Cabot, Cabot & Forbes (CCF) and Georgia-based developer Peak Campus have completed The Overlook at St. Gabriel’s, a 555-unit multifamily community in the Brighton area of Boston. The luxury residential community is centered around the reimagined Church and St. Gabriel’s Monastery, which was originally built in 1909. The community consists of three residential buildings, more than 45,000 square feet of indoor and outdoor amenity space and seven acres of green space. The restored St. Gabriel’s church, now called Maker Hall, will be complete later this summer and will feature a fitness center, café, conference rooms and outdoor recreation space. Two residential buildings, Overlook Landmark and Overlook East, are complete. Construction is underway on The Overlook’s two additional apartment buildings, Overlook North and West, with Overlook North set to be delivered this fall and Overlook West set to be delivered early next year. This phase of the project will also include two pet spas, a pool and sundeck. Blue Vista Capital Management is a capital partner on the project. BH+A is the architect, and CUBE3 is the general contractor.
ELIZABETH, N.J. — NAI James Hanson has negotiated a 49,300-square-foot industrial sublease for third-party logistics company Z Brothers Express Inc. in Elizabeth, a suburb of New York City. The space is located within a 143,756-square-foot, Class A industrial building at 560-596 Bercik St. The warehousing and distribution facility sits on 6.4 acres and features nine tailgates, one drive-in door and a clear height of 30 feet. Eric Demmers and Russell Verducci of NAI James Hanson represented the sub-landlord, RIM Logistics Ltd., in the lease negotiations. Rubicon Representation represented Z Brothers Express
PHILADELPHIA — Marcus & Millichap has arranged the $15.3 million sale of The Parkside Portfolio, a collection of retail and office buildings totaling 78,194 square feet in the West Parkside neighborhood of Philadelphia. The buildings are located at 5050, 4946, 4952-64 Parkside Ave. and are leased to national anchor tenants including Davita, Santander Bank and Goodwill. The office portion of the portfolio was fully leased to homecare, government and local professional tenants. Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the seller, Rockland Capital, in the transaction. The team also represented the buyer, The Leser Group.
NEW YORK CITY — Cushman & Wakefield has brokered the $10 million sale of a 50-unit multifamily building in The Bronx. Built in 1955, the six-story, 57,558-square-foot building is located at 1150 Pelham Parkway near Albert Einstein College of Medicine, The Bronx Zoo and Fordham University. The building includes six four-bedroom units, 18 two-bedroom units and 21 one-bedroom units, as well as a 22-space parking garage. The surrounding area offers proximity to major hospitals and private medical facilities. Robert Shapiro, Jonathan Squires and Michael Fioravanti of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed.
PARSIPPANY, N.J. — North Jersey Dermatology Center (NJDC) has signed a 1,343-square-foot medical office lease in Parsippany, approximately 35 miles west of New York City. The space is situated within Parsippany Commons, a three-story, 54,000-square-foot office building located at 3219 Route 46 East. The lease at Parsippany Commons marks NJDC’s fourth office location, joining its Rockaway, Clifton and Newfoundland offices. The company worked closely with Core Enterprises, the landlord’s in-house design and construction team, as well as Cerminara Architects, to design and execute the build-out of its new office space. Stephen Graziano of Colliers International represented the landlord, Larken Associates, in the lease negotiations.
