Northeast

Amazon Acquires Lord & Taylor Office Building in Manhattan for $1.15B

by Alex Patton March 17, 2020

NEW YORK CITY — Amazon has acquired the Lord & Taylor office building in Midtown Manhattan for $1.15 billion, according to the New York Post. The e-commerce giant will use the 660,000-square-foot building at 424-434 Fifth Ave as its New York City headquarters, which will house several thousand employees. A partnership of investors including WeWork-owner Rhone Capital and Saks Fifth Avenue-owner Hudson’s Bay Co. sold the building. The Post reports that as part of the agreement, Amazon will pay $750 million in construction loans that WeWork borrowed to renovate the building. The acquisition follows Amazon’s scrapped plan to open a 4 million-square-foot HQ2 headquarters in Queens, which would have housed 25,000 employees.

March 17, 2020

Acquisitions New Jersey Northeast Office

JLL Brokers Sale of Two Office Buildings Totaling 550,000 SF in Parsippany, New Jersey

by Alex Patton March 17, 2020

PARSIPPANY, N.J. — JLL has brokered the sale of Morris Corporate Center 1 & 2, two Class A office buildings totaling 550,000 square feet in Parsippany, located approximately 30 miles west of New York City. The properties are located at 300 Interpace Parkway and 1 Upper Pond Road within the 31-acre Morris Corporate Center and feature four atrium lobbies, two cafés, two conference rooms and a 5,000-square-foot fitness center with locker rooms and a yoga studio. At the time of sale, the properties were 67 leased to tenants including Zurich Insurance, York Risk Services and market research company Ipsos. Jose Cruz, Kevin O’Hearn and Mark Mahasky led a JLL team that represented the seller, an affiliate of Brookwood Financial Partners LLC. The team also procured the buyer, P3 Properties. The sales price was undisclosed.

March 17, 2020

Acquisitions New York Northeast

Savills Acquires Project Management Firm Macro Consultants

by Alex Patton March 17, 2020

NEW YORK CITY — Full-service real estate firm Savills has acquired New York City-based project management firm Macro Consultants. The acquisition expands Savills’ existing advisory and management services platforms, which previously consisted of 50 professionals across the United States and Canada. At the time the deal closed, Macro Consultants, which was led by former managing principal Michael Glatt, employed more than 85 professionals across several major cities in the U.S., including New York City and Philadelphia. Along with those professionals, Glatt has joined Savills as vice chairman and North American head of project management. Additional terms of the deal were not disclosed.

March 17, 2020

Acquisitions Industrial New Jersey Northeast

NAI Hanson Negotiates Sale of Two Industrial Development Sites Totaling 31.5 Acres in Sparta, New Jersey

by Alex Patton March 17, 2020

SPARTA, N.J. — NAI James Hanson has negotiated the sale of 2 and 4 Aaron Way, two adjacent industrial development sites totaling 31.5 acres in Sparta, located approximately 60 miles northwest of New York City. The buyer, a Morris County-based developer, plans to construct a 30,000-square-foot speculative warehouse on the property. The sites are located within White Lake Commerce Park, which consists of 12 lots that are all expected to be sold by late March. Several different developers plan to construct speculative industrial buildings ranging in size from 10,000 to 30,000 square feet on the lots. John Schilp of NAI Hanson represented the seller, Berardi Developers, in the transaction. The sales price was undisclosed.

March 17, 2020

Hospitality Loans New Hampshire Northeast

HREC Arranges $14.1M Construction Loan for Tru by Hilton Hotel in Manchester, New Hampshire

by Alex Patton March 17, 2020

MANCHESTER, N.H. — Hospitality Real Estate Counselors (HREC) has arranged a $14.1 million construction loan for the 126-room Tru by Hilton hotel in Manchester, located approximately 15 miles south of Concord. A regional bank provided the loan. Florida-based developer Lansing Melbourne Group is building the hotel for $23 million, according to local news site manchesterinklink.com. John Siska and Mike Armstrong of HREC arranged the loan, specific terms of which were undisclosed. The hotel is expected to open in third quarter of 2020.

March 17, 2020

Acquisitions New Jersey Northeast Office

Thor Equities Acquires Liberty Innovation Centre Office Building in Jersey City for $94.5M

by Alex Patton March 16, 2020

JERSEY CITY, N.J. — Thor Equities Group has acquired Liberty Innovation Centra, a 337,888-square-foot office building in located at 95 Greene St. in Jersey City, for $94.5 million. The building served as a primary manufacturing facility for Colgate Palmolive until 1987, when it was converted into a Class A office building. The building offers convenient access to the Exchange Place rail station and Newark Airport. Daniel Loughlin, Jose Cruz and John Cunningham led a JLL team that represented the seller, SJP Properties, in the transaction.

March 16, 2020

Leasing Activity Northeast Office Pennsylvania

The Flynn Co. Negotiates 49,112 SF Office Lease in King of Prussia, Pennsylvania

by Alex Patton March 16, 2020

KING OF PRUSSIA, PENN. — The Flynn Co. has negotiated a 49,112-square-foot office lease for an undisclosed defense contractor in King of Prussia, a northwestern suburb of Philadelphia. The tenant will immediately take occupancy of the entirety of 1021 W. 8th Avenue, an office building situated adjacent to the Valle Forge Casino Resort and in close proximity to King of Prussia Mall. Duke Gleeson and Kevin Flynn Jr. of The Flynn Co. represented the landlord, MS County Line Associates, in the lease negotiations. JLL represented the tenant.

March 16, 2020

Acquisitions Connecticut Multifamily Northeast

Chozick Brokers $12M Sale of Apartment Community in Bloomfield, Connecticut

by Alex Patton March 16, 2020

BLOOMFIELD, CONN. — Chozick Realty has brokered the $12 million sale of Wedgewood apartments, a 112-unit apartment community in Bloomfield, a northern suburb of Hartford. The community was constructed in the 1960s and features one-, two- and three-bedroom apartments. The seller was a local family office. The buyer was a regional investor that targets garden-style apartments. Both parties involved in the transaction requested anonymity.

March 16, 2020

Leasing Activity New York Northeast Retail

Manolo Blahik to Open 9,947 SF Store in Manhattan

by Alex Patton March 16, 2020

NEW YORK CITY — Footwear retailer Manolo Blahik will open a 9,947-square-foot retail and office lease in Manhattan. The property with include 4,942 square feet of retail space and 5,005 square feet of office space. David Thomas Design will serve as the project architect for the interior build-out of the store. Ariel Schuster, Ben Birnbaum and Peter Shimkin represented Manolo Blahik in the lease negotiations. The landlord is 717 Madison LP The store is slated to open later this year.

March 16, 2020

Leasing Activity Northeast Pennsylvania Retail

Playa Bowls Signs 2,000 SF Retail Lease in Easton, Pennsylvania

by Alex Patton March 16, 2020

EASTON, PENN. — Quick-service restaurant Playa Bowls has signed a 2,000-square-foot retail lease in Easton, an eastern suburb of Allentown. The restaurant serves fruit bowls, smoothies, soups, salads and other items. The space is located within the Lower Nazareth Commons Shopping Center, an approximately 90,200-square-foot retail center located at 3770 Dryland Way. Target anchors the retail center, and other tenants include Petco and Burlington Coat Factory. Scott Horner of Colliers International represented the Playa Bowls in the lease negotiations. The landlord, Regency Centers Corp., was represented internally.

March 16, 2020

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