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AcquisitionsNortheastOfficePennsylvania

Marcus & Millichap Brokers Sale of 113,300 SF Madison Building in Reading, Pennsylvania

by Taylor Williams

READING, PA. — Marcus & Millichap has brokered the sale of The Madison Building, a 113,300-square-foot office property in Reading. Originally built in 1927, the property is situated on 1.1 acres and rises 12 stories. Craig Dunkle, Jackson Day and Mher Vartanian of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The trio also procured the buyer, an out-of-state developer that will convert the building into a Class A apartment complex. The Madison Building was 97 percent vacant at the time of sale.

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Leasing ActivityNew JerseyNortheastOffice

JLL Secures Two Office Leases Totaling 63,089 SF in Cherry Hill, New Jersey

by Taylor Williams

CHERRY HILL, N.J. — JLL has secured two office leases totaling 63,089 square feet at Woodcrest Corporate Center in Cherry Hill, a suburb of Philadelphia. Digital platform provider Conduent Business Services LLC renewed its 30,887-square-foot lease, and Penn Interactive Ventures, an operator of mobile gambling apps, signed a lease for 32,212 square feet. Dan Close and Rick Widerman represented the landlord, Crown Properties, in both sets of negotiations.

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AcquisitionsIndustrialMaineNortheast

Power REIT Acquires Cannabis Cultivation Facility in York County, Maine

by Taylor Williams

YORK COUNTY, MAINE — A subsidiary of New York-based Power REIT has acquired a three-acre site in York County that houses a 32,800-square-foot cannabis cultivation facility that is under construction. Locally based cannabis grower Sweet Dirt is the operator of the greenhouse, which is expected to be complete by the end of the year. The site also houses a 2,800-square-foot distribution building. The seller was not disclosed.

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IndustrialLeasing ActivityNew YorkNortheast

Venture Capital Properties Negotiates 24,000 SF Lease in Brooklyn

by Taylor Williams

NEW YORK CITY — Venture Capital Properties has negotiated a 24,000-square-foot lease at a vacant parcel that formerly housed a warehouse at 5200 1st Ave. in Brooklyn. The tenant, valet parking service Park Pro Systems, will use the property to store its vehicles but will not develop any portion of the site. Jacob Stavsky of Venture Capital Properties represented both Park Pro Systems and landlord John Luhrs in the off-market deal.

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Company NewsIndustrialMassachusettsNortheast

Reports: Raytheon to Cut 15,000 Jobs Due to Decline in Commercial Air Travel

by Taylor Williams

WALTHAM, MASS. — Defense contractor Raytheon (NYSE: RTX) will cut approximately 15,000 jobs, primarily in its aviation departments, as a result of depressed demand for commercial air travel during the COVID-19 pandemic, according to multiple reports. The Massachusetts-based firm, which employs about 200,000 people nationwide, made the announcement during an earnings call last week, according to reports from multiple new outlets including CNN and Forbes. The company’s stock price opened at $61.58 per share on Tuesday, Sept. 22, down from $84.59 per share a year ago.

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LoansMultifamilyNortheastPennsylvania

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

by Taylor Williams

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.

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Leasing ActivityNew YorkNortheastOffice

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

by Taylor Williams

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.

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ConnecticutLeasing ActivityNortheastOffice

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

by Taylor Williams

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.

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Leasing ActivityNew YorkNortheastRetail

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

by Taylor Williams

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.

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DevelopmentNortheastOfficePennsylvaniaTexasTop Stories

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

by John Nelson

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 …

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