If you’ve spent time in quaint New England cottages, you know that unique indoor environment can conjure feelings of warmth, happiness and comfort. Exposed wood inside of houses provides sensations of coziness and security that have been emulated in biophilic design — a term referring to the human connection with nature — across America. So why hasn’t this warm and healthy feeling spread to America’s offices? We’ve seen the mill brick buildings and the steel and concrete office developments scattered along America’s highways and suburban areas. Some of us may have even worked in them. They are reliable, cost-effective and provide tenants with the basic amenities needed to get their work done. But the American office building is changing. Today’s companies demand more for their employees and are recognizing that comfortable offices with exceptional amenities are quickly becoming the new standard to attract top, young talent. According to Cushman & Wakefield’s 2019 “CRE Perspectives on Coworking” report, nearly two-thirds of companies are utilizing some form of coworking space. Look at the most popular coworking spaces in the country — many provide biophilic design elements to keep occupants happy. In early October, building owner Farley White, along with Cushman & Wakefield, …
FRANKLIN, N.J. — LG Electronics USA has signed a 925,000-square-foot industrial lease to occupy the entirety of Crow Holdings at Veronica Ave., a single-tenant property currently under construction in Franklin, located approximately 50 miles northwest of New York City. LG produces home and entertainment products, mobile phones, home appliances and commercial displays. The building will feature 40-foot clear heights, 170 trailer parking spots, 159 dock positions and four drive-in doors. Crow Holdings Industrial and The Carlyle Group acquired the site in early 2019 and began speculative construction soon after. The building is slated for completion in March 2020. Stan Danzig and Kimberly Bach of Cushman & Wakefield represented Crow Holdings Industrial.
EAST NORRINGTON, PA. — CBRE has arranged the sale of the Einstein Medical Building, a 71,685-square-foot medical office in East Norrington, located approximately 20 miles north of Philadelphia. The transaction was part of a 470,000-square-foot portfolio sale that included nine properties in Pennsylvania, Illinois, Minnesota and Virginia. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Sabrina Solomiany of CBRE arranged financing for the acquisition from a mix of life insurance companies, banks and debt funds.
SHELTON, CONN. — Choyce Peterson Inc. has negotiated a 41,417-square-foot office lease for the new headquarters of railway inspector and servicer Sperry Rail Inc. in Shelton, a western suburb of New Haven. The property is located at 5 Research Drive. A new, 11,000-square-foot building will be constructed on the site to accommodate needs for additional production space. The company is consolidating its new headquarters from its previous location in Danbury, where it occupied three buildings. John Hannigan of Choyce Peterson represented Sperry Rail in the lease negotiations. Rob Scinto represented the landlord, R.D. Scinto, on an internal basis.
NORTH PROVIDENCE, R.I. — Edgewood Group has acquired Smithfield Manor, a 42-unit multifamily property in North Providence, for $3.1 million. The community has since been rebranded as The Belmore and is located in close proximity to Providence College, Rhode Island College, Our Lady of Fatima Hospital and downtown Providence. Edgewood plans to renovate the property, which was built in 1968, with interior and exterior upgrades as well as new signage and landscaping. The seller was undisclosed.
ORANGE, CONN. — Angel Commercial LLC has brokered the $7.3 million sale of a 23.3-acre parcel zoned for industrial development in Orange, a western suburb of New Haven. The property is situated at 205 Indian River Road, adjacent to PEZ Manufacturing Inc.’s production facility and Interstate 95. A FedEx building is also under construction in the same area. The parcel was subdivided and sold to four different undisclosed buyers. Jon Angel of Angel Commercial represented the seller, Indian River Road LLC, in the transaction.
NEW YORK CITY — Munich Reinsurance America Inc. has agreed to purchase 330 Madison Ave., a 39-story, 852,000-square-foot office tower in Manhattan. The building was originally constructed in 1963 and was renovated in 2012 to include a new glass curtainwall façade, upgraded lobby and updated systems that achieved LEED Gold certification. The asset is located adjacent to Grand Central Station and near the New York Public Library and Bryant Park. The sales price was not disclosed, although multiple news outlets reported the negotiations were in the range of $850 million to $900 million. At the time of the agreement, the building was 95 percent occupied by tenants including Guggenheim Partners, JLL and HSBC. “We are glad to invest in the United States, given the U.S. share of [the buyer’s] insurance portfolio,” says Hans-Joachim Barkmann, managing director of MEAG, which advised the buyer in the transaction. “The overall American real estate market is also currently outperforming continental Europe, especially Midtown Manhattan, which is really unique in the world in terms of status and prospects.” CBRE represented the seller, which was undisclosed, though several outlets report the seller was Abu Dhabi Investment Authority. Based in Princeton, N.J., Munich Reinsurance America is the …
WESTHAMPTON BEACH, N.Y. — A partnership between Metro Storage LLC and Fremont Realty Capital has opened a 689-unit self-storage facility in West Hampton Beach on the eastern part of Long Island. The two-story facility, located at 105 Old Riverhead Road, offers 77,000 rentable square feet of climate-controlled space and features interior loading bays, elevators, security and a retail office. Metro Storage opened a 785-unit facility in Line Lexington, Pennsylvania at approximately the same time. The Westhampton Beach property is Metro’s 5th self-storage facility in New York
WORCESTER, MASS. — Finard Properties has acquired Greendale Mall, a 308,863-square-foot shopping mall in Worcester, located approximately 45 miles west of Boston. The mall was completed in 1987 and currently houses tenants such as TJ Maxx, Greendale Furniture and Reliant Healthcare. Located at 7 Neponset St., the mall offers immediate proximity to downtown Worcester and close access to metropolitan communities. Finard Properties plans to redevelop Greendale Mall as a mixed-use development. The project team includes architect Prellwitz Chilinski Associates and general contractor Bohler Engineering. Robert Griffin Jr. of Newmark Knight Frank represented the undisclosed seller in the transaction.
NEW YORK CITY — Trinity Place Holdings and TF Cornerstone have entered into a joint venture agreement to acquire 250 North 10th Street, a 234-unit luxury apartment building in the Williamsburg neighborhood of Brooklyn. The six-story, 150,000-square-foot building features a mix of studio, one- and two-bedroom units and amenities such as a roof deck and fitness center. LCOR Inc. and the California State Teachers Retirement System developed the property in 2014 and sold it to Nuveen Real Estate in May 2015 for $169 million. A JLL team represented Nuveen Real Estate in the December 2019 acquisition agreement. The deal is expected to close by February 2020.