Northeast

SL Green Realty to Sell West Manhattan Mixed-Use Tower, Adjacent Development Site for $446.5M

by John Nelson February 18, 2020

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into a contract to sell a 36-story mixed-use tower and an adjacent undeveloped parcel in Manhattan for $446.5 million. An affiliate of Brookfield Asset Management (NYSE: BAM) is the buying entity for the 492,987-square-foot building at 315 W. 33rd St. on the borough’s west side. Also known as The Olivia, the mixed-use tower features 333 residential units and 270,132 square feet of commercial space. The residential portion is 96 percent occupied, and the commercial space is fully leased to tenants including AMC Theatres, Music Choice and Landmark Education. The Olivia’s community amenities include a residents’ lounge, laundry room, onsite parking, fitness center, bicycle storage, resident app, valet services, 24-hour lobby and rooftop terrace. The property is near Madison Square Garden, the Hudson River and Penn Station. Darcy Stacom of CBRE represented SL Green Realty in the sale transaction, which is expected to close in the second quarter. No details were released about Brookfield’s plans for the parcel. “This sale is another example of SL Green’s commitment to strategically divest of non-core assets and accretively redeploy the capital into our ongoing share repurchase program,” says David Schonbraun, co-chief investment …

February 18, 2020

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Rittenhouse Sells Student Housing Portfolio in Philadelphia for $23.7M

by Alex Patton February 17, 2020

PHILADELPHIA — Rittenhouse Realty Advisors has sold a nine-property student housing portfolio near Temple University in North Philadelphia for $23.7 million. The portfolio comprises 92 units totaling 253 beds. All of the properties in the portfolio were constructed within the last five years, and the majority are two- or three-bedroom units. At the time of sale, the portfolio was 100 percent occupied for the 2019 to 2020 school year. The buyer was undisclosed.

February 17, 2020

Development Industrial New York Northeast

Barone Completes 89,024 SF Spec Industrial Project in Queens

by Alex Patton February 17, 2020

NEW YORK CITY — Barone Management has completed development of The Woodworks, an 89,024-square-foot industrial property in the Long Island City neighborhood of Queens. The Woodworks is comprised of 44,950 square feet of office space and 44,391 square feet of warehouse space with 21-foot ceilings. The location offers convenient access to Long Island Expressway and Interstate 278. The property was constructed on a speculative basis and can be leased by one or multiple tenants. Cushman & Wakefield is leading the leasing effort.

February 17, 2020

Leasing Activity New York Northeast Office

NKF Negotiates 52,412 SF Office Lease Renewal in Manhattan

by Alex Patton February 17, 2020

NEW YORK CITY — Newmark Knight Frank (NKF) has negotiated a 52,412-square-foot office lease renewal for quantitative trading firm Susquehanna International Group LLP in the Financial District of Manhattan. The firm will occupy the entire 47th and 48th floors of 140 Broadway, a 1.2 million-square-foot office building, on a 16-year lease. Brian Goldman and Ross Perlman of NKF represented the tenant in the lease negotiations. Robert Constable of Cushman & Wakefield represented the building owner, a partnership of 140 BW LLC and German investment firm Union Investment Real Estate GmbH.

February 17, 2020

Leasing Activity New York Northeast Office

App Academy Signs 12,602 SF Office Lease in Manhattan

by Alex Patton February 17, 2020

NEW YORK CITY — Education technology company App Academy has signed a 12,602-square-foot office lease in Midtown Manhattan. The company will occupy the entire second floor of 90 Fifth Avenue, a 140,000-square-foot office building near Union Square Park. The company is moving from its previous space at 22 West 38th St. A.J. Camhi and Ryan Silverman represented the building owner, RFR Realty, in the lease negotiations on an internal basis.

February 17, 2020

Leasing Activity Massachusetts Northeast Retail

Noodle Concept Opens 5,000 SF Restaurant in Boston

by Alex Patton February 17, 2020

BOSTON — Noodle concept TuruTonTan has opened a 5,000-square-foot restaurant in the Kenmore Square neighborhood of Boston. The two-story restaurant can accommodate 168 guests in the main dining room and also features patio seating for additional guests. Dining Innovation is TsuruTonTan’s parent company. Blank Design and American Construction Corp. designed and built out the space. Local investment firm Urban Meritage owns the building.

February 17, 2020

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Tryko Partners Acquires Lutheran Crossings Community in Moorestown, New Jersey

by Alex Patton February 14, 2020

MOORESTOWN, N.J. — Private equity investment firm Tryko Partners has acquired Lutheran Crossings at Moorestown, a seniors housing community in Moorestown, an eastern suburb of Philadelphia. Situated on 14 acres, the property features 201 beds of skilled nursing and a 63-unit assisted living campus. The new ownership will implement a two-phase, $12 million capital improvement campaign and will rebrand the property as Cambridge Rehabilitation & Healthcare Center and Cambridge Enhanced Senior Living. Immediate improvements, valued at approximately $4 million, will include the modernization and reintroduction of two units housing 81 skilled nursing beds. Further improvements will include the incorporation of a therapy gym, renovations to the facility’s lobby and common areas and upgrades to mechanical systems and roofs. Marquis Health Services, Tryko Partners’ healthcare affiliate, will manage the community. The sales price was undisclosed.

February 14, 2020

Development New York Northeast Retail

Topgolf to Open $25M Facility on Long Island

by Alex Patton February 14, 2020

HOLTSVILLE, N.Y. — Dallas-based sports and entertainment company Topgolf will open a $25 million driving range and restaurant facility in Holtsville, a city located on the eastern part of Long Island. The facility will feature three levels of entertainment and dining space on a 26.6-acre site. The facility will be Topgolf’s first venue in New York and is expected to bring 500 new full-time jobs to the state. Construction is slated for completion in early 2021.

February 14, 2020

Acquisitions Industrial Northeast Pennsylvania

CBRE Arranges Sale of 172,071 SF Industrial Facility in Garnet Valley, Pennsylvania

by Alex Patton February 14, 2020

GARNET VALLEY, PENN. — CBRE has arranged the sale of a 172,071-square-foot industrial facility in Garnet Valley, located approximately 25 miles southwest of Philadelphia. Situated at 1515 Garnet Mine Road, the property comprises 48,000 square feet of office space and 124,071 square feet of manufacturing and warehouse space, with ceiling heights ranging from 16 to 24 feet. Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE represented the seller, Evergreen Private Finance, in the transaction. Steve Italiano of Italiano Commercial Real Estate Services LLC also assisted with the sale. BHN Associates LLC acquired the property for an undisclosed price.

February 14, 2020

NEW YORK CITY — Lexington Partners LP, a manager of secondary acquisition and co-investment funds, has signed a 48,000-square-foot office lease at 399 Park Avenue, a Class A office building in Manhattan. Lexington Partners will occupy the entire 20th and 21st floors at the 1.7 million-square-foot building on a 15-year lease. The company is relocating from its previous office at 660 Madison Avenue. Martin Horner, Jim Wenk and Kirill Azovtsev of JLL represented Lexington Partners in the lease negotiations. Peter Turchin, Gregg Rothkin and Arkady Smolyansky led a CBRE team that represented the building owner, Boston Properties.

Leasing Activity New York Northeast Office

Lexington Partners Signs 48,000 SF Office Lease in Manhattan

by Alex Patton February 14, 2020

NEW YORK CITY — Lexington Partners LP, a manager of secondary acquisition and co-investment funds, has signed a 48,000-square-foot office lease at 399 Park Avenue, a Class A office building in Manhattan. Lexington Partners will occupy the entire 20th and 21st floors at the 1.7 million-square-foot building on a 15-year lease. The company is relocating from its previous office at 660 Madison Avenue. Martin Horner, Jim Wenk and Kirill Azovtsev of JLL represented Lexington Partners in the lease negotiations. Peter Turchin, Gregg Rothkin and Arkady Smolyansky led a CBRE team that represented the building owner, Boston Properties.

February 14, 2020

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