NEW YORK CITY — Realtor Keller Williams has subleased 20,000 square feet of office space at 99 Park Avenue in Manhattan from Gould Paper Corp. Helmsley Spear owns the Class A building, which is located between 39th and 40th streets in the Midtown area. Kent Swig, Andrew Simon and Brett Zelner negotiated the sublease for Helmsley Spear on an internal basis. Edward Kalisvaart represented Keller Williams, also on an internal basis. The sublease term runs through December 2023.
RANDOLPH, N.J. — NAI James Hanson has arranged the sale of an 18,729-square-foot industrial building located at 246 S. Salem St. in Randolph, about 40 miles west of New York City. According to LoopNet Inc., the property was built on 3.4 acres in 1952. Jonathan Kristofich and John Schilp of NAI James Hanson represented the seller, a private estate, and procured the buyer, Salem Enterprises LLC.
NEW YORK CITY — Insurance giant American International Group (AIG) will relocate its global headquarters to 1271 Avenue of the Americas, a 48-story office building in Manhattan that was recently redeveloped. The move calls for AIG to consolidate its two regional offices at 28 Liberty St. in Manhattan and 30 Hudson St. in nearby Jersey City. The company plans to take occupancy of its new space, which will span eight floors and 325,000 square feet, in 2021. Rockefeller Group owns 1271 Avenue of the Americas.
MAPLEWOOD, N.J. — JLL has arranged an undisclosed amount of construction financing for a multifamily project that will be located at 104 Baker St. in Maplewood, a western suburb of Newark. The 25,000-square-foot property will feature 11 apartments and 3,500 square feet of retail and parking space. Michael Klein and Max Custer of JLL arranged the loan through Provident Bank on behalf of the borrower, Iron Ore Properties. Completion of the project is scheduled for fall 2021.
PISCATAWAY, N.J. — CBRE has negotiated a 66,375-square-foot industrial lease at Centennial Commerce Center in the Northern New Jersey city of Piscataway. The property was built in 2019, spans 277,830 square feet and offers proximity to Interstate 287, Port Newark-Elizabeth and Newark Liberty International Airport. Building features include 36-foot clear heights, 261 parking spaces and land for construction of additional parking spaces. Mindy Lissner, Robert Pine and Ben Shapiro of CBRE represented the landlord, Penford Group, in the lease negotiations. CBRE also represented the tenant, appliance manufacturer Fisher & Paykel.
NEW YORK CITY — Whole Foods Market has opened a 60,245-square-foot store at 450 W. 33rd St. in Manhattan’s 5.4 million-square-foot Hudson Yards mixed-use development. The store offers a cocktail bar that serves to-go drinks, a beauty and body care section and a convenience market at street level for customers needing a grab-and-go meal, snack or beverage. The store is the 14th in New York City for Austin-based Whole Foods.
NEW YORK CITY — Marcus & Millichap Capital Corp. has arranged a $15 million loan for the refinancing of 521-523 W. 48th Street. The 45-unit multifamily property is located in the Hell’s Kitchen neighborhood and was originally built in 1940. Steven Rock and Christopher Marks of Marcus & Millichap arranged the seven-year loan, which carried a 3.1 percent fixed interest rate and a 75 percent loan-to-value ratio, on behalf of the undisclosed borrower.
NEW YORK CITY — A partnership between Australian multinational developer Lendlease and New York-based L+M Development Partners has secured Daiwa House Texas Inc. as a new equity partner for the development team’s 42-story mixed-use tower in Manhattan’s Morningside Heights area. Daiwa House Texas is a U.S. subsidiary of Daiwa House Industry Co., Japan’s largest homebuilder that is pursuing an initiative to expand across the United States. The project, which will be located at 100 Claremont Ave., will feature 165 residential condominiums, 54,000 square feet of academic space for the Union Theological Seminary and 49,000 square feet of faculty housing. Completion is slated for spring 2023.
MANHEIM AND LITITZ, PA. — Ziegler has arranged a $53 million construction loan for two seniors housing expansion projects in Pennsylvania. The first project, West Lawn Apartments, will consist of two buildings containing 18 independent living units located on Pleasant View’s existing continuing care retirement community in the South Central Pennsylvania borough of Manheim. This community was originally built in 1954 and features 152 independent living apartments and cottages, 95 personal care units and 115 skilled nursing beds. The second project, the Lofts at Lititz, will consist of 32 independent living units on the site of the historic Wilbur Chocolate Factory in downtown Lititz, a neighboring town. The borrower was Pleasant View Communities.
UPPER DARBY, PA. — A&E Real Estate has sold a 60,278-square-foot office building located at 6800-6816 West Chester Pike in Upper Darby, located about five miles west of downtown Philadelphia. The property, which was originally built in 1929, is located across the street from the SEPTA 69th Street transit station and features a two-story atrium with a surrounding balcony corridor. Michael Barmash, Despina Belsemes and Eric Grad of Colliers International represented A&E Real Estate in the transaction. The buyer was not disclosed.
