Northeast

My Gym Signs 3,262 SF Retail Lease at 207 West 79th Street in Manhattan

by Alex Patton October 24, 2019

NEW YORK CITY — Children’s fitness concept My Gym has signed a 3,262-square-foot retail lease on the ground floor of 207 West 79th Street on the Upper West Side of Manhattan. The concept offers physical education, pre-gymnastics and sports programs to children ages six weeks to 10 years. My Gym signed a lease for 10 years at the location, which will be the brand’s second in Upper West Side and fourth in Manhattan. Michael Watson of Lee & Associates represented My Gym in the lease negotiations. Barry Fishbach, David Abrams and Brandon Miller of Newmark Knight Frank represented the landlord, Anbau Enterprises Inc.

October 24, 2019

Acquisitions New York Northeast Office

Citigroup Agrees to Purchase 158,000 SF Office Building in Getzville, New York

by Alex Patton October 23, 2019

GETZVILLE, N.Y. — Citigroup has agreed to purchase 580 CrossPoint Parkway, a 158,000-square-foot office building in the CrossPoint Business Park, as well as approximately nine acres of adjacent land in the northern Buffalo suburb of Getzville. With this transaction, Citigroup will also extend its lease at the conjoined 107,000-square-foot office building located at 540 CrossPoint Parkway. Uniland Development Co. was the seller of 580 CrossPoint and is also the landlord of 540 Crosspoint. The Buffalo News reports the sale, which is expected to close in November, fetched a sales price of $52 million.

October 23, 2019

Acquisitions Hospitality New York Northeast

HREC Arranges Sale, Financing of 117-room Hampton Inn Hotel in Rochester, New York

by Alex Patton October 23, 2019

ROCHESTER, N.Y. — HREC Investment Advisors has arranged the sale and financing of the 117-room Hampton Inn Rochester North, a hotel located approximately 70 miles east of Buffalo. Ketan Patel and Mark von Dwingelo of HREC Investment Advisors arranged the sale on behalf of an undisclosed buyer. John Siska of HREC Capital Markets placed a five-year, fixed-rate acquisition loan on behalf of the buyer with a regional bank. The sales price was undisclosed.

October 23, 2019

grandview-gardens-apts-hasbrouck-heights-nj-primary-photo

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $3.6M Sale of Grandview Gardens Apartments in Hasbrouck Heights, New Jersey

by Alex Patton October 23, 2019

HASBROUCK HEIGHTS, N.J. — Marcus & Millichap has brokered the sale of Grandview Gardens Apartments, a 20-unit multifamily property located in Hasbrouck Heights, a northwestern suburb of New York City. The property offers one-, two- and three-bedroom floor plans ranging from $1,475-$1,930. Kevin Taub, Daniel Aviles and Casey Egan of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also secured and represented the buyer, a private investor.

October 23, 2019

Leasing Activity Northeast Office Pennsylvania

CBRE Negotiates 6,724 SF Office Lease at Spring House Innovation Park Near Philadelphia

by Alex Patton October 23, 2019

LOWER GWYNEDD, PA. — CBRE has negotiated a 6,724-square-foot office lease for cancer screening company Anpac Bio at Spring House Innovation Park in Lower Gwynedd, a northern suburb of Philadelphia. Developed and owned by MRA Group, the 600,000-square-foot property offers lab, research and development facilities, as well as Class A office and coworking space. Anpac Bio is expected to move into the space in March 2020. Toni Rossi of CBRE represented the tenant in the lease negotiations.

October 23, 2019

Loans New York Northeast Office Top Stories

SoftBank to Buy Majority Stake in WeWork with $8B Investment

by Kristin Harlow October 23, 2019

NEW YORK CITY — The We Co., parent company of coworking office space operator WeWork, and SoftBank Group Corp. have reached an agreement under which SoftBank will provide $5 billion in new financing and a tender offer of up to $3 billion for existing WeWork shareholders. SoftBank, a Japanese technology conglomerate, will also accelerate an existing commitment to fund $1.5 billion. WeWork chose the rescue offer from SoftBank over a competing proposal from JPMorgan Chase & Co. The announcement comes after well-documented concerns about the coworking giant’s cash flow and leadership. The company’s valuation plunged after it scrapped its initial public offering. WeWork founder Adam Neumann was forced out of his chief executive position after pushback from prospective investors. “It is not unusual for the world’s leading technology disruptors to experience growth challenges as the one WeWork just faced,” says Masayoshi Son, chairman and CEO of SoftBank. “Since the vision remains unchanged, SoftBank has decided to double down on the company by providing a significant capital infusion and operational support.” After closing and following the tender offer, SoftBank’s economic ownership stake in WeWork will be approximately 80 percent, up from about one-third currently. Since SoftBank will not hold a majority …

October 23, 2019

Market Reports New Jersey Northeast Northeast Market Reports Office

New Jersey Office Market in Good Shape Heading into Final Quarter of 2019

by Taylor Williams October 23, 2019

Employment growth in New Jersey continues to trend higher. Since the low point of the last recession in 2010, the state’s private sector has seen almost 409,000 new jobs added (through July). Of the office-using industries, professional and business services have shown healthy annual job growth — up 13,900 jobs — while financial services jobs have recorded declines over the past year. Meanwhile, the state’s unemployment rate continued to tick lower to 3.3 percent (as of July), the lowest in its recorded history. Within this context, the fundamentals of the New Jersey office market remain healthy as we enter the final quarter of 2019, with absorption totals remaining in the black, vacancies sinking lower and asking rents trending upward. Regional Discrepancies Northern New Jersey’s vacancy rate had dropped to 18.3 percent by the middle of 2019, the lowest point since the end of 2012, while central New Jersey checked in at 15.5 percent, marking four consecutive quarterly decreases. Space has tightened in some key submarkets, making landlords increasingly bullish. As a result, asking rents in Northern New Jersey have risen to $31.62 per square foot — an all-time high and a jump of 17.8 percent over the last four years. …

October 23, 2019

Development Multifamily New Jersey Northeast

KRE, Northwestern Mutual Underway on 507-Unit Multifamily Building in Jersey City

by Alex Patton October 22, 2019

JERSEY CITY, N.J. — A joint venture between KRE Group and Northwestern Mutual is underway on development of 351 Marin, a 507-unit multifamily building in Jersey City. The building will feature 8,000 square feet of commercial space, a 4,500-square-foot public plaza and two floors of amenities for residents. The property is located in close proximity to numerous retail and restaurant options, as well as the Grove Street PATH transit station. Leasing is slated to begin in fall 2021.

October 22, 2019

Leasing Activity New York Northeast Office

Avison Young Negotiates 45,700 SF in Office Leases at 1140 Avenue of the Americas in Manhattan

by Alex Patton October 22, 2019

NEW YORK CITY — Avison Young has negotiated the leasing of over 45,700 square feet of office space at 1140 Avenue of the Americas in Manhattan. Vatic Labs, a trading technology firm, signed a 12,750-square-foot new lease for its New York City headquarters. Real estate investment firm Almanac Realty Investors signed a 12,750-square-foot office lease extension and expansion, and PSL Group, a pharmaceutical research, medical education and publishing firm, signed a 12,750-square-foot office lease extension. Grace Beauty, a marketer, investor and distributor of beauty products, signed a 7,466-square-foot office lease renewal. Todd Korren, Brooks Hauf and Peter Johnson of Avison Young represented the landlord, New York City-based REIT, in each of the four lease negotiations.

October 22, 2019

Acquisitions Massachusetts Northeast Retail

Urban Spaces Sells Retail Building in Cambridge, Massachusetts, for $11.2M

by Alex Patton October 22, 2019

CAMBRIDGE, MASS. — Urban Spaces has sold 85-95 First Street, a 10,000-square-foot retail building in Cambridge, for $11.2 million. The building was competed in June with 4,600 square feet of space preleased to specialty pet food and supply store Loyal Companion. Paint supply store Sherwin-Williams has also agreed to lease 2,900 square feet, and another undisclosed tenant has agreed to lease the remaining 2,500 square feet. Conviser Property Group represented Urban Spaces in the building sale.

October 22, 2019

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