Northeast

Shell TechWorks Signs 43,821 SF Office Lease in Boston

by Alex Patton October 10, 2019

BOSTON — Shell TechWorks, an entrepreneurial research division of oil and gas giant Shell, has signed a 43,821-square-foot office lease at Two Drydock, an office building currently under construction in Boston’s Seaport district. Skanska is developing and constructing the 230,000-square-foot, Class A office building, which is slated for completion by early 2020. The building will feature an 8,000-square-foot rooftop terrace and a 5,500-square-foot amenity space with a fitness center, lounge and bike space. Shell TechWorks will occupy floors five and six of the building.

October 10, 2019

Acquisitions Industrial Northeast Pennsylvania

Panadyne Acquires Industrial Center Near Philadelphia for $1.3M

by Alex Patton October 10, 2019

MONTGOMERYVILLE, PA. — An affiliate of raw materials distributor Panadyne Inc. has acquired an industrial center in Montgomeryville, a northern suburb of Philadelphia. Panadyne will occupy approximately 50 percent of the 22,000-square-foot facility, which features 17-foot ceiling heights and 1,500 square feet of office space. Frank Roddy of Roddy Inc. represented Panadyne in the transaction.

October 10, 2019

Acquisitions Industrial Leasing Activity New Jersey Northeast

CBRE Arranges Sale-Leaseback of 100,000 SF Industrial Facility in Fairfield, New Jersey

by Alex Patton October 10, 2019

FAIRFIELD, N.J. — CBRE has arranged the sale-leaseback of a 100,000-square-foot industrial facility in Fairfield, located approximately 20 miles west of New York City. EverWest Real Estate Investors LLC acquired the property from Unifoil Corp., which will continue to occupy the industrial property via a long-term lease. Built in 1988, the property at 12 Daniel Road features 27,000 square feet of office space and parking for 188 cars. William Waxman, Kevin Dudley, David Gheriani and Gil Medina of CBRE represented EverWest in the lease negotiations. The sales price was undisclosed.

October 10, 2019

Industrial Leasing Activity Northeast Pennsylvania

NAI Mertz Negotiates 11,250 SF Industrial Lease in Philadelphia

by Alex Patton October 10, 2019

PHILADELPHIA — NAI Mertz has negotiated an 11,250-square-foot industrial lease in Philadelphia. The tenant, Rodan Enterprises LLC, will use the facility to house its company, SureShade, a designer and manufacturer of innovative marine sunshade systems. The space is located within a 75,000-square foot industrial building with 25-foot ceiling heights, one drive-in door and one tailgate door. Joe Sternberg of NAI Mertz represented the landlord, Onyx Partners, in the lease negotiations.

October 10, 2019

Development Multifamily New Jersey Northeast

JMF Properties Opens 212-Unit Multifamily Community in Plainfield, New Jersey

by Alex Patton October 10, 2019

PLAINFIELD, N.J. — JMF Properties has opened Quin Sleepy Hollow, a 212-unit multifamily community in Plainfield, located approximately 25 miles west of New York City. The property at 1400 South Ave. offers one- and two-bedroom units with rents ranging from the low $1,800s to the high $2,900s. Amenities include a fitness center, theater, dog park and outdoor lounge.

October 10, 2019

Leasing Activity New York Northeast Office Top Stories

LinkedIn Signs Lease Expansion at Empire State Building, Increases Footprint to 501,600 SF

by Kristin Harlow October 10, 2019

NEW YORK CITY — LinkedIn has signed its eighth lease expansion at the Empire State Building in Manhattan. The deal increases LinkedIn’s footprint by three-and-a-half floors totaling 188,653 square feet. Since 2011, the online job posting and networking platform has grown to 501,600 square feet at the iconic building. Sunnyvale, Calif.-based LinkedIn has offices in more than 30 cities around the world. The company, acquired by Microsoft in 2016, has more than 15,000 full-time employees. There are approximately 645 million LinkedIn users worldwide. Empire State Realty Trust Inc. (NYSE: ESRT) owns the Empire State Building, which rises 1,454 feet. Tenants at the property have access to a 15,000-square-foot fitness center, conference center and in-building dining options. With an Energy Star rating of 86, the Empire State Building is in the top 20 percent in energy efficiency among all buildings measured, according to ESRT. Sacha Zarba, Lauren Crowley Corrinet and Chris Hogan of CBRE represented LinkedIn in the expansion lease. Ryan Kass and Shanae Ursini of ESRT provided landlord representation. ESRT is a real estate investment trust that owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York City metro area. The company’s portfolio …

October 10, 2019

Acquisitions New Jersey Northeast Office

CBRE Brokers $84.7M Sale of Office Complex in Hamilton, New Jersey

by Alex Patton October 9, 2019

HAMILTON, N.J. — CBRE has brokered the $84.7 million sale of American Metro Center, an office complex in Hamilton, an eastern suburb of Trenton. The 487,072-square-foot facility was originally constructed in 1918 as a plumbing fixture manufacturing facility for American Standard Co. The property has since been redeveloped as an office complex immediately adjacent to the Hamilton Train Station. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer, Zach McHale, Adam Englander and Matt Saker of CBRE represented the buyer, The Birch Group, in the transaction. The CBRE team also represented the seller, which was undisclosed.

October 9, 2019

Development Massachusetts Multifamily Northeast Retail

Callahan Breaks Ground on 610-Unit Multifamily Redevelopment Project Near Boston

by Alex Patton October 9, 2019

QUINCY, MASS. — Callahan Construction Managers has broken ground on a 610-unit multifamily redevelopment project in Quincy, a southern suburb of Boston. The Bozzuto Group and Atlantic Development are redeveloping the North Quincy Station bus depot and parking lot into a three-building residential property with 45,000 square feet of retail space as well as a 1,500-spot parking garage. The residential portion of the project will be delivered over two phases with the first units expected to be available for occupancy in May 2021. Units delivered in Phase II are slated to come on line in January 2022, with the entire project scheduled to be complete soon thereafter. Amenities will include two outdoor courtyards, a pool deck, club lounge, commercial kitchen and a fitness center with yoga and spin classes.

October 9, 2019

Acquisitions New Jersey Northeast Office

Colliers Arranges $31.1M Sale of Office Complex in Florham Park, New Jersey

by Alex Patton October 9, 2019

FLORHAM PARK, N.J. — Colliers International has arranged the $31.1 million sale of Florham Park Corporate Center, which consists of twin Class A office buildings totaling 230,000 square feet in Florham Park, located approximately 20 miles west of New York City. At the time of sale, the complex was 88 percent leased by 30 tenants. Amenities of the complex include a central courtyard with landscaped grounds, full-service cafe, conference center, fitness and game center and a bike-sharing program. Jacklene Chesler, Matthew Brown and Frank Summers of Colliers represented the buyer, Association for Corporate Growth, in the transaction. Colliers also represented the seller, a joint venture between Bergman Real Estate Group and Rialto Capital Management LLC.

October 9, 2019

Acquisitions Hospitality New Jersey Northeast

Regal Hospitality Acquires 191-Room Holiday Inn Newark Airport

by Alex Patton October 9, 2019

NEWARK, N.J. — Regal Hospitality Inc. has acquired the 191-room Holiday Inn Newark Airport hotel in Newark for an undisclosed price.. The property is adjacent to Newark Liberty International Airport and is located approximately 12 miles from the 80,000-seat MetLife stadium. Mark Rousseau of HREC Investment Advisors and Connie Mong of First Choice Real Estate represented the seller, a partnership between RJB Associates LP and Fundamentals Inc.

October 9, 2019

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