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Robert-Wood-Johnson-University-Hospital-Ambulatory-Medical-Pavilion-New-Brunswick
DevelopmentHealthcareNew JerseyNortheast

AST Completes 229,000 SF Healthcare Project in New Brunswick, New Jersey

by Taylor Williams

NEW BRUNSWICK, N.J. — New Jersey-based developer AST has completed a 229,000-square-foot healthcare project in the Central New Jersey community of New Brunswick. The 15-story ambulatory medical pavilion is situated within the Robert Wood Johnson University Hospital campus. The facility, construction of which topped out in August 2022, expands outpatient access to care and clinical experts who support existing RWJBarnabas Health hospital services. Project partners included Jarmel Kizel (architect), O’Donnell & Naccarato (structural engineer), Langan (civil engineer) and Torcon Inc. (general contractor and construction manager).

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Leasing ActivityNortheastOfficePennsylvania

Gannett Fleming TranSystems Signs 100,000 SF Office Lease in Mechanicsburg, Pennsylvania

by Taylor Williams

MECHANICSBURG, PA. — Gannett Fleming TranSystems has signed a 100,000-square-foot office lease in Mechanicsburg, about 115 miles west of Philadelphia. The architecture, engineering and construction (AEC) consulting firm is consolidating and relocating from nearby Camp Hill to Sterling Place Corporate Center. Jeremy Shyk of CBRE represented the landlord, a partnership between Sterling Place Associates and Waterday Properties, in the lease negotiations. Mark Gola of Gola Corporate Real Estate represented the tenant.

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Leasing ActivityNew JerseyNortheastRestaurantRetail

Kushner Welcomes New Tenants to Mixed-Use Redevelopment in Eatontown, New Jersey

by Taylor Williams

EATONTOWN, N.J. — New York City-based Kushner Cos. has welcomed five food-and-beverage users and one retailer to Monmouth Square, a mixed-use redevelopment of the former Monmouth Mall in Eatontown. The tenants — Whole Foods Market, Prince Street Pizza, Cava, Van Leeuwen Ice Cream, Offshore Coffee and STRONG Pilates — account for about 50,000 square feet of new leasing activity, which makes the project’s retail component 75 percent preleased. Bond RP represented Kushner in all negotiations.

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Leasing ActivityNew YorkNortheastOffice

Novartis Renews, Extends 15,865 SF Office Lease at 10 Bryant Park in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Novartis has renewed and extended its 15,865-square-foot office lease at 10 Bryant Park in Midtown Manhattan. The deal keeps the Swiss pharmaceutical giant on the entire 12th floor of the building, which was originally constructed in 1902, via a five-year extension. David Stockel of CBRE represented Novartis in the lease negotiations. JLL represented the landlord, Property & Building Corp.

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Astoria-Cove_New-York-City
DevelopmentLoansMultifamilyNew YorkTop Stories

KS Group, Alma Realty Receive $300M Construction Financing for Multifamily Project in Queens

by Hayden Spiess

NEW YORK CITY — KS Group and Alma Realty Corp. have received a $300 million construction loan for the development of a mixed-use multifamily project on the East River in the Astoria neighborhood of Queens in New York City.  S3 Capital provided the financing. Henry Bodek of Galaxy Capital secured the loan on behalf of KS Group and Alma Realty, two multifamily developers based in Newark and Long Island City, respectively.  Upon completion, the development will comprise a 26-story tower and three mid-rise buildings totaling 731 residential units. The development will include affordable housing units with the support of a 421a tax abatement, which provides a period of exemption from real estate taxes to projects that meet specific criteria and include a required percentage of affordable housing.  The properties will also feature ground-floor retail space and parking.  Amenities will include a rooftop pool with a landscaped roof deck, fitness center, golf simulator, children’s playroom, indoor and outdoor theaters and a business center.  The development marks Phase I of a larger, multi-phased project dubbed Astoria Cove, which will be located at 8-01, 4-34 and 5-57 26th Ave. in Queens.  YNH Construction will serve as general contractor on the project. Construction is …

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Leasing ActivityLife SciencesMassachusettsNortheastOffice

Biogen Unveils Plans for New Global Headquarters in Cambridge, Massachusetts

by Taylor Williams

CAMBRIDGE, MASS. — Biogen Inc. (NASDAQ: BIIB) has unveiled plans for its new global headquarters in Cambridge, located across the Charles River from Boston. The biotechnology company has selected Kendall Common, located at 75 Broadway, as the site of its new hub as part of a multi-year consolidation plan in Massachusetts that encompasses Biogen’s existing facilities in the Kendall Square area of Boston. Specifically, Biogen has signed a 15-year lease to occupy 580,000 square feet of office and life sciences space at Kendall Common, which is being developed by a joint venture between Blackstone subsidiary BioMed Realty and the Massachusetts Institute of Technology (MIT) Investment Management Co. The space will feature upgraded workspaces and modern amenities, along with sustainable design elements such as advanced water conservation measures and energy-efficient systems. In addition, the building will house the Biogen CoLab, a classroom-style community laboratory and collaborative space. Occupancy is slated for 2028.

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MultifamilyNew YorkNortheast

Wells Fargo Provides $231M in Bond Financing for Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — Wells Fargo has provided $231 million in tax-exempt bond financing for Hawthorn Park, a 54-story apartment building located at 160 W. 62nd St. on Manhattan’s Upper West Side. The building houses 339 units, 271 of which are rented at market rates and 68 of which are designated as affordable housing for households earning 50 percent or less of the area median income. According to Apartments.com, Hawthorn Park was built in 2014 and exclusively offers studio apartments with an average size of 500 square feet. Amenities include a fitness center, lap pool and whirlpool, children’s playroom and a tenant lounge with a furnished and landscaped roof deck. The undisclosed borrower will use a portion of the bond proceeds to refinance existing debt.

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Fairlawn-Estates-at-the-T-Mattapan
AcquisitionsMassachusettsNortheast

Related Beal Buys 347-Unit Apartment Community in Metro Boston, Plans Affordable Conversion

by Taylor Williams

MATTAPAN, MASS. — Related Beal has purchased Fairlawn Estates at the T, a 347-unit apartment community in Mattapan, located just south of downtown Boston, with plans to convert the property into affordable housing. Related Beal has entered into an agreement with the City of Boston to add a perpetual affordable deed restriction to the property, which was formerly known as SoMa at the T, that will restrict all units to households earning between 60 and 80 percent of the area median income. The agreement allows all current residents to remain in their homes. Related Beal also plans to invest about $6.4 million in capital improvements to the property, which consists of 12 buildings that were originally constructed in the 1960s and house studio, one- and two-bedroom units. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, The DSF Group, in the transaction.

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The-Ballantine-Newark
DevelopmentMultifamilyNew JerseyNortheast

Shorewood, Bridge Begin Leasing 280-Unit Apartment Complex in Newark

by Taylor Williams

NEWARK, N.J. — A partnership between Shorewood Real Estate Group and Bridge Investment Group has begun leasing The Ballantine, a 280-unit apartment complex in Newark. The name stems from the location on the Ballantine Brewery site in the city’s Ironbound neighborhood. Designed by Minno & Wasko Architects and Planners, The Ballantine offers studio, one- and two-bedroom units. Amenities include a fitness center with a yoga studio, game room with a multi-sport simulator, coworking areas, resident lounge and pet spa. The building also houses 2,600 square feet of retail space. Rents start at about $1,800 per month for a studio apartment, according to the property website.

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Leasing ActivityMassachusettsNortheastRestaurantRetail

Simon Welcomes 10 New Retailers, Restaurants to Burlington Mall in Metro Boston

by Taylor Williams

BURLINGTON, MASS. — Simon Property Group has welcomed 10 new retailers and restaurants to Burlington Mall, a 1.3 million-square-foot shopping, dining and entertainment destination located north of Boston. Kendra Scott, PacSun and Ten One Tea House will open in late spring, while Rowan, Van Leeuwen Ice Cream, Tobu, Sergeant Burgers and J7 Adventureland will open this summer. Asian restaurant concept ChoCho Hot Pot is also set to debut later in the year. Lastly, Verizon Wireless has relocated its business to a new space at the center and is currently open for business.

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