Northeast

Discovery Labs to Develop $500M Coworking Campus in Metro Philadelphia

by Alex Tostado June 6, 2019

KING OF PRUSSIA, PA. — The Discovery Labs has unveiled plans for a $500 million healthcare, life sciences and technology coworking campus at the 1 million-square-foot GlaxoSmithKline (GSK) Upper West Merion campus and the 640,000-square-foot Innovation at Renaissance Campus. The two campuses, which are located across the street from each other in the Philadelphia suburb of King of Prussia, will be known as The Discovery Labs. The collaborative lab, office and lifestyle space, will span 1.6 million square feet. The Discovery Labs called the campus the “world’s largest coworking community” in a press release. “The Discovery Labs is 20 times larger than the average coworking space, and provides the mission critical infrastructure needed to operate healthcare, life sciences and technology-enabled companies,” says Audrey Greenberg, chief financial officer of The Discovery Labs. “The size of each Discovery Labs enables enterprise level companies to work side by side with startup and emerging companies and enjoy the benefits of the coworking phenomenon.” IQ Connect, Discovery Labs’ 100,000-square-foot incubator project developed in partnership with The Pennsylvania Biotechnology Center, will sit at the center of the campus. The purpose of IQ Connect is to “bring together researchers, entrepreneurs and product development startups, along with human …

June 6, 2019

Development Massachusetts Northeast Office

Boston Properties to Develop 417,000 SF Office Project for Google in Cambridge, Massachusetts

by Taylor Williams June 5, 2019

CAMBRIDGE, MASS. — Boston Properties will develop a 417,000-square-foot, build-to-suit office building at 325 Main St. in the Kendall Square area of Cambridge for Google, which has signed a 362,000-square-foot lease. Construction of the 16-story property, which will be built at the current site of 3 Cambridge Center, will begin later this year. Completion of the building, which will also house 42,000 square feet of retail space and serve as the tech giant’s new Cambridge headquarters, is slated for 2022. Pickard Chilton has been tapped to handle design of the project. Following completion, Google’s footprint in the area will exceed 800,000 square feet.

June 5, 2019

Acquisitions New York Northeast Retail

SRS Brokers Sale of 195,972 SF Retail Power Center in Upstate New York

by Taylor Williams June 5, 2019

LIVERPOOL, N.Y. — SRS Real Estate Partners, a Dallas-based retail brokerage firm, has closed the sale of Clay South Center, a 195,972-square-foot power center in Liverpool, located northwest of Syracuse. Shadow-anchored by Target and anchored by Hobby Lobby and Lowe’s, the property was fully leased at the time of sale to other national tenants such as Chipotle and Verizon Wireless. Kyle Stonis, Pierce Mayson and Jonathan Lapat of SRS represented the seller, a partnership between South Clay Development Co. LLC and Clay Route 31 Development Co. LLC, in the transaction. Kyle Fant and Britt Raymond, also with SRS, represented the buyer, Wilson Development Group, which acquired the asset for roughly $14.7 million. The average household income within a three-mile radius of the retail center exceeds $103,000.

June 5, 2019

Acquisitions Massachusetts Northeast Office

R.W. Holmes Arranges Sale of 63,000 SF Office Building Near Boston

by Taylor Williams June 5, 2019

NATICK, MASS. — Locally based brokerage firm R.W. Holmes Commercial Real Estate has arranged the sale of Natick Office Park, a 63,000-square-foot building located about 20 miles west of Boston. The property is situated on 2.9 acres near the West Natick commuter train station and the Massachusetts Turnpike. Garry Holmes of R.W. Holmes represented the seller, 209 W. Central Street LP, and procured the buyer, an affiliate of Legacy Real Estate Ventures LLC that purchased the asset for $6.8 million. Camden National Bank provided acquisition financing for the deal.

June 5, 2019

Acquisitions Industrial New York Northeast Office

NAS Investment Solutions Acquires 55,000 SF Flex Property in Syracuse

by Taylor Williams June 5, 2019

SYRACUSE, N.Y. — NAS Investment Solutions, a national investment firm, has acquired a 55,000-square-foot flex building in Syracuse. The property, which was built in 2008 and expanded in 2015, consists of 40,000 square feet of office space and 15,000 square feet of light manufacturing and warehousing space. The building is located adjacent to Syracuse Hancock International Airport and was 100 percent leased at the time of sale to Jadak, a healthcare technology firm that uses the space as its corporate headquarters. John Rotunno of Stan Johnson Co. represented the seller, New York-based Mercer Street Partners, in the transaction.

June 5, 2019

Leasing Activity New York Northeast Office

Savills Negotiates 13,116 SF Office Lease in Manhattan for Marketing Firm’s Relocation

by Taylor Williams June 5, 2019

NEW YORK CITY — Savills Inc. has negotiated a 13,116-square-foot office lease at 25 West 39th Street, a 205,000-square-foot office building in Midtown Manhattan, for the relocation of Converge Marketing’s headquarters. Converge, which offers media planning, branding and ad campaign managing services, will take occupancy of the new space this fall. Ken Ruderman, Andrew Zang and Pete Cento of Savills represented Converge Marketing in its site selection and lease negotiations. The property was built in 1907 as a gift to three large engineering groups (The American Institute of Electrical Engineers, The American Society of Mechanical Engineers and The American Institute of Mining Engineers) from steel magnate Andrew Carnegie.

June 5, 2019

Industrial Market Reports New Jersey Northeast Northeast Market Reports

Cold Storage Demand Grows as Consumers Expect More From Their Grocers

by Kristin Harlow June 5, 2019

We all know that e-commerce has become a significant driver of the industrial market. It now fuels activity that moves beyond clothes and books to the food supply chain, and the associated complexities of meeting consumer demand for food preparation and delivery. Increasing numbers of consumers have shifted to buying prepackaged meals, shopping for organic foods or ordering groceries and meal kits online. This expansion is translating into significant demand for industrial warehouse and distribution space to accommodate the food industry. One sector of this robust market is facing challenges, however, as demand for cold storage warehouses has skyrocketed in recent years. These facilities are used to store fresh and organic produce and to create and distribute processed foods. Food businesses are typically looking for spaces near large population centers as they seek to tap into demand for last-mile delivery. The cold storage shortage is playing out in many markets across the country, but is particularly problematic in New Jersey due to a low vacancy rate and the construction challenges in this sector. Driving Location Decisions Food businesses are looking for spaces near their customer bases to reduce travel times, so they often choose infill locations. The scarcity of land …

June 5, 2019

Acquisitions New York Northeast Office

Waterman, USAA Sell Two Manhattan Office Buildings Totaling 211,000 SF

by Taylor Williams June 4, 2019

NEW YORK CITY — A partnership between Waterman Interests LLC and USAA Real Estate has sold two office buildings in the Midtown West area of Manhattan totaling roughly 211,000 square feet. The first building, 142 West 36th Street, is a 119,000-square-foot property that is 94 percent leased to tenants such as Becca Cosmetics, a division of Estee Lauder, Flashtalking Media and Elite SEM. The second building, 234 West 39th Street, is a 92,000-square-foot facility that is 93 percent leased to tenants such as Sunlight Financial and Robert Marc Opticians. Joshua Mermelstein, Avi Feinberg and Chris Roman of Fried Frank represented the partnership in the sale. The buyer was Alduwaliya, a Qatar-based investment firm.

June 4, 2019

Development Industrial New Jersey Northeast

CenterPoint Breaks Ground on 72,816 SF Industrial Expansion Project in New Jersey

by Taylor Williams June 4, 2019

SOMERSET, N.J. — CenterPoint Properties has broken ground on a 72,816-square-foot expansion project at the Somerset, New Jersey, manufacturing plant of PIM Brands LLC, a producer of candies and other sweets. The project will bring the facility’s size to roughly 250,000 square feet. Illinois-based CenterPoint has also signed a 15-year lease extension with PIM Brands. This extra space will accommodate new production lines and facilitate product distribution through the establishment of 40-foot clear heights, six tailboard doors and 20 auto parking stalls. Chuck Fern of Cushman & Wakefield and Bob Nathin of Sheldon Gross Realty represented PIM Brands in the lease negotiations. David Nenner represented CenterPoint internally.

June 4, 2019

Development Multifamily New York Northeast Seniors Housing

HANAC Completes Construction of $36M Affordable Senior Living Community in Queens

by Taylor Williams June 4, 2019

NEW YORK CITY — Developer HANAC Inc., in partnership with Enterprise Community Partners and Chase Bank, has completed construction of Corona Senior Residence, an affordable community for seniors over the age of 62 in Queens. The property totals 67 units exclusively for seniors, 21 units of which have been reserved for the homeless. The development includes an onsite preschool administered by the New York City School Construction Authority that currently serves nearly 60 children. Social services, medical care coordination and mental health assessments will be available to residents of the property.

June 4, 2019

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