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Thorndal-Circle-Darien
ConnecticutDevelopmentMultifamilyNortheast

High Street Residential Breaks Ground on 175-Unit Multifamily Project in Darien

by Taylor Williams

DARIEN, CONN. — High Street Residential, a subsidiary of Trammell Crow Co., has broken ground on Thorndal Circle, a 175-unit multifamily project in Darien, located in southern coastal Connecticut. The five-building complex will be situated on an 11-acre site and will house studio, one- and two-bedroom units. Amenities will include a pool, clubhouse, coworking lounge, fitness center, spa and wellness area, golf simulator and a demonstration kitchen. Construction is scheduled for a mid-2027 completion.

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Leasing ActivityNew YorkNortheastOffice

Nagarro Signs 41,854 SF Office Lease at 195 Broadway in Lower Manhattan

by Taylor Williams

NEW YORK CITY — Nagarro has signed a 41,854-square-foot office lease at 195 Broadway in Lower Manhattan. The provider of data and digital engineering services first subleased the entire 25th floor of the 1.1 million-square-foot building last November and has now entered into an eight-year direct lease. Sinclair Li, Peter Shikar and Connor DeSimone of CBRE represented the tenant in the lease negotiations. Jonathan Tootell, Tanya Grimaldo and Giannina Brancato represented the landlord, L&L Holding, on an internal basis. 

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Leasing ActivityNew JerseyNortheastRetail

Iron Culture Gym Opens 26,000 SF Flagship Facility in West Orange, New Jersey

by Taylor Williams

WEST ORANGE, N.J. — Fitness operator Iron Culture Gym has opened a 26,000-square-foot flagship facility in West Orange, about 20 miles west of Manhattan. The space formerly housed a 1950s-era bowling alley known as Eagle Rock Lanes. Titan Construction Management served as the general contractor for the adaptive reuse project. New Jersey-based Sym Heller Development & Management owns the building.

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AcquisitionsNew YorkNortheastOffice

SL Green Agrees to Buy Midtown Manhattan Office Building for $730M

by Taylor Williams

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to purchase Park Avenue Tower, a 36-story, 621,826-square-foot office building located at 65 E. 55th St. in Midtown Manhattan. According to The Wall Street Journal, the seller, Blackstone, bought the building in 2014 for $750 million. Park Avenue Tower was originally constructed in 1986 and recently underwent capital improvements that enhanced office suites, the lobby, amenity spaces and the outdoor plaza. Gary Phillips and Will Silverman of Eastdil Secured represented the seller in the transaction. The deal is expected to close in the first quarter of 2026.

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Commonwealth-Fusion-Systems-Devens-Massachusetts
AcquisitionsIndustrialMassachusettsNortheast

Pivotal, Declaration Partners Buy Metro Boston Manufacturing Facility for $74M

by Taylor Williams

DEVENS, MASS. — A partnership between Pivotal Manufacturing Partners and Declaration Partners has purchased a 165,335-square-foot manufacturing facility in Devens, located northwest of Boston, for $74 million. The facility, which was built in 2022, serves as the global headquarters and magnet production hub of Commonwealth Fusion Systems. Building features include a clear height of 32 feet, three tailboard dock doors, one drive-in door and 283 parking spaces. John Alascio, Alan Blank, Alex Lapidus, Rob Borden and Heather Brown of Cushman & Wakefield arranged $52.8 million in acquisition financing for the deal through Goldman Sachs.

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LoansMultifamilyNew YorkNortheast

ACRES Capital Provides $42.5M Loan for Refinancing of Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — ACRES Capital has provided a $42.5 million loan for the refinancing of The Congress, a 74-unit apartment building located on West 54th Street in Midtown Manhattan. According to StreetEasy, the building was originally constructed in 1923. The Congress also includes two office spaces and five retail spaces. The undisclosed sponsor will use a portion of the proceeds to fund upgrades of existing residences and common areas and convert former professional office suites into additional residential units.

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The-Arbors-at-Brighton-Park-Bloomfield
AcquisitionsConnecticutMultifamilyNortheast

IPA Negotiates Sale of 132-Unit Apartment Complex in Bloomfield, Connecticut

by Taylor Williams

BLOOMFIELD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Arbors at Brighton Park, a 132-unit apartment complex in Bloomfield, located northwest of Hartford. Built in 2017, the property offers one-, two- and three-bedroom units with washers and dryers, walk-in closets and private balconies/patios. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Paredim Communities, in the deal and procured the buyer, Beachwold Residential.

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AcquisitionsMultifamilyNew JerseyNortheast

CBRE Brokers $3.6M Sale of Northern New Jersey Apartment Building

by Taylor Williams

BAYONNE, N.J. — CBRE has brokered the $3.6 million sale of a 20-unit apartment building located in the Northern New Jersey community of Bayonne. The four-story building at 38-40 Kelly Parkway is located in the Constable Hook neighborhood and was originally constructed in 1920, according to LoopNet Inc. Fahri Ozturk, Richard Gatto, Tracy Trank and Zach McHale of CBRE represented the seller in the transaction. CBRE also procured the buyer. Both parties requested anonymity.

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The-Press-Wilmington
DelawareDevelopmentMultifamilyNortheast

Buccini Pollin Completes 243-Unit Multifamily Project in Wilmington, Delaware

by Taylor Williams

WILMINGTON, DEL. — Regional developer Buccini Pollin Group has completed The Press, a 243-unit multifamily project in Wilmington. Designed by Perkins Eastman, the 14-story building gets its name from the site formerly serving as the headquarters of the The News Journal. Units come in studio, one- and two-bedroom floor plans and are furnished with quartz countertops, stainless steel appliances and in-unit washers and dryers. Amenities include a pool, dog run, grilling areas and a landscaped pocket park. Rents start at $1,600 per month for a studio apartment.

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AcquisitionsMassachusettsNortheastRetail

Atlantic Capital Partners Arranges $32.6M Sale of Retail Building in Metro Boston

by Taylor Williams

FRAMINGHAM, MASS. — Regional brokerage firm Atlantic Capital Partners has arranged the $32.6 million sale of a retail building located in the western Boston suburb of Framingham. The building sits on a 9.5-acre site and is ground-leased to Lowe’s Home Improvement. Justin Smith, Chris Peterson, Sam Koonce, Danielle Turpin and Matt Ericson of Atlantic Capital Partners represented the seller and procured the buyer, both of which requested anonymity, in the transaction.  

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