WALTHAM, MASS. — ElevateBio, a biotech firm that specializes in gene therapy and development, will open a 108,000-square-foot office and lab space in Waltham, a western suburb of Boston. The facility will be located at 200 Smith Street in a former U.S. Post Office facility that was recently transformed into a 430,000-square-foot life sciences building. Anchor Line Partners LLC and Northwood Investors led the redevelopment project. ElevateBio’s new facility is expected to open in May 2020.
PHILADELPHIA — Southern Land Co., a Nashville-based developer, has broken ground on The Laurel, a 48-story condominium tower in Philadelphia. Located in the Rittenhouse Square area, the property will be the tallest all-residential building in the city upon completion. The first units are expected to be available for occupancy in 2021. Solomon Cordwell Buenz is the architect for the project, which will also house 44,000 square feet of retail space. Residents will have access to amenities such as an indoor pool and hot tub, fitness center with a sauna and yoga studio, a bar and catering kitchen and a conference room. Mack Real Estate Credit Strategies provided construction financing totaling $295 million, according to the Philadelphia Business Journal, for the project.
TROY, N.Y. — The Rosenblum Companies, a development and management firm based in Albany, has begun construction on Vicina, an $18 million multifamily project in Troy, located just outside the state capital. The property will consist of 80 units in studio, one- and two-bedroom formats, as well as 2,600 square feet of ground-floor commercial space. Amenities will include rooftop grilling stations, a fitness center, pet spa and package service. The first units are expected to be available for occupancy in spring 2020.
MONACA, PA. — U-Haul — Amerco Real Estate Co. will redevelop the former Macy’s building at Beaver Valley Mall in Monaca, located northwest of Pittsburgh. The building will be converted into a 50,000-square-foot retail and office property that will offer direct access to the mall. Remaining anchors at the mall include J.C. Penney, Dick’s Sporting Goods and Planet Fitness. CBRE will handle leasing of the new space.
MILFORD, CONN. — Local brokerage firm Pearce Commercial has negotiated a 56,000-square-foot warehouse lease in Milford, located between Bridgeport and New Haven. John Bergin of Pearce Commercial represented the tenant, Meridith Baer Home, a California-based home staging firm. Bergin also represented the landlord, MDC Milford Associates LLC, a division of Mountain Development Corp.
NEW YORK CITY — Food Bazaar will open a 45,885-square-foot grocery store at One East Harlem, a mixed-use development currently under construction and located at 201 E. 125th St. in Harlem. The grocer is expected to take occupancy of its two-story space by late 2021. The store will also offer dedicated parking for customers and staff. Mark Tergesen and Joe Italiaander of ABS Partners Real Estate represented Food Bazaar in the lease negotiations. Michael Berfield of Bridges Development Group represented the landlord in conjunction with Ripco Real Estate
LINDEN, N.J. — A joint venture between Advance Realty Investors, Greek Development and PGIM Real Estate has broken ground on Linden Logistics Center, a 4.1 million-square-foot industrial park in Linden, located south of Newark. Linden Logistics Center will consist of eight Class A buildings that will run the gamut of industrial uses: warehousing, distribution, logistics, fulfillment and manufacturing. The development team will complete the project in phases, with the first deliveries slated for late 2020. Upon completion, the property will be the largest industrial development in the region, according to the developers. The project is situated on 350 acres off Tremley Point Road near the Port of New York/New Jersey. Prior to the joint venture acquiring the plot in 2018, the land was vacant for 15 years. The site housed chemical manufacturing operations during the 20th century. Estimated development costs for the new property were not disclosed. In addition to being located within 10 miles of the port, Linden Logistics Center will offer proximity to the New Jersey Turnpike and Newark Liberty International Airport. Individual buildings will be designed with flexible layouts to suit specific tenants. Excess space will be available for car and trailer parking, cross-docking capabilities and rail …
BOSTON — A joint venture between Carr Properties, National Real Estate Advisors LLC and locally based HYM Investment Group has broken ground on One Congress, a 1 million-square-foot speculative office tower in downtown Boston. The project will include 10,800 square feet of retail space and will anchor Bulfinch Crossing, a mixed-use development that includes residential, hotel, office and retail uses. The office building will top out at about 600 feet and feature 30,000 square feet of fitness, wellness and food and beverage offerings, as well as bike facilities and an outdoor roof garden. Completion is slated for 2023.
BINGHAMTON, N.Y. — Vesper Holdings has acquired 20 Hawley, a 290-bed student housing community located near Binghamton University in Upstate New York. The community offers a mix of one-, two-, three-, four-, five- and six-bedroom units with bed-to-bath parity. Shared amenities include a fitness center, yoga studio, golf simulator, game room, movie theater, study lounges, a business center, hot tub and an outdoor lounge with grilling stations. New York City-based Vesper plans to undertake $1.8 million worth of renovations at the property, including upgrades to unit interiors and shared amenity spaces; extensive enhancements to the property’s exteriors; and substantial technology upgrades throughout the complex.
JERSEY CITY, N.J. — Local firms Ironstate Development Co. and Kushner Real Estate Group have begun preleasing 235 Grand, a 46-story multifamily tower in Jersey City. Designed by HLW International, the property comprises 546 units in studio, one- and two-bedroom floor plans. Amenities include a pool, movie theater, outdoor grilling areas, a playground and a dog run. Initial occupancy is scheduled for September. Monthly rents start at $2,060 for a studio unit, $2,540 for a one-bedroom unit and $3,680 for a two-bedroom residence.