JERICHO, N.Y. — Grassi, a provider of tax and accounting services, has renewed its 41,000-square-foot office lease in the Long Island community of Jericho. The space is located within 50 Jericho Quadrangle, which is situated at the intersection of Exit 40 of the Long Island Expressway and the Jericho Turnpike. Rob Kuppersmith and Jennifer Grgas of Cushman & Wakefield, along with Newmark’s Scott Berfas and Dan Oliver, represented Grassi in the lease negotiations. The landlord, The We’re Group, was self-represented.
NEW YORK CITY — Corporate Suites has signed a 13-year, 34,857-square-foot office lease in Midtown Manhattan. The provider of flexible workspace solutions will occupy the entire 18th and 19th floors of the 22-story building at 16 E. 34th St. David Rosenbloom and Matthew Etlinger of Cushman & Wakefield represented the tenant in the lease negotiations. Peter Duncan and Alexander Bermingham internally represented the landlord, George Comfort & Sons, which owns the building in partnership with Wohio Holding Inc.
NORWOOD, MASS. — Corbus Pharmaceuticals has signed a 36,471-square-foot office lease renewal in Norwood, a southern suburb of Boston. The space is located within the building at 500 River Ridge Drive, which according to LoopNet Inc. was constructed in 1988 (renovated in 2016) and totals 100,261 square feet. Curtis Cole, Sean Hannigan and Tim Allen of Colliers represented the tenant in the lease negotiations. Nat Kessler led a JLL team that represented the landlord.
CHANTILLY, VA. — Finmarc Management Inc. has sold an 83,300-square-foot office/flex building and an adjacent 6.4-acre parcel within Park East Corporate Center in Chantilly, about 28 miles west of Washington, D.C. The Bethesda, Md.-based investment company sold the parcels, which total 14 acres, to Pulte Homes for approximately $26.4 million. The Atlanta-based homebuilding giant plans to develop 183 homes on the sites comprising 126 townhomes, 32 condos and 25 affordable and workforce dwelling units. Brendan May and Paul Norman of Cushman & Wakefield represented Finmarc in the transaction. Aaron Rosenfeld of Kelley Drye & Warren LLP provided legal services to Finmarc.
ST. LOUIS — King Realty Advisors and Colliers have arranged the sale of the 217-acre office campus at 8000 W. Florissant Ave. in St. Louis. Bryan King of King Realty Advisors represented the buyer, Jim Onder. Joe Hill of Colliers represented the seller. According to the St. Louis Business Journal, the most recent owner of the former Emerson Electric Co. campus was technology company Copeland, which will continue to occupy its current headquarters at the property and lease from the new owner. Copeland is an Emerson spinoff company owned by Blackstone. The property is comprised of nine buildings totaling 980,644 square feet.
WEST VALLEY CITY, UTAH — The State of Utah has purchased Franklin Campus, a five-building office development in West Valley City, part of the Salt Lake City metro area, for $40 million. The Utah Department of Health and Human Services will use the 312,234-square-foot office campus, which is situated on 21.7 acres, as its headquarters. Originally developed to serve as FranklinCovey’s corporate headquarters, the property features a cafeteria, fitness center and auditorium. Brandon Fugal and Chris Kirk of Colliers handled the transaction.
NEW YORK CITY — HDR has signed a 74,500-square-foot office lease at 7 Penn Plaza in Midtown Manhattan. The architecture and engineering firm will occupy the 15th, 16th and 17th floors of the 18-story, 357,000-square-foot building, which is located at 370 Seventh Ave. Andrew Wiener and Kyle Young represented the landlord, The Feil Organization, in the lease negotiations on an internal basis.
NEW YORK CITY — Walker & Dunlop has arranged a $228.9 million loan for the refinancing of the Textile Building, a 19-story, 707,181-square-foot office building located at 295 Fifth Ave. in the Midtown South submarket of Manhattan. Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Brown, Christopher de Raet and Jack Krentzman of Walker & Dunlop Capital Markets Institutional Advisory arranged the financing on behalf of the owners, a joint venture between PGIM, Tribeca Investment Group and Meadow Partners. A joint venture between Rialto Capital Management LLC and Hines provided the floating-rate, interest-only bridge loan. The Textile Building is more than 100 years old and was originally the heart of New York City’s textile district. In 2019, the building was purchased by the joint venture of PGIM, Tribeca Investment Group and Meadow Partners, which then invested approximately $350 million to convert it into an office building. The redevelopment included adding new 40,000-square-foot flexible floor plates, renovating the lobby, inserting an additional five elevators while modernizing the existing 10, placing a two-story penthouse on top of the original 17 stories and integrating amenities such as a coffee bar, fitness center and bike parking. The Textile Building reopened in 2023 and has since …
RICHMOND, VA. — CoStar Group has opened Foundry Park, its newly expanded, $460 million corporate office campus located along the James River in downtown Richmond. The expansion added 750,000 square feet of office and retail space to the riverfront. The now 1 million-square-foot, three-building campus integrates a 26-story office tower, an entry pavilion and a six-story, multi-functional building with a food hall, collaborative workspaces, fitness and wellness amenities and LEED Platinum certification. In addition, the property features approximately three acres of landscaped open space, 50,000 square feet of rooftop terraces and a new riverfront-facing outdoor amphitheater that connects the workplace to the river and the surrounding community. Foundry Park is designed to accommodate more than 3,000 employees working in software development, research, marketing, sales and operations. The project team included Cushman & Wakefield (development manager), Kendall/Heaton Associates (architect of record), Whiting-Turner (general contractor) and Pickard Chilton (design architect).
NEW YORK CITY — Investment management firm Axonic Capital has arranged a $72 million senior loan for the refinancing of the leasehold interest of 430 Park Avenue, a 19-story office building in Midtown Manhattan. The floating-rate loan was funded through Axonic’s affiliated insurance business. The 295,000-square-foot building occupies a full city block between 55th and 56th streets and was 99 percent leased at the time of the loan closing. Ackman-Ziff Real Estate Group arranged the debt on behalf of the borrower, a joint venture between Oestreicher Properties, Midwood Investment & Development and Marx Realty. Ownership will use a portion of the proceeds to fund future tenant rollover and repositioning costs and renovate the lobby.
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