Wednesday, November 27, 2024
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Reservoir-Place-Waltham
Leasing ActivityMassachusettsNortheastOffice

Welch’s to Relocate Corporate Headquarters Office to Waltham, Massachusetts

by Taylor Williams

WALTHAM, MASS. — Welch’s will relocate its corporate headquarters office from Concord, a northwestern suburb of Boston, to nearby Waltham. The fruit-based food and beverage provider’s new headquarters will span 60,000 square feet within Reservoir Place, a development by Boston Properties (NYSE: BXP), and will include lab facilities. The company plans to begin building out its new space this summer and to take occupancy next spring. Cushman & Wakefield represented Welch’s, which has operated out of Concord for the past 40 years, in its site selection and lease negotiations.

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AcquisitionsMassachusettsNortheastOfficeRetail

Newmark Brokers Sale of Three Office, Retail Buildings Totaling 40,860 SF in Wellesley, Massachusetts

by Taylor Williams

WELLESLEY, MASS. — Newmark has brokered the sale of three office and retail buildings totaling 40,860 square feet in Wellesley, a western suburb of Boston. Retail owner-operator EDENS sold the buildings at 34-50 Central St., which were 73 percent leased at the time of sale, to locally based developer Taymil Partners for an undisclosed price. Robert Griffin, Jonathan Martin and Paul Penman of Newmark brokered the deal. David Douvadjian Sr., Timonthy O’Donnell and David Douvadjian Jr. of Newmark arranged acquisition financing.

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Leasing ActivityNew JerseyNortheastOffice

Amicus Therapeutics Opens 27,200 SF Office in Princeton, New Jersey

by Taylor Williams

PRINCETON, N.J. — Biotechnology firm Amicus Therapeutics has opened a 27,200-square-foot office in Princeton. The space spans the fourth and fifth floors of the building at 47 Hulfish St., which is located about a block away from Princeton University’s campus. According to LoopNet Inc., the building was constructed in 1985 and totals 71,500 square feet. Ware Malcomb designed the space, and Sweetwater Construction Corp. served as the general contractor.

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AcquisitionsMidwestMinnesotaOffice

Net Lease Office Properties Sells Two Assets in Minnesota for $60.7M

by Kristin Harlow

EAGAN, MINN. — Net Lease Office Properties (NLOP) has sold two office assets in the Minneapolis suburb of Eagan for gross proceeds totaling $60.7 million. The properties, which are leased to Blue Cross Blue Shield Inc., are located at 1800 and 3400 Yankee Doodle Road and total 347,472 square feet. Net proceeds after closing costs were used to repay approximately $48 million of JPMorgan’s senior secured mortgage and approximately $8 million on its mezzanine loan. Following the sale, NLOP owns 47 office properties, three of which are leased to Blue Cross Blue Shield.

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Leasing ActivityOfficeTexas

Orion Group Holdings Signs 63,519 SF Office Headquarters Lease at East River in Houston

by Taylor Williams

HOUSTON — Orion Group Holdings has signed a 63,519-square-foot office lease for its new headquarters space in Houston. The locally based marine and onshore specialty construction services provider is taking three full floors at East River, a 150-acre mixed-use development by Midway in the city’s Historic Fifth Ward. Collin Grimes and Bill Boyer of CBRE represented the tenant in the lease negotiations. Amanda Nebel of Parkway, which launched a new company with Midway in May 2023, internally represented ownership.

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LoansNew JerseyNortheastOffice

Reynolds Asset Management Receives $16M Loan for Refinancing of Central New Jersey Office Property

by Taylor Williams

LAWRENCEVILLE, N.J. — Reynolds Asset Management has received a $16 million loan for the refinancing of Princeton Pike Office Park, a six-building campus located just north of Trenton in Lawrenceville. Northwest Bank provided the loan, which carries a fixed interest rate of 6.6 percent. Reynolds acquired the property in April 2022 in partnership with Capital Solutions, at which time the campus was 50 percent leased, and implemented a capital improvement program. Today, Princeton Pike Office Park has an occupancy rate of 95 percent.

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Leasing ActivityMichiganMidwestOffice

Jacobs & Diemer Law Firm Signs 5,286 SF Office Lease in Detroit

by Kristin Harlow

DETROIT — Law firm Jacobs & Diemer PC has signed a 5,286-square-foot office lease at 211 W. Fort St. in Detroit. The law firm has more than 70 years of experience as an appellate specialist in the state of Michigan. Andrew Bower of Friedman Real Estate represented the tenant, which is relocating from 500 Griswold St.

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IndustrialLeasing ActivityOfficeTexas

Bradford Negotiates 3,527 SF Lease at Industrial Flex Property in Irving

by Taylor Williams

IRVING, TEXAS — Bradford Commercial Real Estate Services has negotiated a 3,527-square-foot lease at Skyview Centre Building 1, an industrial flex property in Irving. According to LoopNet Inc., the building was constructed in 1982 and spans 40,600 square feet. Leigh Richter of Bradford represented the tenant, High Value Signs, in the lease negotiations. Samantha Seelig Dewan and Troy Alexander Dewan of Harkinson Dewan Management LLC represented the landlord.

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Leasing ActivityLife SciencesNew JerseyNortheastOffice

Galapagos Signs 15,000 SF Office, Life Sciences Lease in Princeton, New Jersey

by Taylor Williams

PRINCETON, N.J. — Galapagos, an international biotechnology company, has signed a 15,000-square-foot lease in Princeton. Galapagos will take space at Princeton Point, an office and life sciences complex located at 600 and 650 College Road E. Todd Elfand and Kevin Carton of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations. CBRE represented the tenant.

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Leasing ActivityNew YorkNortheastOffice

Savills Brokers 27,761 SF Office Sublease in Manhattan’s Hudson Square

by Taylor Williams

NEW YORK CITY — Savills has brokered a 27,761-square-foot office sublease at 250 Hudson St. in Manhattan’s Hudson Square area. The subtenant, EvolutionIQ, a platform that serves the insurance industry, is relocating from a 10,705-square-foot space at 27 W. 24th St. Zev Holzman, Christopher Foerch and Will Joumas of Savills represented EvolutionIQ in the lease negotiations. Holzman and Foerch also secured a subtenant for EvolutionIQ’s old space. Gabe Marans, Mitti Liebersohn and Maxine Rosen, also with Savills, represented the sublandlord, TMRW Life Sciences. Jack Resnick & Sons owns 250 Hudson Street.

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