YONKERS, N.Y. — A joint venture between Nuveen Real Estate, Taconic Partners and North American Properties has acquired Ridge Hill, a 1.2 million-square-foot office and retail development in Yonkers, located north of New York City, for $220 million. Built in 2011, Ridge Hill is currently 71.7 percent leased. Tenants include Whole Foods Market, Lowe’s Home Improvement, Dick’s Sporting Goods, T.J. Maxx, H&M, LA Fitness, L.L. Bean, Showcase Cinemas, Legoland Discovery Center, Guitar Center, The Container Store and Westmed Medical Group. Dave Monahan, Cameron Pittman, Chris Angelone, Jose Cruz and Andrew Scandalios of JLL represented the seller, QIC US Management Inc., in the transaction. Kellogg Gaines, Aaron Niedermayer, Evan Pariser, Claudia Steeb and Joy Dracos, also with JLL, arranged $181.3 million in acquisition financing on behalf of the joint venture, which plans to enhance Ridge Hill’s public spaces, street design and parking areas. The new ownership also plans to target locally inspired food and beverage concepts, as well as national luxury apparel and boutique fitness users.
CHICAGO — Skender has completed the interior office buildout for Milwaukee Tool at the Old Post Office in Chicago. The 70,000-square-foot space is located on the third floor and features 10,000 square feet of research and development lab space as well as 60,000 square feet of open and private offices. The office component also includes a large collaboration area called the Beehive, plus a training room and multiple conference rooms. The office is Milwaukee Tool’s first outside of Wisconsin. Skender collaborated with owner’s representative JLL, architects Nelson and SPS and engineering firm McGuire. Skender also entered into an official partnership with Milwaukee Tool to streamline access to its power tools and products for future projects.
MADISON, WIS. — Milwaukee-based developer Klein Development, in partnership with Hintz Holdings, has acquired a three-story building located on Madison’s Capitol Square. Located at 14 W. Mifflin St., the property was originally constructed in 1924 as Baron’s Department Store. It is currently home to Rare Steakhouse on the ground floor. The building’s second and third floors boast roughly 20,000 square feet of vacant commercial space. Klein plans to reposition the property with assistance from Eppstein Uhen Architects. Renovations will be made to the first-floor lobby and restrooms on the second and third floors. Chase Brieman of CBRE will handle leasing. The seller and sales price were undisclosed.
MINNEAPOLIS — Canteen One has signed a 43,672-square-foot office sublease at 700 N. 5th St. in the North Loop neighborhood of Minneapolis. The company, which provides micro food markets, pantries and vending services for offices, is relocating from Golden Valley with 200 employees. Jim Damiani and Andrew Commers of Newmark represented Canteen One. Joe Conzemius, Ann Rinde and Larissa Bodine of CBRE represented the sublandlord, Solera.
BOSTON — InterSystems Corp., a Boston-based provider of data management services and healthcare information systems, has signed a 420,000-square-foot office lease in the state capital’s downtown area. The company will relocate from its current address at 1 Memorial Drive in Cambridge to One Congress, a 1 million-square-foot tower by The HYM Investment Group that is nearing completion, where it will occupy the top 14 floors. InterSystems Corp. will join financial services firm State Street Corp. and global law firm K&L Gates as the building’s anchor tenants. John Barry, Peter McQuaid and Jeff Landers of CBRE represented the landlord, a joint venture between Carr Properties and National Real Estate Advisors LLC, in the lease negotiations. Dave Fitzgerald and Tim Howe, also with CBRE, represented the tenant.
DALLAS — Tax advisory firm Grant Thornton has signed a 24,600-square-foot office lease at Ross Tower in downtown Dallas. The 45-story building houses a food hall, fine dining restaurant Dakota’s Steakhouse and a Starbucks, as well as built-in conference facilities and a tenant lounge. Travis Boothe and Robbie Baty of Cushman & Wakefield represented Grant Thornton in the lease negotiations. Hunter Lee, Ben Cuzen and Luke Aviles represented the landlord, HPI Real Estate Services & Investments, on an internal basis.
NEW YORK CITY — HSBC Bank has signed a 265,000-square-foot office lease for its new U.S. headquarters at The Spiral, a 65-story tower located at 66 Hudson Blvd. in Manhattan. The lease term is 20 years. Tishman Speyer is developing The Spiral, which is nearing completion. Peter Riguardi, Matt Astrachan, Ken Siegel, Mitch Konsker and Will McGarry of JLL represented HSBC Bank in the lease negotiations. Tishman Speyer was represented internally. HSBC Bank plans to relocate from its current space in Midtown in January 2024. Following this transaction, the 2.8 million-square-foot building is now roughly 70 percent leased, with pharmaceutical giant Pfizer and law firm Debevoise & Plimpton set to anchor The Spiral with 14- and 13-floor commitments, respectively.
SEATTLE — Newmark has arranged the sale of 1101 Westlake, an office building located in downtown Seattle’s South Lake Union submarket. BioMed Realty acquired the property from Invesco Real Estate for an undisclosed price. Built in 2015, 1101 Westlake is a six-story, 153,708-square-foot creative office building featuring LEED Silver certification and views of Lake Union. The property is 100 percent net-leased to Meta Platforms. Kevin Shannon, Nick Kucha, Michael Moll, Ken White, Rachel Jones, Jeff Hodson, Jesse Ottele and Alex Foshay of Newmark represented the seller in the transaction.
NEW YORK CITY — Sage Realty, a division of The William Kaufman Organization, will undertake a $53 million renovation of 767 Third Avenue, a 40-story, 320,000-square-foot office building in Manhattan. Capital improvements will include a facelift of the lobby and the revamping and introduction of new and existing amenity spaces. Upon full completion of the project in the first quarter of 2023, tenants will have access to a café, lounge, library, catering kitchen, sculpture garden and a salon meeting room. Touchless mechanisms and other features that promote wellness will also be installed throughout the property. FXCollaborative led the redesign of the lobby, and Fogarty Finger designed the amenity spaces.
BOSTON — Locally based mortgage banking firm Fantini & Gorga has arranged a $13 million loan for the refinancing of The Berkeley Building, a historic office and retail property in Boston’s Back Bay area. The building was originally constructed in 1906. Wayne Clough and Colin Monahan of Fantini & Gorga arranged the 10-year, fixed-rate loan through Lincoln Financial Group. The sponsor, Boston-based A.W. Perry Inc., will use a portion of the proceeds to fund capital improvements.