TEANECK, N.J. — Alfred Sanzari Enterprises, a family-owned and operated commercial and residential real estate firm, has negotiated three office lease renewals totaling 25,000 square feet at Glenpointe, the firm’s flagship office property in the Northern New Jersey community of Teaneck. The deals include a 10,600-square-foot renewal and expansion with Treetop Development, a 7,300-square-foot renewal and expansion with The Russell Berrie Foundation and a 7,100-square-foot renewal and expansion with Eastern Fish Co. Newmark’s team of Jeff Schotz, Peter Rossi, Dan Reider, Peter Kasparian and David Simson represented Alfred Sanzari Enterprises in all the transactions.
SOUTHFIELD, MICH. — Quint Group, a private real estate investment firm headquartered in Quebec, Canada, has purchased Mars Corporate Center in Southfield. The purchase price was undisclosed. The 185,788-square-foot office building is currently 64 percent occupied by eight tenants, including Mars Advertising and IBI Group. Built in 1974, the property features a café and a five-story atrium. Friedman Real Estate represented the undisclosed seller and will represent the new ownership group in the management and leasing of the property. Quint has purchased or developed more than 10 million square feet of retail, industrial and office properties across Canada and the United States.
SHORT HILLS, N.J. — The Birch Group has acquired a four-building office portfolio in the Short Hills submarket of Northern New Jersey for $255 million. The 843,300-square-foot portfolio comprises four Class A buildings located at 51, 101, 103 and 150 JFK Parkway. The properties are currently 80 percent leased to 22 tenants, including Citibank, Investors Bank, KPMG, Bank of America, UBS, Dun & Bradstreet, Morgan Stanley and Wells Fargo. “During the pandemic, there has been a demographic shift to the suburbs, and the migration of this talent pool represents an extraordinary opportunity to meet the demand for high-quality office assets in prime New Jersey markets,” says Mark Meisner, CEO and founder of Birch. “Short Hills is among one of the most prestigious suburban locales and it has consistently achieved above-average rents in New Jersey, while maintaining the highest occupancy rates within the market.” David Bernhaut led a Cushman & Wakefield team that represented the seller, Mack-Cali Realty Corp. (NYSE: CLI). The buyer has also retained Cushman & Wakefield as the leasing agent for the properties. Birch says it views the acquisition as a repositioning opportunity and plans to employ a value-add strategy. Birch will complement $15.2 million of recently completed …
HOUSTON — Newmark has negotiated the sale of a 458,000-square-foot office building located at 1801 Smith St. in downtown Houston. According to LoopNet Inc., the Class B property was built in 1972 and renovated in 2017. Robert Hill, Gary Carr, John Alvarado, Chris Murphy, Zachary Springer, William Mitchell, Matthew Saunders, Russell Jones, Brad Shaffer, Brandon Miller, Thomas Alleman, Benjamin Johnson and Barrett Benton of Newmark represented the seller, G&I VIII Jefferson LP, in the transaction.
DEERFIELD BEACH, FLA. — JLL has arranged a 25,000-square-foot lease expansion and relocation in South Florida on behalf of DNA Labs International, a private forensic DNA lab. The lab company’s new corporate headquarters will take up the entirety of Building 3 at Hillsboro Center located at 700 W. Hillsboro Blvd. in Deerfield Beach. Ryan Nunes of JLL represented DNA Labs in the office expansion. Joe Freitas and John Criddle of Cushman & Wakefield represented the Boca Raton, Fla.-based landlord, Grover Corlew, in the lease negotiations. DNA Labs International was founded in 2004 in Deerfield Beach and is a family-run business, specializing in forensic DNA analysis for law enforcement agencies, government forensic labs and attorneys involved in the criminal law practice. Hillsboro Center includes more than 216,000 square feet of space and offers immediate access to Interstate 95. The building features an onsite cafe and restaurant options, banks, hotels and other amenities in the surrounding area.
NEW YORK CITY — Radancy, a staffing agency that serves the tech sector, has signed a 15,622-square-foot office lease at One Battery Park Plaza, a 35-story office tower in Lower Manhattan. Radancy plans to relocate to the 870,000-square-foot building from its current office at 125 Broad St. this summer. Gerry Miovski, Chris Mansfield and Masha Dudelzak of CBRE represented the tenant in the lease negotiations. Kevin Daly represented the landlord, Rudin Management Co., on an internal basis.
VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has brokered the sale of 4598 Broad St. in Virginia Beach. CR Assets LLC purchased the 5,040-square-foot office building from Broad Street Associates for $1 million as the future corporate home for Canzell Realty. Rob Wright of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the purchaser.
HOFFMAN ESTATES, ILL. — Somerset Development has opened coLab at Bell Works Chicagoland in Hoffman Estates. The 15,000-square-foot coworking facility offers flexible lease terms and workspaces, including access to dedicated conference and meeting rooms, lounges and amenities. It was designed as a turnkey solution for enabling companies to flexibly lease ready-to-use office space, according to Somerset. NPZ Style & Décor designed the space. Membership plans range from a $25 day pass to private team suites, which start at $2,000 per month. Bell Works Chicagoland is the transformation of the former AT&T campus. Somerset is developing the project in a similar fashion to its Bell Labs development in Holmdel, N.J.
ATLANTA AND RALEIGH, N.C. — Preferred Apartment Communities (NYSE: APTS) has agreed to sell a portfolio of office assets in Atlanta and North Carolina to Highwoods Properties Inc. (NYSE: HIW). The deal, which is expected to close during the third quarter, is valued at $717 million and includes $28 million of planned improvements and $5 million in transaction costs. The sale comprises the bulk of Preferred Apartment Communities’ (PAC) office assets. Joel Murphy, president and CEO of the Atlanta-based REIT, says that the sale of the office portfolio is part of a larger plan to simplify its real estate footprint. The company also sold a portfolio of student housing properties last year as part of that plan. “Upon closing, PAC’s real estate portfolio will be further streamlined with an increased primary weighting on our core, Class A, suburban Sun Belt multifamily business and our complementary 100 percent grocery-anchored Sun Belt retail investments,” says Murphy, referring to PAC’s wholly owned retail investment subsidiary New Market Properties LLC. The portfolio sale to Highwoods includes seven properties in Atlanta, Charlotte and Raleigh. The assets include: • 150 Fayetteville, a 560,000-square-foot tower in downtown Raleigh • Capitol Towers, a two-building complex in Charlotte’s SouthPark …
In the past year, COVID-19 has impacted how and where people work, and the future of the U.S. office workplace is a major unknown. Landlords are grappling with how to maximize their physical work spaces as many employees continue to work from home full-time or at least a few days per week. This shift is leading some business owners to look for alternative forms of workplaces. ƎDEN, a flexible workplace and meeting space provider, allows for users to rent out space to fulfill their everyday working needs, including in-person meetings. ƎDEN users can download the brand’s app and then reserve an array of workplaces: work lounges, private offices and conference rooms, among other offerings. Standard rates for renting out the spaces starts at $99 a month per person, according to the firm’s website. ƎDEN currently operates from several different markets, but most locations are concentrated in the New York area. These include a location in Queens at Parker Towers and another in Brooklyn at Box Factory. The firm also has a location in Northern Virginia at Tysons Corner and three upcoming locations in Detroit. Brandon Singer, CEO of MONA and ƎDEN’s commercial real estate advisor and broker, says ƎDEN utilizes …