NEW YORK CITY — Fox Corp. has signed a 670,000-square-foot office lease extension at 1211 Avenue of the Americas in Midtown Manhattan. Under the terms of the new lease, which goes into effect in December 2025, the media giant will remain at the 44-story, 2.2 million-square-foot building through 2042, with further extension options available thereafter. Timothy Dempsey, Mary Ann Tighe, Ken Rapp, Christopher Mansfield and Ariel Ball of CBRE represented Fox in the lease negotiations. Josh Kuriloff, Ethan Silverstein, Mitch Arkin and Heather Thomas of Cushman & Wakefield represented the landlord, Ivanhoe Cambridge, which plans to begin a capital improvement program later this year.
NEWARK, N.J. — JLL has arranged a $75.8 million acquisition loan for a portfolio of three industrial buildings totaling 738,238 square feet in Newark. The portfolio sits on a combined 19.5 acres and features clear heights of 27 feet, 68 dock doors and approximately 80 car parking spaces. In addition, the portfolio includes 23,302 square feet of land for trailer parking that is leased to One Stop Newark. Colby Mueck, Matthew Pizzolato and Ryan Carroll of JLL arranged the loan through SMBC on behalf of the borrower, Houston-based investment and development firm Hines. At the time of the loan closing, the portfolio was fully leased to 16 tenants.
NEW YORK CITY — Hudson Square Properties, a joint venture between Trinity Church Wall Street, Norges Bank Investment Management and Hines, is nearing completion of 555 Greenwich, a 270,000-square-foot speculative office project in Manhattan’s Hudson Square neighborhood. Office suites are expected to be available for occupancy in the first quarter, with full completion scheduled for later in the year. COOKFOX Architects designed the 16-story building, and AECOM Tishman served as the general contractor. CBRE is the leasing agent. According to the development team, 555 Greenwich is the first speculative office building to be developed in New York City in the wake of the pandemic.
CINNAMINSON, N.J. — Colliers has brokered a 67,260-square-foot industrial sale-leaseback in the Southern New Jersey community of Cinnaminson. The property at 1450 Taylors Lane sits on four acres and features a clear height of 24 feet, nine loading docks and three drive-in doors. An affiliate of Massachusetts-based Northbridge Partners purchased the property from Actega North America, a provider of specialty coatings, inks and adhesives for a variety of industries. Richard Gorodesky of Colliers brokered the deal.
ST. PETERS, MO. — Northmarq has arranged the $70 million sale of Bold on Blvd, a 272-unit luxury apartment complex in the St. Louis suburb of St. Peters. Built in 2022, the property is located at 1100 St. Peters Centre Blvd. The community was roughly 80 percent leased at the time of sale. Parker Stewart, Dominic Martinez and Alex Malzone of Northmarq represented the seller, TWG Development. A private New Jersey-based firm was the buyer. David Garfinkel led a Northmarq team that arranged acquisition financing on behalf of the buyer.
ORLAND PARK, ILL. — Remedy Medical Properties has begun development of a $25 million medical office building in the Chicago suburb of Orland Park. The 42,000-square-foot project is a build-to-suit for Silver Cross Hospital and Premier Suburban Medical Group. Located at the northeast corner of LaGrange Road and 171st Street, the two-story building is slated for completion in early 2024. The property will house numerous primary and specialty care services, comprehensive imaging services, an 18-station infusion center, endoscopy suite and after-hours care. Perry Higa of NAI Hiffman represented Silver Cross Hospital and Premier Suburban Medical Group in purchasing two land sites totaling nearly 11 acres from SSM Health. Leopardo is the general contractor, Jensen & Halstead Ltd. is the architect and Kimley-Horn is the civil engineer.
CHICAGO — Kiser Group has brokered the sale of a five-building multifamily portfolio in Chicago for $23 million. The 198 units are located within the West Rogers Park, Bowmanville and Budlong Woods neighborhoods and are largely vacant. Danny Logarakis of Kiser brokered the sale. The seller was a private individual that had owned the properties for more than 40 years. The buyers, Sam Trachtman and Stak Holdings LLC, plan to renovate the kitchens, bathrooms and common areas.
ELY, MINN. — Kraus-Anderson has completed a $21.4 million renovation and expansion project for Ely Public Schools in Ely, a city in Northwest Minnesota. The district is comprised of Ely Memorial High School and Washington Elementary and serves approximately 550 students. Designed by Architectural Resources Inc., the project consisted of a renovation of the two existing schools. Kraus-Anderson added a 39,000-square-foot common area that connects both the schools. The addition houses new classrooms, a gymnasium, media center, music room, metals shop, wood shop and a cafeteria with commercial kitchen equipment. Both schools now feature upgraded HVAC systems. New locker rooms were added to the high school and an early family childhood education area was added to the elementary school.
STERLING HEIGHTS, MICH. — Skin Diva Spa has signed a 2,000-square-foot retail lease at Brookside Village in Sterling Heights, a northern suburb of Detroit. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the undisclosed landlord. Located at the northwest corner of 15 Mile and Schoenherr roads, Brookside Village has one space remaining available for lease.
BLOOMFIELD, N.J. — Newmark has negotiated a 15,186-square-foot office lease in the Northern New Jersey community of Bloomfield. The tenant, Technogym, a provider of equipment and digital technologies for the fitness industry, will occupy space at the 400,000-square-foot Broadacres Office Park. Jeff Schotz, Dan Reider and Peter Kasparian of Newmark represented the landlord, ERCT Capital Group, in the lease negotiations.