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Construction & Development:

Mercedes-Benz USA will be replacing its existing flagship dealership with a new 333k-SF facility at 770 11th Ave. The new dealership, which is already under development by Two Trees Management Co., is expected to be operational by 2011 and will be one of the carmaker's largest in the country. CB Richard Ellis'Michael Laginestra, Michael Geoghegan and Joan Meixnerarranged the transaction.Jonathan Rose Cos. and Lettire Construction broke ground on the 12-story, 185-unit mixed-income residential building Tapestry, which will be located at 245 East 124th St. in Harlem. The development will also feature 8,000 SF ofground-floor retail, with the possibility of additional retail space on the mezzanine level. It is being built for LEED Silver certification.

Exec Moves:

Studley has hired two new real estate advisors for its Midtown Manhattan office: financial analyst Anne Davidson, formerly of CB Richard Ellis, and associate Camille McGratty, who recently graduated from the College of the Holy Cross. Anne will work for the firm's capital transaction group, led by Woody Heller, and Camille will work with senior managing director John Johnson Jr. ontenant rep for international banks, financial service companies and law firms.

CB Richard Ellis promoted Sacha Zarba, Doug Lehman, Andrew Sussman and Bill Mooney from first VPs to SVPs. Sacha's recent transactions include WPP's 100k-SF lease at 11 Madison Avenue; Estee Lauder's 65k-SF lease at 130 Prince Street; and law firm Kobre & Kim's 40k-SF renewal and expansion at 800 Third Avenue. Doug recently arranged Deutsche Bank's $1.2B sale-leaseback of 60 Wall St. and the $2.6B disposition of Hudson Waterfront Associates' offshore entities. Andrew recently brokeredAIG's assumption of Goldman Sachs' 803k-SF lease at 180 Maiden Lane; Viacom's 394k-SF lease at 345 Hudson St.; and Lehman Brothers' 450k-SF lease at 1271 Avenue of the Americas. Bill leads CBRE's Tri-State transaction management practice.

Richard Economou joined Grubb & Ellis as an EVP specializing in the finance, insurance and real estate sectors, with experience in real estate turnaround transactions. Prior to that, he was SVP of New York and national accounts for UGL Equis and also spent five years at CB Richard Ellis.

Financing:

Holliday Fenoglio Fowler's New York office arranged $33.5M in financing for the Hampton Inn 35th Street, a recently completed147-room hotel at 57 West 35th St. in Herald Square. Jay Marshallplaced the five-year, fixed-rate loan with Cigna Investments on behalf of the ownership. The hotels were pre-bought approximately a year ago, with the titles changing hands upon receipt of the C of O.

Lease Transactions:

The King's College inked a 10-year, 11.8k-SF lease at 330 Fifth Ave., occupying the entire eighth floor. Jones Lang LaSalle's Jim Wenk represented the tenant, while Marvin Shulsky represented owner Shulsky Properties in-house.

Smarter Toddler signed a 12.5-year, 7,200-SF ground-floor lease for its second New York facility at the Nicole luxury rental building at 400 West 55th St. George R. Gordon Real Estate's George Gordonbrokered the deal between the tenant and landlord Gotham Organization.

QD Healthcare signed a long-term lease for 9,106 SF at One Dock Street in Stamford Conn. Cushman & Wakefield's Steve Bakerrepresented the tenant, while Lori Baker represented owner Antares Real Estate internally.

WNET, the parent company of PBS channels Thirteen and WLIW 21, inked a 15-year lease at Avery Fisher Hall. The network plans to build a 4,500-SF street-side studio located within the building atBroadway and West 66th Street. The studio, which is slated forSpring 2009 completion, will be used for the production of global news show “Worldfocus.” Studley's Ira Schuman and Davis Dusekrepresented the tenant, while CB Richard Ellis' David LaPierrerepresented owner Lincoln Center. Butzel Long's Anne Rabbinoand Loeb & Loeb's Raymond Sanseverino were the respective attorneys.
NY Services for the Handicapped signed a five-year, 1,245-SFlease at 1140 Broadway. The Kaufman Organization's Daniel Liptonrepresented the tenant, while Williams Real Estate's Michael Josephrepresented the undisclosed landlord. The lease terms were not released, but the asking price was $45 PSF.

Sales Transactions:

The Convent of the Sacred Heart purchased the 35k-SF 406-416 East 91st Streetto expand its facilities. Owner Verizon currently resides on the property, and may remain at the site until mid-2010. The school will then begin renovations once Verizon vacates the building. Jones Lang LaSalle's Peter Hennessey, Janet Woods andLarry Lazerwitz represented the buyer, while Newmark Knight Frank's David Noonan and Jennifer Schwartzman represented the seller.

WASHINGTON DC 08.16.2017

ALEXANDRIA STATE OF THE MARKET

The Premier Event on Alexandria's CRE Market

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