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New York
375 Pearl St, New York, NY
Seattle-based Sabey Data Center Properties announced it has acquired the principal condo interest in 375 Pearl St from M&T Bank and Taconic Investment Partners for $120M, which it plans to reposition into Intergate.Manhattan, a 1M SF tech-focused data tower. The renovations will include all new core infrastructure and an increase in power capacity to 40 MW, providing service for existing requirements and growth of new scientific, academic, and medical research centers in Lower Manhattan. The 32-story tower was purpose-built as a central office for New York Telephone in the mid-‘70s, and descendant Verizon still owns three floors in a condo interest. CBRE’s Bill Shanahan and Darcy Stacom repped the seller, while Cushman & Wakefield’s Jeffrey Heller and Sean Brady repped the buyer. Eastern Consolidated’s Ron Solarz repped local partner Youngwoo & Associates, which has interest in the property.
Hunts Point Terminal Produce Cooperative Association, inked a three-year, 600k SF lease extension with the City of New York for warehouse space on 107 acres in the Bronx. The agreement will allow time to work on a mutually agreeable solution with the City to keep the facility in the Bronx for the long-term, including the construction of a new facility. It’s a major employer and economic engine in the borough, where it operates out of four refrigerated warehouses. The market’s 43-year lease expired on May 31, and the deal extends this by three years. JLL’s Paul Mas and Michael Shenot (along with a team from the New York and Parsippany offices) repped the market, while NYC Economic Development Corp prez Seth Pinsky repped the City.