THE DEAL SHEET
|Although Boston Properties put the temporary kibosh on construction at its 1M-SF 250 West 55th St. office building, there are still a lot of exciting deals happening around the New York metro area. Consider the Deal Sheet your weekly feel-good reading.|
|Sales Transactions Inland American Real Estate Trust purchased SL Green and Gramercy Capital’s interest in East Rutherford, N.J.’s 55 Corporate Drive for $230M. The campus is home to the three-building sanofi-adventis USA HQ. Cushman & Wakefield’s Gary Gabriel, Andrew Merin, David Bernhaut, and Jose Cruz represented the seller, while Joe Cosenza, Peter Harsy, and Gary Pechter represented Inland in-house.***|
Cedar Shopping Centers purchased the 260k-SF New London Shopping Center in New London, Conn. for $40.7M. Savills represented the seller, a JV between JP Morgan Investment Management and Centro Properties. The center is at 99% occupancy and tenants include ShopRite, Marshalls, and PetSmart. It sold at a 7.7% cap rate.
Massey Knakal is on a seller’s rep spree: a multi-family property at 229 Throop Ave., Brooklyn for $660k cash (sole broker: Michael Amirkhanian); a development site at 674-696 Livonia Ave., Brooklyn, to a non-profit for $3.5M cash (sole broker: Rene Santiago); and three retail condos fo r Spandrel Property Services at 1474 Third Ave. for $1.7M cash (brokers: Tom Gammino and James Nelson).
K&A Medical Management purchased a 2,337-SF office condo at 820 Second Ave. for $1.7M. Time Equities brokered the deal; the 19-story Diplomat Centre building is owned by a group of investors headed by TEI director of office leasing and sales Michael Rudder.
Watson, Farley & Williams inked a seven-year, 23k-SF sublease at 1133 Avenue of the Americas. CBRE’s Mark Ravesloot, William Iacovelli, Michael Monahan, and Michael Wellen represented the tenant, while Newmark Knight Frank’s Chris Mongeluzo represented sublessor Triton Media.
China Construction Bank signed a long-term lease for 14.4k SF at 1095 Avenue of the Americas for its first U.S. branch office. Joseph Hilton, Howard Rosen, and John Cannon of Grubb & Ellis’ China practice represented the tenant. CBRE’s Bob Alexander, Robert Stillman, and Zachary Freeman represented the owner, while Wei Li and Guangying Zhang represented the tenant internally. Attorneys included Schulte Roth & Zabel’s Bob Nash and Keith Pollock, and Sidley Austin’s Martin Gold and Connie Friesen.
The Cayman Islands Government leased a 4,520-SF pre-built unit at the Empire State Building. Delmhorst & Sheehan's John Sheehan represented the tenant, while CBRE's Stephen Eynon and Daniel Bodner represented owner W&H Properties.
Adams & Co. went on a renewal spree in two Fashion District buildings. At 10 W. 33rd St, Annie H. inked a five-year, 2,428-SF lease and Colombino signed a five-year, 1,371-SF lease. At 110 W. 40th St., Richard Backer CPA inked a three-year, 1,145-SF lease and W Design Studio signed a one-year, 1,086-SF lease. David Levy represented both the tenants and landlord at 10 W. 33rd; David and Michael Greenberg represented both parties at 110 W. 40th.
The Laundress signed a five-year, 2,700-SF lease at 247 W. 30th St. Adams & Co.’s Joseph Friedman represented the tenant, while Katz Properties’ Philip Katz represented the landlord. Although details were not disclosed, the asking price was $35 PSF.
Construction & Development
Small-cap mutual fund Royce Funds tapped Aragon Construction to build a four-floor, 55k-SF office suite at 745 Fifth Ave. The company outgrew its 1414 Avenue of the Americas space and plans to sublet it before expanding into the new building. The renovation began in November and will be complete by March 1. The architect is Ted Moudis Associates.
W&M Construction completed the 30k-SF interior build-out for a management division of Citigroup at 200 First Stamford Place in Stamford, Conn. It was designed by CPG Architects. The U.S. Green Building Council is currently reviewing the project’s LEED credentials for certification.
Capstone Equities is moving forward with a $7M capital improvement program at 156 William St. Improvements will include: a new lobby; new windows; HVAC and mechanical system upgrades; and upgraded lighting and finishes. Gensler is providing construction guidance; 100k SF of the newly renovated space will be available in February ’10.
Denham Wolf began a new phase of renovations at the 405k-SF BankNote building in Hunts Point, Bronx. The current construction, scheduled for an ’09 completion, includes renovating the parking lot; adding landscaping and new pedestrian walkways; and new lobbies, a cooling tower, upgraded corridors, new bathrooms, and modernizing elevators in the Lafayette and Barretto buildings.Beyer Blinder Belle is directing the renovations.
The Alliance for Downtown New York tapped Starr Whitehouse Landscape Architects and Planners and FXFOWLE Architects to study street-level conditions and implement a planning and design study of Water Street, which runs from Whitehall to Fulton Streets and is flanked by 20M SF of office space.
ALSO AROUND NEW YORK…
Paul Waters joined NAI Global as EVP of brokerage for the Americas, and is responsible for business development and client relationships among major corporate end users of office and industrial space. He will be based in NYC. Prior to joining, he was with CBRE, Staubach, and United System Integrators. He holds degrees from Boston College and the University of Phoenix.