News
BASF Makes Lease Better; The Deal Sheet
June 22, 2010
| BASF Corp. is movin' on up in Florham Park, NJ, home to its North American HQ since '04. It recently inked a long-term, 325k SF lease, expanding into a new build-to-suit office at The Green at Florham Park, which is being developed by the Rockefeller Group Development Corp. |
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| Construction will start in July, with completion and move-in slated for mid-2012. Rockefeller Group CEO Kevin Hackett says once complete the building will be the largest LEED Platinum office building in the state. It'll feature a two-story lobby and extensive outdoor plaza space, and BASF products will be used in construction. The building joins a 268-acre master-planned sustainable development, designed to accommodate more than 800k SF of office, a full-service hotel, a 425-unit active adult residential community, and the 27-acre site home to the Atlantic Health New York Jets Training Center. Cushman & Wakefield's Robert Donnelly repped BASF in the deal. |
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| Across the Hudson, Highgate Holdings, Ashkenazy Acquisitions, and Crown Acquisitions nabbed the historic Knickerbocker Hotel and an adjacent 10k SF lot at 1466 Broadway. The hotel was originally developed by John Jacob Astor at the turn of the 20th Century, and stands on the southeast corner of 42nd Street. (Fun fact: you can see a sign for the Knickerbocker above a long-unused underground door on the Times Square shuttle platform.) The ownership plans to convert the building into an u pscale boutique hotel with high-end retail. The lot will be developed into a luxury retail complex. JLL repped seller Danske Bank in the deal, which closed for $180M, according to multiple reports. |
