THE DEAL SHEET
| Our deepest condolences to the family, friends, and colleagues of Farrell Fritz partner Lawrence Feldman, who suddenly passed away yesterday morning. He is survived by his wife, Blaire, and children, Cooper and Mallie. |
| Sales Transactions CB Richard Ellis Investors purchased a 905k-SF condo interest in 1540 Broadway for a reported $335M on behalf of its CBRE Strategic Partners U.S. Value 5 fund, a commingled limited partnership real estate fund raised from institutional investors in the United States, Europe, and Middle East. The building will undergo a capital improvement campaign that includes the addition of a gym and conference center, and cafeteria, building systems, and lobby upgrades.*** W.P. Carey & Co. and The New York Times Co. entered into a $225M sales-leaseback for part of the space that the Times owns in its 620 Eighth Ave. HQ. The transaction encompasses 21 floors totaling 750k SF. The lease term is for 15 years and the Times has the option to repurchase the interest for $250M during the lease’s 10th year. Cushman & Wakefield’s Andrew Sachs and Michael Rotchford advised the Times. *** Ernest Simons sold its 170k-SF 181 Westchester Ave. building, also known as the Ernest Simons Building, in Port Chester, NY, for $13.9M. CB Richard Ellis’ Al Mirin, Silvia Pogosyan, and Michael Monahan represented the seller. In recent years, the property has been converted into a multi-tenant, loft-style office and retail building. *** Matrix Development Group acquired the 342k-SF Mid-Atlantic Corporate Center business park, located at Exit 8A of the New Jersey Turnpike, from Preferred Unlimited. The complex has been renamed the Matrix Corporate Campus. Newmark Knight Frank and Fennelly & Associates brokered the deal. *** Massey Knakal brokered the sale of three properties: a commercial property at 42-02 21st St. in Long Island City, Queens for $3.3M cash (broker: Al Holloman); a two-story retail property at 2174 86th St. in Bensonhurst, Brooklyn, for $1.2M cash (broker: Jeffrey Shalom); and a six-family apartment building at 650 46th St. in Sunset Park, Brooklyn for $750k cash (broker: Adam Hess). *** Clearview 9102 purchased a four-story residential and retail building at 9102 Third Ave. in Bay Ridge, Brooklyn for $2M from Damas Realty. Time Equities’ Jennifer Small represented the buyer, while Three Star Realty represented the seller. The building is fully occupied. Financing The New Jersey office of Holliday Fenoglio Fowler arranged $64.8M in debt and JV equity for the 385k-SF Eisenhower Corporate Campus office building in Livingston, NJ. HFF’s Jon Mikula and Jim Cadranell worked on behalf of Eastman Cos. and The Sagner Cos. to secure the $44.7M adjustable-rate loan through Wells Fargo Bank and TD Bank North. Fidelity Real Estate Group provided $20.1M in the JV equity. Proceeds are being used for the building’s redevelopment. *** CB Richard Ellis’ James Gunning and Donna Falzarano arranged $35M in first mortgage refinancing on behalf of M. Alfieri Co.. The three-year, fixed-rate loan, which was funded by a New Jersey commercial bank, was secured by 379 Thornall St., a Class A office building located in Edison, NJ. *** Mike Riccio, Christine Kubas, Michael Sherman, and Efrat Sharon of CBRE Capital Markets’ debt & equity finance divisions in Hartford, Conn. and NYC secured permanent financing for a four-property portfolio in Greater Hartford totaling $34.2M on behalf of the Kamson Corp. The in-house financing includes a fixed-rate 10-year term loan, provided by CBRE Capital Markets’ Freddie Mac seller/servicer division. The properties involved are Colonial Village in Plainville, Glastonbury Centre in Glastonbury, Loomis Manor in West Hartford, and Brooksyde Apartments and Ribbon Mill in Manchester. *** Holliday Fenoglio Fowler arranged $33.2M in first mortgage acquisition financing on behalf of Seaboard Properties for its purchase of the Newbury Common Apartments at 1450 Washington Blvd. , Stamford, Conn. HFF’s Al Epstein and Christine Riniti arranged the fixed-rate loan through Freddie Mac. *** CBRE Capital Markets’ Mike Riccio arranged a $14.1M transaction on behalf of Midway Investors, which includes floating-rate capped financing on a 7-year term Freddie Mac Capped ARM Program. The properties financed include Cambridge Estates and Meadow Ridge in Norwich, Conn. He also secured $12M in permanent construction finance on behalf of Griffin Land, a 12-month, LIBOR-based construction loan followed by a fixed-rate non-recourse permanent loan through Berkshire Bank. Lease Transactions Skidmore, Owings & Merrill renewed its 65.3k-SF lease at 14 Wall St. Studley’s Michael Colacino, David Goldstein, Matthew Barlow, and Michael Leff represented the tenant, while CB Richard Ellis represented the owner, a JV between Capstone Equities and the Carlyle Group. *** Ayco Co. signed a 10-year, three-month renewal for 34k-SF at 8 Campus Drive in Parsippany, NJ. Jones Lang LaSalle’s Jonathan Meisel represented the tenant, while Diane Chayes represented owner Mack-Cali in-house. *** Tour De France Group inked a 15k-SF retail lease at 450 W. 33rd St. Robert K. Futterman’s John Harding represented owner Broadway Partners. Plans for the space include a two-level American bistro, a self-serve café, and a bakery. *** Antenna Software renewed its 14.5k-SF lease at 111 Town Square Place at Newport in Jersey City, NJ. Cushman & Wakefield’s Peter Hamburger, Tom Giannone, John Cahill and Walter Schoenberg represented the tenant, while Lavin Holdings’ James Lavin represented owner LeFrak Org. *** DIRECTTV inked a 12.9k-SF lease at One Rockefeller Plaza, bringing its total occupancy in the building to 77.5k-SF. Cushman & Wakefield’s Arthur Mirante, Adam Rappaport, and C.L. Baskin represented the tenant, while Peter Brindley and Ted Koltis represented owner Tishman Speyer in-house. *** United Building Maintenance Association signed a five-year, 5.1k-SF renewal at 121 E. 24th St. Adams & Co.’s James Buslik represented both the tenant and landlord. Although lease terms were not disclosed, the asking price was $36 PSF. *** Chipotle Mexican Grill inked a 15-year, 4.8k-SF retail lease at 501 Seventh Ave. Newmark Knight Frank’s Jeffrey Roseman and Kenneth Hochhauser represented the tenant, while W&H Properties’Fred Posniak and CB Richard Ellis’ Andrew Goldberg, Eric Gelber and Matthew Chmielecki represented owner W&H. *** Select Showroom renewed its 3.5k-SF lease at 530 Seventh Ave., continuing to occupy the tower floors of the 460k-SF property. Savitt Partners’ Marc Schoen and Michael Schoen represented both the tenant in ownership in the deal. *** M Space inked a five-year, 3.4k-SF lease at 60 E. 42nd St. CresaPartners’ Bob Stella and Justin Halpern represented the tenant, while Newmark Knight Frank’s Josh Sinon represented owner W&H Properties. *** Adams & Co.’s David Levy recently brokered two new leases and four renewals at 463 Seventh Ave. for an aggregate 20k SF: a five-year, 2.9k-SF lease for L’art De La Mode; a 10-year, 2k-SF lease for Woody’s Racquet Stringers (tenant broker: Studley’s Stephen Berlinner); a five-year, 6.7k-SF renewal for Comint Leather Goods; a five-year, 4.3k-SF renewal for Henry Doneger Associates; an 11-year, 2.5k-SF renewal for Ice Cube Apparel; and a three-year, 1.3k-SF renewal for Capital Garment Co. *** Adams & Co.’s James Buslik and Jeffrey Buslik also brokered seven fashion leases at 231 W. 39th St. for an aggregate 8.6k-SF: a three-year, 2.1k-SF lease for Ed Hardy/D.N.A.M. Apparel Industries; a one year, 1.4k-SF lease for Studio A; a five-year, 1 .1k-SF lease for By The Sea; a two-year, 1k-SF lease for The California Bag; a two-year, 1k-SF lease for Kendra Scott Design; a three-year,890-SF lease for Trays Mfg Group; and a one-year 869-SF lease for Plan B Showroom. ALSO AROUND NEW YORK...Business Inlet Capital Management and Swig Equities formed a JV to invest in real estate debt and equity in the public and private markets, as well as provide real estate investment banking and advisory services through Helmsley-Spear Capital Advisors. Swig’s Kent Swig purchased an interest in Inlet, which is now affiliated with his firm. The venture’s newest vehicle, Inlet Real Estate Finance, is currently raising funds for investment, specifically REIT debt. The JV’s team includes Keith Locker, Craig Richards, Majid Geramian, and Bryce MacDonald. Exec Moves Studley’s Peter Capuciati, EVP and director of the firm’s corporate services group, was elected to Studley’s 14-member board of directors. He joined Studley as an analyst in ‘91 and became the firm’s youngest executive managing director in ‘02. Last year, he led his team in the 420k-SF build-to-suit for Fox Interactive Media in Los Angeles and a 561k-SF build-to-suit for Brocade Communications Systems’ new HQ in San Jose. He is a graduate of Columbia University ’s School of Engineering and Applied Science. *** Edward Kang joined Studley’s investment banking and advisory practices as managing director. He was previously with Lehman Brothers, where he focused on acquisitions and asset management for equity and mezzanine investment funds. He received both his undergraduate and law degrees from Harvard. *** Thomas O’Neill and Mark Scotto have joined CPEX as respective senior managing director of the advisory services division and associate director for the industrial investment sales division. Thomas was formerly global head of real estate for Bear Sterns, managing over 4M SF of office space in 14 countries and oversaw capital and annual operating budgets of $850M. Mark was most recently with The Corcoran Group’s Brooklyn development division. *** Joseph Kondracke joined The Rochlin Org. He was formerly with CB Richard Ellis’ Long Island office, establishing contractual relationships and handling properties throughout LI. He also has corporate real estate experience, representing clients such as GMAC, Prudential Insurance, Prudential Securities, and Metropolitan Life Insurance Company. He is a graduate of NYU. *** Frank Jakus joined Russo Development as senior project architect, where he will oversee the in-house staff of architects and designers, build coordination with construction managers, and assist clients with build-to-suits, permitting, and property management. He comes from Architectura, where he designed and planned commercial projects from $20M to $225M. He is a graduate of the New Jersey Institute of Technology. |
