The Deal Sheet
LEASING
Shutterstock signed for 85k SF for 11 years for a new HQ in Malkin Holdings' Empire State Building and will relocate from 60 Broad St. Newmark Grubb Knight Frank's Paul Ippolito repped the tenant, and his colleagues William Cohen and Ryan Kass repped the landlord.
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Spectra Laboratories--repped by Newmark Grubb Knight Frank's Frank Recine, Blake Goodman, and David Simson--has expanded from 107k SF to 191k under a new lease atNew Jersey's Rockleigh Corporate Center (8 King Rd). Marcus Partners recently bought the 194k SF property from GHP Office Realty and will retrofit the space for Spectra, which also leases from Marcus elsewhere.
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Presidio Networked Solutions, which leased space on the 19th floor of One Penn Plaza, acquired BlueWater Communications, which leased on the 16th floor. Now, Presidio, repped byDTZ's John Pavone and Nick Bates, has signed a consolidated lease for 14k SF on the 28th floor. Vornado's Craig Panzirer repped the landlord internally.
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Bottom Dollar Food Northeast leased 23k SF in Advance Realty's Windsor Center--formerly Windsor Heights Shopping Center, at 440 Route 130 S in East Windsor, NJ--and will open in October. Retro Fitness signed for 13k and will open in September. Advance's Brian Banaszynski and Fameco Real Estate's Jay Miller and John Krause repped the landlord.Katz & Associates' Hugh Scullin repped the gym and Fameco's Scott Dennis the grocer.
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DaVita inked 10k SF in Simone Development Cos' MOB at 1733 Eastchester Rd in the Bronx, and Advanced Access Medical Care took 7,000 SF there, absorbing some of the space Montefiore Medical Center is leaving for Tower 2 at Simone's Hutchinson Metro Center. Simone's James MacDonald worked on the deal.
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Behavioral Ideas Lab leased 9,200 SF in Savannah's 80 Broad St for 10 years. Newmark Grubb Knight Frank's Hal Stein, Adam Leshowitz, and Todd Stracci repped the landlord, and Colliers' Adam Baruch and James Emden repped the tenant.
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Insignia National Title Agency, repped by JSN Properties' Jeff Nissani, leased 5,600 SF in the Craftsman Building (6 E 39th St between Fifth Avenue and Madison). EJMB Commercial's Elissa Patterson repped 6 East 39th St. Holdings.
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Solfire, Siebren Versteeg, and artist Jacob Hashimoto leased 5,000 SF of industrial each in Richard Ziskin and Susan Bresler's 1828 Troutman St in East Williamsburg. Kalmon Dolgin Affiliates' Howard Darsi and Vincent Lopez arranged the deal.
SALES
A private Irish investment group repped by Savills has sold 47 net-leased Citibank branches totaling 157k SF (inManhattan, the Bronx, Brooklyn, Queens, Staten Island, Westchester, and Suffolk and Nassau counties) for $97.2M to Path Land Holdings.
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LCOR bought a development site at 638 Bloomfield Ave in Montclair, NJ, where it and The Pinnacle Cos will put up 304k SF (259 residential units, 23k SF of office, and 22k SF of retail) and 571 parking spaces. CentroVerde at Montclair will be Phase 1 of the Montclair Center Gateway Redevelopment Plan. Pinnacle likely will build a boutique hotel for Phase 2. The seller was DCH Automotive Group.
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Greystone, repped internally by Douglas Benach, acquired two Brooklyn development properties worth more than $50M. 137-43 N 10th St between Berry Street and Bedford Avenue in Williamsburg will be converted into 36 high-end apartments, and 47-51 Bridge St in DUMBO, now a vacant site, will rise into 27 apartments.
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Mack-Cali Realty Corp sold the 65% occupied 777 Passaic Ave office building in Clifton, NJ, for $5.8M to Gottesman Real Estate Partners and Mountain Development Corp. TriState Capital Bank financed the deal.
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The City of Rye, repped by CBRE's Gene Pride and William Cuddy, sold the 9,900 SF 1037 Post Rd retail building, fully leased to Lester's, for $5.6M to a Long Island investor that plans to renovate.
FINANCING
Beech Street Capital closed $94.4M in fixed-rate, seven-year Freddie Mac loans to refi a 12-property portfolio of 488 apartments in the Upper East Side, Lower East Side, East Village, and West Village for Henry Moses and Robert Moses. Meridian Capital Group's Josh Rhine worked on the deal.
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A Spectrum Group Management affiliate closed a $24M mortgage for the acquisition of 215-221 W 28th St. The 7,500 SF lot and air rights allow 150 multifamily units, for which construction will begin this year.
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GCP Capital Group's Paul Greenbaum negotiated $15M for three six-story apartment buildings (330 units and two stores) in the Bronx.
CONSTRUCTION & DEVELOPMENT
Tomorrow, Simone Development Cos and Montefiore Medical Center will top off the 280k SF Tower 2 ambulatory care center at the Hutchinson Metro Center at 1250 Waters Place in the Bronx.
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American Campus Communities has broken ground on the 325-unit (593 beds) Merwick-Stanworth faculty and staff housing for Princeton north of the main campus and Palmer Square. American Campus will develop, own, and manage it via a 70-year ground lease. The first 127 units will deliver in summer '14 and the rest by the summer of '16.
BUSINESS
Ares Management agreed to acquire AREA Property Partners, (including the 2M SF 1290 Ave of the Americas and 2.8M SF Time Warner Center). AREA CEO Lee Neibart and his colleague Bill Benjamin will join John Bartling as senior partners in the Ares real estate group. AREA founder Bill Mack will step down as chairman to manage his family's portfolio, and AREA North America CEO Richard Mack will become senior advisor to the Ares real estate group. Hodes Weill & Associates advised AREA, and J.P. Morgan Securities advised Ares.
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Kimco Realty Corp has named western region prez Conor Flynn to replace Mike Pappagallo as COO. Mike's leaving to become president and CFO of Brixmor Property Group. Conor will relocate to Kimco's New Hyde Park HQ.
Yesterday, we said SBO's Andy Singer and Kathleen McSharry had won five REBNY Ingenious Deal Awards. Apparently, we were laughing so hard while counting like Sesame Street's Count von Count that we got ahead of ourselves. Andy and Kathleen have four--so far. Email amanda.metcalf@bisnow.com.
