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Middle Market Digest: This Week in the Northeast

Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.

NEWS & NOTABLES

Richard AndersonNEW YORK CITY—New York Building Congress president emeritus Richard T. Anderson already has landed a consulting gig. The veteran executive and urban planner—who served at the NYBC for 23 years—has been retained as a senior advisor to Langan, the site engineering and environmental consulting firm. He is expected to provide counsel  to the firm with respect to major real estate and infrastructure investment initiatives in and around New York City.

Mark KaplanJERICO, NY—Ripco Real Estate Corp. has named Mark Kaplan as principal and COO. He joins the firm after 11 years of working in various areas of the industry, including finance, law, property management, and leasing.  Kaplan served in Credit Suisse’s large-loan CMBS origination group in New York and then as principal of both Kaplan Equities and Kabro Associates. Based at Ripco’s office here, Kaplan is charged with growing the brokerage business and pursuing various ventures and partnership opportunities.  

FAIRFIELD, NJ—Woodmont Properties president Lewis Zlotnick was appointed to the New Jersey Apartment Association’s board of directors.The New Jersey Apartment Association represents both market rate and affordable housing owners, managers and developers of over 190,000 rental apartment homes throughout the state, as well as hundreds of suppliers to the multifamily housing industry.

DEAL TRACKER

BOSTON—A 17,188-square-foot lease has been signed at 65 Grove St.—a Cresset Development-owned property in nearby Watertown, MA—by Bosch Thermotechnology Corp. Newmark Grubb Knight Frank’s Phil Giunta, executive managing director, George Nugent, executive managing director and Dan Krysiak, senior managing director, represented Cresset Development in the transaction. Kent Ilhardt, Ryan Harder and Michael O’Leary of Cushman & Wakefield represented Bosch Thermotechnoloy Corp.

The Fresh Market ShoppeLIVINGSTON, NJ—Goldfish Swim School—a swim lesson franchise—has leased 8,100 square feet at The Fresh Market Shoppes at the Livingston Circle here. The 93,000-square-foot shopping center, located at 277 Eisenhower Pkwy., is managed and developed by Livingston-based Eastman Cos. The transaction was negotiated by Florian Suserman of Ripco Real Estate for Eastman Cos. Charles Ritschel of Newmark Real Estate represented the tenant.

ACQUISITIONS

The DavenportBOSTON—The area office building known as The Davenport has been sold to Oxford Property Group and Alony Hetz Properties & Investments. A purchase price was not revealed to GlobeSt.com but an industry data source values the sale at approximately $202 million, or about $921 per square foot. Located in the suburb of Cambridge, MA, the 232,400-square-foot, four story property serves as the corporate headquarters for HubSpot, a marketing and sales platform. Throughout the next four years, the firm will expand into the entire building. The NGKF capital markets Boston team—led by US head of capital Markets Robert Griffin, vice chairman Edward Maher, executive managing director Matthew Pullen and director James Tribble—oversaw the transaction on behalf of Jamestown.

 


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