Here is a roundup of smaller deals, financial transactions and executive moves around the Northeast in recent weeks.
PHILADELPHIA, PA— Natixis provided a $102.795 million floating-rate, first-mortgage financing to Post Brothers for the redevelopment of a vacant, 21-story historic office building located at 260 South Broad Street in Philadelphia into a 268-unit luxury multi-family rental property, to be branded as The Atlantic. The property also includes an adjacent three-story parking garage building with 205 parking spaces as part of the proposed amenities. The financing was arranged by Russell Schildkraut and Christine Zivkovic from The Ackman-Ziff Real Estate Group. The property was designed by Rafael Viñoly, a world-renowned architect. The Atlantic is positioned to be Center City Philadelphia’s premier residential building. It will have an unrivaled amenity package with a business lounge with conference rooms for resident usage, a clubhouse, a fitness center including a yoga studio, a rooftop swimming pool, and a roof deck with dog park and grilling areas.
PHILADELPHIA, PA—Rittenhouse Realty Advisors has sold two mixed-use properties in Center City, Philadelphia: 120 N. 3rd Street in the Old City neighborhood and 1701 South Street (pictured) in the Graduate Hospital neighborhood. 120 N. 3rd Street contains four high-end renovated loft-style apartment units and one unit in “shell” condition, along with a ground floor commercial unit. It is well located among the boutiques and cafes of 3rd Street and is just a few blocks from historical tourist attractions like the Liberty Bell and the Betsy Ross House. 1701 South Street is a newly constructed building with 9 apartment units and a ground floor commercial unit leased to 7-Eleven, located on the southern edge of the Rittenhouse Square neighborhood. The seller selected a buyer in less than 30 days after going to market.
SECAUCUS, NJ—KidZania USA will bring its experiential learning center for children to American Dream in East Rutherford, NJ. The new location is expected to open at the regional shopping center in 2019. KidZania’s new 80,000-square-foot educational center will create a “mini-city” where children ages 4 to 14 are empowered to role-play more than 100 real-life professions, from board member to baker and doctor to truck driver, to soft drink bottling plant (pictured). This experiential learning space, which has already changed approaches to education in 19 countries, will join American Dream’s diverse group of retail, entertainment and dining outlets.
KEARNY, NJ—Hugo Neu, the owner and redeveloper of Kearny Point, today announced a partnership with Uber to provide a seamless ridesharing option for Kearny Point businesses and visitors. Kearny Point is the innovative redevelopment of the historic Kearny shipyard, now reborn as a modern workplace home to a diverse community of pioneering businesses. The complex is located less than five miles from Manhattan and close to the PATH at Journal Square, Newark Penn Station, the Meadowlands and the Frank R. Lautenberg train station in Secaucus. Through the partnership with Uber, Hugo Neu has established on-site pickup and drop-off locations at Kearny Point, and will be designating off-site pick-up and drop-off points. These arrangements ensure that tenants and visitors can conveniently and safely use Uber to commute to and from the complex. Furthermore, select businesses located at Kearny Point will receive a $50 credit to Uber.
FORT WASHINGTON, PA—Jones Lang LaSalle has announced new details in the leasing and redevelopment of the Fort Washington Technology Center at 1100 Virginia Drive in Fort Washington, Pennsylvania. Spanning 660,000 square feet, the property, owned by Somerset Properties is the largest multi-tenant office building in the Philadelphia suburbs. In October 2017, AON Affinity will begin a 12-year lease for 77,000 square feet, kicking off the redevelopment of a 227,000-square-foot portion of the building. Upon completion, 150,000 square feet of leasable space will remain. Steering away from the traditional image of a call center, FWTC is marked by sweeping 16 foot ceilings, 1.5 acres of green space, an open, continuous floor plan, and a tech lounge offering flexible workspace with a green wall. The building also offers a 600-seat cafeteria, Starbucks cafe, fitness center, and dual feed electric, vital to technology and data centers because it ensures uninterrupted power.
MT. LAUREL, NJ—NAI Mertz, a leading full-service commercial real estate firm serving southern New Jersey and greater Philadelphia, announced the completion of a new 3,310-square-foot lease for Arctic Cold Caps at Two Executive Campus in Cherry Hill, New Jersey. Rebecca Ting, SIOR, vice president, and Julie Kronfeld, SIOR, sales associate, were responsible for completing this transaction on behalf of the owner of this 102,591-square-foot Class A office building, 1930 NMT Owner, LLC. Arctic Cold Caps is a company that designs cold caps, a therapy used to prevent hair loss for patients undergoing chemotherapy.
PHILADELPHIA, PA—CBRE says Michael Hines of CBRE Capital Markets’ Institutional Properties team and CBRE National Partners, has been promoted to Vice Chairman, the highest title for producers within the company. It’s the first time a sales professional from the Greater Pennsylvania region has achieved this title. Hines, who joined CBRE in 2004, has been the region’s top producer five times in the last seven years, most recently in 2016. Hines, who partners with Senior Vice President Brian Fiumara and First Vice President Brad Ruppel, sold nine properties in the first quarter of this year alone, totaling $358 million in total consideration. The nine sales transactions combined for more than 5.84 million square-feet sold.
NEW YORK, NY—Kramer Levin Naftalis & Frankel named Ronald S. Greenberg chair of the firm’s growing Real Estate Litigation practice group. Greenberg is an accomplished litigator with three decades of experience handling complex business and real estate disputes at both the trial and appellate levels. He has served as a litigation partner at Kramer Levin since 2005. His relevant litigation experience runs the gamut, from handling commercial foreclosures and construction litigation to resolving a broad range of commercial disputes. In real estate matters, he represents lenders, investors and owner/developers, as well as commercial landlords and tenants.
PHILADELPHIA, PA—CBRE named Tony Biddle Practice Leader of Hotels for the Greater Pennsylvania Region, which includes Pennsylvania, Southern New Jersey and Delaware. Biddle is replacing Peter Tyson, who is retiring after more than 45 years in the hospitality consulting industry. In July, 2014, CBRE Group acquired PKF Consulting USA and PKF Hospitality Research and the group began operating as CBRE Hotels in February, 2016.
JERSEY CITY, NJ—Fields Construction Company has topped out 207 Van Vorst Street, a luxury residential and retail building in Jersey City, NJ. The 15-story building, which will feature 255 residences and 7,237 square feet of retail space, is expected to be complete in fall 2017. The project is one of two developments that Fields Construction is building on Van Vorst Street, which is in Jersey City’s desirable Paulus Hook neighborhood. In late 2016, Fields announced the start of construction for 197 Van Vorst Street, which will feature 153 luxury apartments and 7,305 square feet of retail space across 16 floors.
BERNARDSVILLE, NJ—Denholtz Associates is embarking on a capital improvement project at its 54,600-square-foot office building at 150 Morristown Road in Bernardsville, NJ. The project is slated for completion in Summer 2017. The improvement project will include replacement of the existing walkway, upgrades to the elevator interiors and significant upgrades to the lobby including; the addition of a media wall, new healthy vending options, new lighting, new modern furniture and fixtures, and a café/lounge seating area. These changes will ensure that the two-story multi-tenant class-A office building will continue to offer tenants superior amenities to maintain the property’s high occupancy rates and continue to attract quality tenants.
WEST NYACK, NY—McLaren Engineering Group, a full-service engineering firm serving 10 markets, is celebrating its 40th anniversary this month. Since it was founded by Malcolm G. McLaren in 1977, the firm has completed over 14,000 projects and grown to include 200 employees in 10 offices. Licensed in 48 states, the firm has designed and engineered some of the country’s most important bridges, structures and entertainment venues. In image, Malcolm G. McLaren, CEO and President of McLaren Engineering Group, receives a proclamation from AIA NY executive directer Benjamin Prosky.