24 Hour Local Real Estate News

Middle Market Digest: The Northeast

Here is a roundup of recent deals, leases, executive moves, and other news from the past week.

Deal Tracker

READING, MA—Nordblom Company, in partnership with Rubenstein Partners, announce that Eliassen Group, CCMSI, and Mavenir have signed long-term leases for 25,065 square feet, 12,830 square feet, and 12,255 square feet respectively of first class office space at 55 Walkers Brook Drive in Reading, MA. Jones Lang LaSalle managing director Matt Daniels, senior vice presidents Chris Decembrele and Andrew Whipple, and vice president Jordan Yarboro represented building owners Nordblom Company and Rubenstein in the three transactions. Eliassen Group was represented by Michael Dalton of Cushman & Wakefield, Paul Giannopulos of JLL and Joe Doyle of Cresa represented CCMSI, while Chris Curley of Newmark Grubb Knight Frank negotiated on behalf of Mavenir. These leases bring the six-story class-A building to 71-percent leased.

NORWOOD, MA—Jefferson Apartment Group acquired One Upland, a highly amenitized class-A community in the Boston suburb of Norwood, MA. Built in 2016, One Upland amenities include a clubhouse, pool, expansive lawn with fireplace, movie amphitheater and dog parks, offering resort-style living where residents can entertain friends and mingle with neighbors.

NEW YORK, NY—The Durst Organization today announced two tenants have signed leases for prebuilt suites at 114 West 47th Street. Wilson Keadjian Browndorf has signed a three-year lease for 5,535 square feet on the 18th floor. L.E.K. Consulting has expanded its square footage, signing a nine-year lease for 7,371 square feet on the 24th floor. L.E.K. also leases the entire 19,746 square foot 25th floor. Its new prebuilt suite on the 24th floor includes a 600-square-foot outdoor terrace.

CHERRY HILL, NJ –Cherry Hill Medical Equities acquired 409 Route 70, Cherry Hill, NJ, a 22,000 square-foot medical office, for $2.8 million from Becca Inc. Kevin Burns, senior vice president  of Markeim Chalmers, brokered the sale.

BELMONT, MA—NAI Hunneman brokered the $8.05 million sale of 61-63 Moraine Street, a 24-unit apartment community located in Belmont, MA. Executive vice president Carl Christie and assistant vice president Dan McGee represented the seller, CMS Moraine and procured the buyer. Built in 1970, 61-63 Moraine Street is a 24-unit brick, garden-style apartment complex with a mix of one and two-bedrooms.

BOSTON, MA—Colliers International has signed five new tenants to leases totaling more than 30,000 cumulative square feet, at Duffy Properties’ 78 Blanchard Road. With suite sizes ranging from 3,300 to 11,600 SF, new tenants, Caras & Shulman, Axis Promotions, CGI, Mortgage Network, and AAM 15 Mgmt were attracted to the building’s quality spaces, premium amenities, and strength and commitment of local ownership. 78 Blanchard Road is a five-story, 113,159-SF asset speculatively constructed in 2014, and located within Duffy Properties’ larger, three-building Blanchard Woods campus. Property amenities include a cafeteria with outdoor patio area as well as a fitness center with lockers and showers.

PISCATAWAY AND SOMERSET, NJ—Two Cushman & Wakefield-brokered industrial property trades reflect continued expansion for life sciences firms along New Jersey’s I-287 Corridor, and illustrate a trend toward owner/occupier plays within this key business sector. Cushman & Wakefield’s Shawn Straka, a managing director based in Morristown, NJ, represented the buyers in both transactions. In Piscataway, MSN Pharmaceuticals purchased 20 Duke Road (pictured). The 203,674-square-foot building will house the company’s new United States R&D and manufacturing operation; its regional administrative offices will relocate to the property as well. MSN is one of the fastest-growing manufacturers of active pharmaceutical ingredients and finished dosages in India, according to the company’s website. Jones Lang LaSalle’s Joel Lubin and Chad Hillier represented the seller, Penwood Real Estate, in the 20 Duke Road sale. Further north in Somerset, Somerset Therapeutics acquired a 67,000-square-foot facility at 300 Franklin Square Drive. Founded in 2015, the sterile pharmaceutical company manufactures and markets injectable and ophthalmic drugs for the U.S. marketplace. Fahri Ozturk of Marcus & Millichap represented the seller, Candela Properties, in the sale of 300 Franklin Square Drive.

BOSTONSkanska today announced that its second multi-family tower in Boston, The Harlo, is now open and has welcomed its first residents. The 17-story, 183,000 square-foot tower, targeting LEED Gold certification, brings 212 boutique apartments, including studio, one-to-three-bedrooms, and duplex lofts with private outdoor space, to the center of the Fenway neighborhood. Located at 1350 Boylston Street at the intersection of Boylston and Kilmarnock Streets, The Harlo is near some of the city’s finest cultural destinations, healthcare institutions and graduate schools, restaurants, retail and public transportation.

Notables

NEW YORK, NY—Cushman & Wakefield named Eric Thomas an executive director in New York. Thomas will be based at Cushman & Wakefield’s midtown office and will work with Lou D’Avanzo, vice chairman and managing principal, Midtown Manhattan, and Joseph Caridi, executive managing director, Downtown Manhattan, Brooklyn, Queens and Long Island, focusing on office brokerage in Manhattan. Thomas joins Cushman & Wakefield from Cresa Partners, where he served as a managing principal.

Copyright 2017. ALM Media Properties, LLC. All rights reserved.