New York
Bell Works Lands $70M in Financing
Somerset Development is transforming the two million-square-foot property into an indoor “downtown area” with retail on the ground floor, office and hotel on the upper floors, as well as single-family and townhomes.
Former IBM Building Secures New Tenant
Expanding its New York operations, law firm Greenspoon Marder has leased some 25,000 square feet of space at 590 Madison Ave. The property is currently 80.5 percent occupied.
GNL Appoints New CEO
Independent Director James Nelson will be replacing the current CEO Scott Bowman in August of this year. Nelson was elected as a member of GNL’s board in March of 2017 and serves on the nominating, governance and audit committees.
TH Real Estate Taps New Head of Research
In her new role, Melissa Reagen will be responsible for coordinating TH’s research team, which identifies and analyzes market trends that inform clients’ investment decisions.
Stagwell Group Inks Lease at One World Trade Center
The investment advisory company will occupy the 62nd and 63rd floors of the tower totaling 83,955 square feet, bringing the tower’s occupancy to 75 percent.
JV to Redevelop Historic Sunshine Theatre in NYC
A partnership between East End Capital and K Property Group purchased the 29,200-square-foot building for $31.5 million. The historic Houston Street cinema will close in January 2018, and will be transformed into a mixed-use development.
Brooklyn Reuse Project Receives $150M Bridge Loan
Glacier Global Partners and Triangle Assets landed the short-term financing for 10 Jay St., an 1890s building at the entrance of the newly developed 85-acre Brooklyn Bridge Park.
Onyx Equities Sells 2 in New Jersey
The real estate investment firm disposed of two office buildings owned with two separate partners, Russo Development and Rubenstein Partners.
Fifth Avenue Tower Lands $200M in Financing
Groundbreaking is scheduled for 2018, three years after Ceruzzi Holdings and SMI USA acquired the New York City development site for $275 million from Thor Equities.
Columbia, Allianz Form $1.3B Partnership
Each company is contributing one or more unencumbered assets to the JV. Besides New York City and San Francisco, the firms are eyeing Boston and Washington.