Northeast
Philly-Area Office Trades, Lands $45M Financing
HFF’s investment sales team reeled in a buyer for Valley Creek Corporate Center, then the firm’s debt placement team secured acquisition funds for the Pembroke-Ten Capital joint venture through Barclays Capital.
Vail Closes Vermont Mountain Resort Acquisition
Stowe became Vail’s first-ever resort on the East Coast and its 13th overall ski property. The asset is forecast to bring in more than $5 million in revenue during its first 12 months of operation, following the acquisition.
Jack Resnick & Sons Makes Promotions
Brett Greenberg has taken over as the firm’s new executive managing director of leasing, replacing the recently retired industry veteran Dennis Brady. Adam Rappaport has taken over Greenberg’s former position as managing director of leasing.
Manhattan’s GM Building Lands $2.3B Refi
Boston Properties has completed a $2.3 billion refinancing of the 50-story, 2 million-square-foot trophy tower. The financing includes interest-only payments and matures in 2027.
Barclays Nabs Revitalized NJ Office Campus
Long-term tenant Barclays Capital acquired the three-building The Crossings at Jefferson Park in Whippany, N.J, from a joint venture. The complex underwent a three-year multimillion-dollar renovation and features The Powerhouse, an 11,000-square-foot, stand-alone amenities center.
Int’l Recruitment Firm Coming to Philly
Frank Recruitment Group will occupy 21,300 square feet of space at 1801 Market St. where it will establish its regional Pennsylvania headquarters. The company will create 250 jobs for the new office.
Co-Working Company Opens First Philly Office
The Amsterdam-based firm Spaces signed a 37,735-square-foot lease at the recently restored Hale Building. CBRE acted on behalf of the tenant, while the owner was represented in-house.
Leasing Starts at Clarion’s Suburban Philly Office Building
The Class A asset is located at 1475 Dunwoody Drive in West Chester, Pa. and is now opening its doors to new tenants for the first time since its completion in 1999.
York Breaks Ground on $100M Bronx Studio
Michaelangelo Campus will sprout up on a long-vacant, 10-acre site in the Soundview area of the borough, strengthening its image as a destination for film and media.
German Fund Enters US Market With Boston Buy
The fund was advised by Northwood Investors. Newmark Knight Franks Boston-based debt team oversaw financing for the transaction and NKF has also been retained as the exclusive leasing and management arm for the property.