Northeast
Pembrook Provides $47M Recapitalization Loan for NYC Condos
The condominiums have been completed and 26 of 54 units sold. The loan was closed within three weeks from the date the owners signed the loan application.
Kiva Takes 163,000 SF in Massachusetts
David Pergola and Jason Levendusky of CB Richard Ellis represented Divco West and Taurus, while Brooks Murphy and Sean Lynch of Jones Lang LaSalle represented Kiva.
Christian Science Church Revitalization of Boston HQ to Include Addition of 950,000 SF
Surrounded by Boston’s Back Bay, Prudential, South End and Fenway neighborhoods, the Plaza encompasses 14.5 acres and offers 10 acres of open space that is accessible to the public. Among the property’s seven existing buildings are two centerpiece structures, the iconic Original Mother Church, built in 1894 and the Extension church, which was developed in 1906. As per the proposal, all existing buildings will remain intact.
Media Outlets Relocate to 100,000 SF in 4 New York Plaza
Four New York Plaza has nearly 1.1 million of Class A square footage, located on two acres. The building features floor plates of 50,000 square feet and is 75 percent occupied by JPMorgan Chase.
Lewis Named Head of Hudson Realty’s Asset Management Department
Lewis will oversee strategy and execution on all Hudson’s debt and equity positions along with managing the firm’s asset management professionals and systems. She will remain a member of Hudson’s management committee, working to determine the company’s strategic direction.
C&W: Manhattan Market Looking Better, Leasing Doubles Year over Year
Manhattan’s Class A vacancy rate dropped to 11.6 percent in June from 12.6 percent at the end of the first quarter, while the overall Midtown Manhattan vacancy rate declined to 11.5 from 12.6 percent. Those figures entail all sectors of real estate.
Author Gladwell Speaks at Colliers International’s First Global Leadership Summit in Manhattan
Colliers International has undertaken recently a rebranding and investment campaign to combine its real estate experts worldwide and service lines under one banner. Under this model, local Colliers brokers continue to own real equity in the company.
JLL: Vacancies Fall Amongst NYC Class A Office Properties
Vacancy rates dropped amongst all property types in Midtown, where the overall vacancy rate fell to 13.2 percent at mid-2010, a drop of 3 percent from the overall vacancy rate of 13.6 percent in the first quarter. Class A vacancy rates fell to 13.4 percent over the second quarter, down 3.4 percent from the previous quarter’s 13.9 percent.
Pharmaceutical Firm Snaps Up Boston-Area Tech Park for $165M
The premier biotechnology compound of office and lab space and 40 acres of preserved open space had been undergoing redevelopment at the hands of Patriot Partners, the partnership between Framingham, Mass.-based Atlantic Management Corp., Concord, Mass.-based Mohawk Partners L.L.C. and New York City-headquartered O’Connor Capital Partners that acquired the property in 2003.
Alliance For Downtown NY: Hotel Rooms Booming in Lower Manhattan
The number of hotels in Lower Manhattan has tripled since the 9/11 terrorist attacks, the Alliance for Downtown New York has found. The organization said this week that the number of rooms in their district, Lower Manhattan south of Chambers Street, has increased by more than 60 percent in that time.