Middle Market Digest – The Northeast

Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.

This week by the numbers

Deal Tracker Daily

NEW YORK, NY—The William Kaufman Organization signed six companies to new leases and renewals at 767 Third Avenue. The leases total approximately 22,894 square feet of space at the 40-story, 296,000 square-foot building, which is located between East 47^th and East 48^th Streets. They include a new lease for the United Nations University (4,420 square feet), as well as renewals for national law firm Stroock & Stroock & Lavan (6,450 square feet); investment management services firm Spring Owl Asset Management (3,664 square feet); property manager SJS Management, Inc. (2,913 square feet); real estate law firm Barness & Barness (2,809 square feet); and financial services firm Cavalier Hill Financial (2,638 square feet). Michael Lenchner, vice president and director of leasing of Sage Realty Corporation, the leasing and management division of WKO, represented ownership in-house in all five transactions. Andrew Margolin of Newmark Knight Frank represented the United Nations University in the five-year transaction; Michael Monahan of CBRE represented Stroock & Stroock & Lavan in the one-year transaction; Michael Lenchner dealt directly with Spring Owl Asset Management in the two-year deal; Jeffrey Zund of Coldwell Banker Commercial represented SJS Management, Inc. in the three-year deal; and Steven Kaplan of Lansco Corp. represented Barness & Barness in the one-year transaction. David Burton of Vanguard Global Real Estate represented Cavalier Hill Financial.

NEW YORK, NY—Marcus & Millichap brokered the sale of 621 West 55th Street, a two-story warehouse with a curb cut on the north side of 55th Street between eleventh and twelfth avenue, according to John Krueger, regional manager of the firm’s Manhattan office. The asset sold for $6,600,000. John J. Stewart, James O’Leary and Nicholas Biedron of Marcus & Millichap’s Manhattan office, represented the seller, a private investor, and procured the buyer, also a private investor.

BALA CYNWYD, PA—Cushman & Wakefield represented Harmelin Media in a recent lease expansion and extension at 3 Bala Plaza East, in Bala Cynwyd, PA. The strategic media solutions firm now occupies more than 23,000 square feet at the property and has committed to this location through 2023. Harmelin Media already owns three office buildings in Bala Cynwyd, but the firm’s tremendous growth spurred it to lease additional space at 3 Bala Plaza East to support its continued growth in that location. Cushman & Wakefield’s Peter Strickler, managing director based in Conshohocken, PA, represented Harmelin Media. Tishman Speyer owns the property and was represented by the firm’s managing director Janet Giuliani.

EAST RUTHERFORD, NJ—JLL has completed a new transaction for building owner American Equity Partners with pharmaceutical firm Cipla at Independence Place, 10 Independence Boulevard in Warren, NJ. Cipla signed for 14,280 square feet of office space at the class A, 120,528-square-foot commercial office building. The building owner was represented by Craig Eisenhardt, managing director, Robert Ryan, senior vice president, and Jason Benson, vice president, all with JLL. They worked closely with David Elkouby, partner, with AEP. The tenant, Cipla, was represented by David Leviton and Jon Meisel, senior vice presidents, with CBRE.

NORWOOD, NJ—Capitol Seniors Housing has opened a new assisted living and memory care community—Atria Norwood—in Norwood, NJ. The $25 million, 68,873-square-foot community has 83 residential suites. Atria Norwood is located at 545 Tappan Rd. Designed by Meyer Design of Ardmore, PA, Atria Norwood’s entry features a high ceiling and signature staircase. The community offers numerous amenities intended to foster socialization and engagement, including a library, movie theater, and a sports lounge featuring an open-concept bistro (pictured). Dining options include a full-service restaurant, a private dining room available for special occasions, and a café offering lighter fare throughout the day. Additional amenities include a creative art and activity room, salon and spa, and a wellness and fitness room. Outdoors, several areas are designed to offer opportunities for socialization, exercise and relaxation. Atria Norwood offers a selection of spacious studio, one- and two-bedroom apartments, most with a kitchenette.

Money Moves

WEST DEPTFORD, NJ—Sky Management Servicesand Sky Power installed a 600 kilowatt rooftop solar installation at Checkpoint Systems Corporate Headquarters, 101 Wolf Drive in Thorofare, NJ. The project is an important contribution to both Sky Management’s renewable energy portfolio and Checkpoint Systems sustainability initiative. Sky Management purchased the 104,000 square foot building in March 2016. The installation is comprised of 1,884 high efficiency solar panels that will offset most of Checkpoint’s energy consumption.

UNIONDALE, NY (June 22, 2018) – Arbor Realty Trust funded a Freddie Mac SBL deal in Yonkers, NY. A 50-unit multifamily property recently received $3.296 million in acquisition funding through a five-year fixed-rate nonrecourse loan term with a 30-year amortization schedule. Matt Madacsi of Arbor’s New York office originated the loan.

Executive News

SARATOGA, NY—The New York State Society of Professional Engineers awarded McLaren Engineering Group’s vice president and entertainment division chief, William Gorlin, PE, SE, the “Engineer of the Year” award at its annual ceremony. Gorlin’s standout projects include the Dancing Cranes in Singapore, the world’s largest animatronic structure; the two flying stages for Cirque du Soleil’s Ka at the MGM Grand in Las Vegas; work at theme parks including Walt Disney World, Universal Studios and SeaWorld; and productions and/or renovations in every Broadway theater in New York City. Most recently, Gorlin led a team that fully renovated the antique Helen Hayes Theater and its neighboring St. James Theater on West 44^th Street in NYC as one unified project, as well as substantial renovations and alterations for the current show at the Lyric Theater on West 43^rd Street.