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The partnership will redevelop 345 Park Avenue South – a 12-story mixed-use building in the Flatiron District – into an approximate 300,000 square-foot life sciences campus.

The lease expansion was announced by building owner Novaya Foxfield Industrial LLC (Foxfield), the Mid-Atlantic arm of Novaya Real Estate Ventures of Boston. With the new deal, Barry Callebaut now leases 395,000 square feet of space at the 465,680-square-foot building.

IRET also has closed on the sale of its entire Topeka portfolio consisting of 1,042 multifamily homes for $82.75 million.

The 86,000-square-foot development will be the first and largest ground-up Opportunity Zone project in this highly-desirable submarket.

The New York City-based firm reports it has recently sold the Skyridge Club Apartments in suburban Chicago and the Sugarloaf Trails Apartments in suburban Atlanta.

The existing four-building complex will feature creative tenant interiors, second floor terraces, pedestrian-friendly walkways, landscaping and public art.