NEW YORK
Hersha Hospitality Trust has signed a 12,642-square-foot lease at 463 Seventh Avenue in Manhattan’s Garment District. The real estate investment company, which owns and operates several upscale hotels, will utilize part of the 20th floor for its executive offices. David Levy of Adams & Co. represented the landlord, The Arsenal Company, while William Montana represented the tenant in the transaction. The building features a new multimillion-dollar lobby, state-of-the-art Kastle Security System, a fully managed cooling system, modernized elevators with Destination Dispatch technology and Wired NYC Platinum Certification. Rent in the transaction was $54 per square foot.
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In an uptown move, international trading company Merus Global Investments, LLC, has leased 8,300 square feet of space comprising a portion of the 29th floor at Charles S. Cohen’s striking 41-story office tower at 3 Park Avenue.
The company expects to relocate from its current office at 88 Pine Street to its new headquarters during the 3rd quarter of this year.
George Keller IV and Evan Algier of Cushman & Wakefield represented the tenant in the 11-year leasing transaction while Marc Horowitz, Senior Vice President and National Director of Office Leasing at Cohen Brothers Realty Corp., represented the building owner. Asking rent for the space was $75 per square foot.
Situated between East 33rd and East 34th Streets, the striking, class A skyscraper features a distinctive lobby and elevator cabs designed by renowned architecture firm, FXFowle. The property, convenient to Grand Central Station and several major subway lines, is also home to an on-site New York Sports Club.
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Kamber Management Company, a New York City-based owner and operator of commercial real estate, announced it has signed over 13,000 square feet of new office leases at 15 West 37th Street, a modern office building in the heart of Manhattan’s garment district. The 143,000 square-foot office building was acquired by Kamber Management Company in 1963. Steven Levy of Kamber Management Company represented ownership in the transactions.
New leases and renewals at 15 West 37th Street include the following:
Manhattan Fencing, founded in 2007 by U.S. Fencing Hall of Fame Maestro Yury Gelman and home to many World, National, and NCAA Fencing Champions. Manhattan Fencing offers unique programs and is renowned for its facility and world-class coaches. The center occupies 9,735 square feet on the entire second floor of the office building. Stephan Steiner and Richard Eaddy of Savills Studley represented the tenant in this lease.
The Consulate of Costa Rica is one of the Costa Rican Embassy’s primary offices in the United States. The consulate is represented by Consultant General Rolando Enrique Madrigal Gutierrez and is a 3,450 partial floor. The tenant was represented by Soon Rhee of Norman Bobrow & Company, Inc. in this lease.
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Okada & Company announced the sublease of 6,900SF on the 11th floor at 150 West 22nd Street in the Flatiron section of Midtown South Manhattan. The tenant Small Girls PR is a New York-based digital agency that offers services such as digital PR and event production in its own creative way, earning Small Girls PR the status “a go-to buzz builder for tech & media companies and “one of the most successful boutique agencies in NYC” according to BuzzFeed. The sub-landlord is a subsidiary of internet giant AOL Inc.
Ken Lerner, Vice President of Okada & Company represented the tenant, and David Hollander, Executive Vice President of CBRE represented the sub-landlord.
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SVN | Realty Three Advisors LLC, a commercial real estate brokerage franchise, announced the lease of three spaces totaling 8,640 SF at 1337 Lincoln Ave. The industrial building is part of a six building multi-tenant portfolio with units ranging 1,630 SF – 4,050 SF. Located in the heart of the Holbrook/Bohemia/Ronkonkoma business zone, the area is home to hundreds of small and medium sized businesses with a smattering of large national companies.
The units were leased individually to local small businesses on a long term basis. The landlord, 1337 Lincoln Ave LLC, is proud to be the new home of Morrison Electrical Consultants, The Cloud Chemist, and L.B. Construction; an electrician, a consumer goods manufacturer, and a contractor respectively. The lease rates and terms are undisclosed.
Two of the deals were sourced directly by Lorraine O’Hara and Aric Schachner of SVN | Realty Three Advisors, representing both sides of the transaction.
NEW JERSEY
Denholtz Associates announced that Miami Freight and Logistics Services, Inc. has signed a lease renewal for 9,800 s/f of space at 140 Ethel Road West in Piscataway, N.J.
Founded in 2010, Miami Freight and Logistics Services, which also operates under the name Miami Global Lines, utilizes the space as its headquarters location.
The company focuses on freight forwarding, warehousing and distribution, and logistics services for both international and domestic clients. 140 Ethel Road West is a single-story, 108,875-square-foot industrial flex building situated at exit 5 of I-287. Kristine B. Hurlbut, Senior Vice President of Leasing at Denholtz Associates, announced the lease. Jaime Zimmel of Zimmel Associates represented Denholtz Associates and the tenant in the transaction.
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JLL has completed seven office transactions, totalling 31,725 square feet, and three industrial transactions, totalling 12,020 square feet, at 600 Meadowlands Parkway in Secaucus, New Jersey, for the building owner Prologis Inc.
Prologis was represented by Brian Golden, executive vice president, and Harold Imperatore, associate, with JLL. They worked closely with Jason Tenenbaum, leasing manager, with Prologis.
The two-story 600 Meadowlands Parkway was constructed in 1982. The 143,057-square-foot office/flex building contains 60,288 square feet of office space and 82,769 square feet of warehouse space. Prologis recently completed a capital improvement program at the building that included exposed concrete floors in common areas, new glass tenant entry doors, new tenant directory signage, HVAC in the common area lobby, and a new roof.
The facility offers direct access to Manhattan via the New Jersey Turnpike, I-495, Route 3, and the Lincoln Tunnel. It is very close to area amenities, including Harmon Meadows / Harmon Cove, and is located just one mile from NJ Transit’s Secaucus Junction station. In addition, three NJ Transit bus lines stop at the building.
The office transactions, which totalled 31,725 square feet, included renewals and new deals for the following companies: Panalpina Inc., VCPB Transportation, Hexim Pharmaceuticals, Kirkwood Printing Co., IMPAC Inc., Biolandes Inc., and Metro City Supply Chain.
JLL also facilitated the renewal of 12,020 square feet of flex space. The tenants for these units included Fellers Inc., Public Service Enterprise Group and Giza Technologies Inc.
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Sky Trading LLC has signed a long-term lease for 11,300 s/f at 150 Commerce Road in Carlstadt, announced Key Properties LLC, owner of the fully leased, 30,000 s/f industrial building. The company, which distributes high-end wigs and other hair pieces, including extensions, will relocate its operations to the property from South Carolina. Troy Wisse of Lee & Associates negotiated the transaction; Jack Zakim of Zakim & Zakim P.C. provided legal counsel for the tenant.
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Insurance solutions provider Agam Capital Management has joined the tenant roster at Glenpointe Centre West in Teaneck, leasing 3,400 square feet of office space.
Glenpointe Centre West, located at 500 Frank W. Burr Blvd., is part of the mixed-use Glenpointe complex, developed, owned and operated by Alfred Sanzari Enterprises of Hackensack, N.J.
The transaction was negotiated in-house by Jerry L. Barta, Alfred Sanzari Enterprises’ vice-president/director of leasing and marketing, along with the Cushman & Wakefield agency team of Richard Baumstein, Marc Graham and Christian Politan. The tenant, which is relocating from Saddle Brook, was represented by CBRE’s Reuben Torenberg.
Glenpointe is a regional hub and home to a broad range of local, national and international companies. The landmark 50-acre complex encompasses Glenpointe Centre West, Glenpointe Centre East and The Atrium at Glenpointe office buildings. Also, on-site are the 350-room full-service Marriott at Glenpointe hotel and the 26,000-square-foot Glenpointe Spa & Fitness Center.
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QuickChek Center in Bayonne is fully leased with the addition of Yi Sushi restaurant, announced Levin Management Corporation (LMC). The North Plainfield, N.J.-based commercial real estate services firm serves as exclusive leasing and managing agent for the property.
Yi Sushi’s new QuickChek Center location will be the third for this locally owned chain, according to E.J. Moawad, the LMC leasing representative who arranged the 995-square-foot lease. The company currently operates in Hoboken and at another location within Bayonne.
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NAI James E. Hanson announced it has brokered a lease for 3,337 square feet of Class-A office space to Huron Valley Financial at Boulevard Commons Office Center located at 1160 Parsippany Boulevard in Parsippany, N.J. NAI Hanson’s Josh Levering, SIOR, and Nicholas B. DePaolera represented the landlord, Micro Strategies dba Genelle II, LLC in the transaction. Boulevard Commons is also currently managed by NAI Hanson Management.
Huron Valley Financial is a Michigan-based mortgage banker specializing in a wide range of loan programs and products. They will utilize the space as a front office for the production and administration of loans and loan documentation.
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Transwestern announced New Jersey Squash Club is the latest in a growing number of recreation-focused companies to lease space at a New Jersey industrial/flex property. The squash training facility will occupy 5,000 square feet at 11 Princess Road, one of four buildings that constitute Princeton South at Lawrenceville. Transwestern Managing Director Jeffrey Furey and Senior Associate Alex Motiuk facilitated the deal on behalf of both New Jersey Squash Club and the property’s owner, TMC Properties LLC.
This transaction is one of numerous Transwestern deals completed recently for recreation tenants, which are leasing space at industrial and flex buildings in New Jersey at a growing rate. According to Transwestern research, from 2014 to 2016, twice as many recreational users moved into flex and warehouse space than in the previous three years, with total deal volume increasing threefold.
Founded by world-renowned squash player Lefika Ragontse, New Jersey Squash Club is a membership-based club that will include four squash courts and a state-of-the-art weight room/fitness area. The club, which is set to open in fall 2017, will also offer squash lessons for non-members.
In addition to being a well-recognized squash player, Ragontse, has trained many of the top players throughout the United States, including 15 junior national champions. Each year since 2002, he has had two or more players recruited by the top squash universities in the country.
