Real Estate Weekly
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Deals & Dealmakers

LEASES: Metropolitan Club extends lease, NJ Transit inks two new retailers at Newark Penn

NEW YORK

The Metropolitan Club, one of the oldest private clubs in the United States, closed an extension of lease transaction with its only tenant, The American Academy in Rome, for 6,608 s/f on a portion of the building’s ground floor and second floor. Founded in 1895, The American Academy in Rome offers fellowships in Italy’s history and culture through its Rome prize competition. The Academy has been operating its headquarters at The Met Club at One East 60th Street for over 25 years. An Avison Young team comprising Principal and Tri-State President, Arthur J. Mirante, and Associate Matthew Pynn, represented building ownership in the transaction, together with Trent S. Dickey Esq. of the firm of Sills Cummis & Gross.
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Cresa’s Daniel Taormina, Vice President has arranged a 10-year lease at 286 Madison Avenue for Octave, a mental health and wellness practice that provides private and online psycho-therapy services, life coaching, and mindfulness classes. Octave has taken a 3,904-square-foot build-to-suit space for its New York flagship in the building, located between 40th and 41st Streets, which borders Murray Hill, Grand Central and Penn Station areas. The 131,358 s/f 23-story office building is managed by APF Properties. Representing the landlord was Timothy Gibbs of Newmark Knight Frank. The asking rent was $68 psf. Taormina and Peter Sabesan are in the process of locating space in Flatiron for Octave’s second Manhattan center.
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Architecture and engineering firm, edg, will expand to a full floor at 58 West 40th. The company will occupy the entire 7,750 s/f on the fifth floor. Norman Bobrow, of Norman Bobrow & Co., represented edg. John H.K. Belt of LK Belt LLC represented the landlord. The space will contain a number of cutting edge amenities including a 3D printing lab,virtual reality equipment, three phone booths, three conference rooms, a lounge and a kitchen and was designed in-house by edg.

NEW JERSEY

Cushman & Wakefield, exclusive leasing agent for 685 Route 202/206, a newly-updated 140,000 s/f office building in Bridgewater, commitments from three tenants. William O’Keefe, Raymond Trevisan, Charles Parmelli and Jackie Madden head the leasing effort for the property, which is owned by KRE Group:
• C Technologies Inc., a designer and manufacturer of fiber optic assemblies, instrumentation and systems, leased 24,000 s/f of headquarters space at the property.
• LightSpeed LLC leased more than 18,000 s/f. the firm specializes in the supply of quality litigation support services and technical expertise to law firms nationwide.
• Nipro Medical Corp. leased 6,000 s/f for demonstration, training and customer service operations. the international medical device manufacturer needed a multi-functional space to serve the needs of their renal products group. John Osborne of Bergman Realty served as tenant broker in the lease.
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Greystone Management Solutions represented NJ TRANSIT in the lease of space to two new specialty retailers at Newark Penn Station. Greystone Project Executive Michael Plesnitzer made the announcement:
• Top Shelf Wine, which is located in the main concourse of the station, is expected to generate $2.1 million in revenue. The store was selected through a competitive Request for Proposals (RFP) process, which is administered by Greystone pursuant to its real estate advisory agreement with NJ TRANSIT. The vendor was selected in part due to its proposed architectural design – it includes historic elements of the station, designed to blend into the station’s Art Deco and Neo-Classical design features, boosting visual aesthetics in the station.
• Working with Greystone, the agency has secured a new Starbucks location in a 1,000 s/f retail space in the main corridor of the station. The 10-year agreement provides NJ TRANSIT with over $1.6 million in non-farebox rent revenues, in addition to approximately $750,000 in leasehold improvements.
Alfred Sanzari Enterprises inked a lease deal with Diana Food for 8,455 s/f of office space at Heights Plaza located at 777 Terrace Avenue in Hasbrouck Heights, N.J. With a presence in 14 countries across the globe, Diana Food is a pioneer in the development of natural ingredients and flavorings for the agro-food industry. Prior to coming to Heights Plaza, Diana Food had been splitting their administrative, executive and sales teams between offices in Saddle Brook and Teterboro. Heights Plaza will provide a new home for their food testing and R&D operations and executive, sales and administrative teams while providing the firm with ample room to grow their operations. Stephen Jennings, Vice President of Leasing and Marketing at Alfred Sanzari Enterprises made the announcement.

CONNECTICUT 

Central Communications, Inc. will open a new call center at 2 Tefoil Drive in Trumbull, CT, announced Jon Angel, president of Angel Commercial.The company has leased 2,947 s/f of space in the 45,359 s/f modern industrial flex building located near Route 25. Established in 1983, Central Communications is a nationwide call center service provider based in Norwalk, CT. Angel was the sole broker in the transaction.

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Newmark Knight Frank announced three new leases and one renewal for a combined 8,800 s/f at One Dock Street in Stamford. NKF’s Tim Rorick, Senior Managing Director, and Jack McDermott, Associate represented the owners, ClearRock Properties and Juster Properties, in all four transactions.
Greg Frisoli of NKF represented Amherst Pierpont, an independent broker-dealer , which leased 2,392 s/f .
Cushman & Wakefield’s John Altieri represented DXT Commodities in leasing 3,496 square feet.
• Six One Commodities, which leased 1,608 ss/f was represented in-house.
Jay Hruska of Cushman & Wakefield represented G3 Architects in its renewal.
HK Group announced the lease of 8,554 s/f at 145 Main Street, Norwalk. Franco Fellah and Ricardo E. Cordido of HK Group represented owner, Seligson Properties. MRI Premium Distribution Services, a source of residential, security, commercial and mobile consumer electronics leased the flex warehouse space. the company has locations in Plainville, CT, Colonie, NY, Woburn, MA and now Norwalk, CT. Customers can order online, pick-up from any of the four fully stocked warehouses or take advantage of MRI’s own same day delivery service.

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