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[23 Jul 2014 | No Comment | ]

Mack-Cali Realty Corporation (NYSE: CLI) today announced that United Water Management & Services, Inc., a sustainable water and wastewater management solutions provider, has signed a new 20-year, 116,360 s/f lease at Mack-Cali Centre VI, 461 From Road, in Paramus, New Jersey.
Located in the heart of Bergen County, Mack-Centre VI—a five-story, 253,554 s/f office building—is 86.5 percent leased. The class A property offers tenants an on-site cafeteria, roving security, and numerous nearby amenities.
United Water was recently awarded $5.5 million in tax credits from the New Jersey Economic Development Authority (NJEDA), through its Grow New Jersey Assistance Program, to …

Deals & Dealmakers, Featured »

[23 Jul 2014 | No Comment | ]
School deal takes 40 Wall to best in class

A decision by the Trump Organization to keep 40 Wall an office building in the face of the residential conversion current that swept downtown has paid off.

Last week, the Pine Street School officially opened an 85,000 s/f facility on three floors of the building.

Working with a team from Cushman & Wakefield led by Jeffrey Lichtenberg and Jared Horowitz, Don Trump Jnr. has brought the landmark 1.3 million square-foot tower to almost full occupancy in the past two years.

Construction & Design, Deals & Dealmakers »

[23 Jul 2014 | No Comment | ]

Somerset Development just announced a new name for the iconic former Bell Labs complex in Holmdel, NJ.

The two-million-square-foot building — now named Bell Works — is currently undergoing a more than $100 million adaptive reuse redevelopment that will transform the facility into a mixed-use center.
A pedestrian promenade is being created within the building’s existing Atrium that will serve as the central gathering space, connecting tenants and visitors to dining, entertainment, and health and wellness services, along with renovated office space and educational facilities, a hotel and conference center.
The building’s Atrium …

Deals & Dealmakers »

[23 Jul 2014 | No Comment | ]

Aggressive incentives from the landmark New Jersey Economic Opportunity Act of 2013 (EO13) continue to stimulate office leasing and renewals in the state as companies target large blocks of space primarily in the suburbs, according to Avison Young’s second quarter 2014 New Jersey office market analysis.
“In a strengthening state economy and stabilizing office market, companies in New Jersey continue to take advantage of the unprecedented incentives offered under the latest legislation,” said Jeffrey Heller, Avison Young principal and managing director of the firm’s New Jersey office.
“Whereas activity in previous quarters …

Deals & Dealmakers, Featured »

[23 Jul 2014 | No Comment | ]
Taxing times as investors examine all the options

James Nelson of Massey Knakal, sat down with William Elder of RXR Realty, Christopher Schlank of Savanna Partners, Brian Steinwurtzel of Newmark Grubb Knight Frank and Andrew Levin of Boston Properties to discuss their current projects and the current office building sales and leasing market.

Deals & Dealmakers »

[23 Jul 2014 | No Comment | ]

New York City multifamily building sales rose 15 percent and the dollar volume of those trades jumped 33 percent in May 2014 compared to May 2013, according to Ariel Property Advisors’ Multifamily Month in Review: New York City for May.

For the month, New York City saw 52 transactions comprised of 102 buildings totaling $645.876 million in gross consideration compared to May 2013, which saw 61 transactions comprised of 89 buildings totaling $484.966 million in gross consideration.
“May figures bolster our expectations that market reports covering the first half of 2014 will …

Construction & Design, Deals & Dealmakers »

[23 Jul 2014 | No Comment | ]

By Konrad Putzier
The owner of Grand Central Terminal threatened to sue over One Vanderbilt last week, putting a damper on an otherwise encouraging City Planning hearing on SL Green’s planned office tower.
As the Commercial Observer reported, Grand Central’s owner, Argent Ventures, sent two lawyers to the hearing to object to current plans that would rezone seven blocks on Vanderbilt Avenue between 42nd and 47th Streets to enable construction of the 1,350 s/f tower.
The attorneys claimed the city effectively seized Grand Central Terminal’s air rights by allowing SL Green to build …

Deals & Dealmakers »

[23 Jul 2014 | No Comment | ]

Sam Zell, chairman of Equity Group Investments, will keynote the second annual EisnerAmper LLP Real Estate Private Equity Summit when it returns to New York City.
The event will be held at the McGraw-Hill Conference Center on October 1 from 8:00 a.m. to 5:00 p.m.
The event showcases the latest industry trends in real estate private equity, with top industry leaders, including a eynote interview with Zell.
Aaron Kaiser, co-head of EisnerAmper’s Real Estate Practice, is enthusiastic about the event. He said, “This year’s speakers and program are exciting in terms of interest …

Deals & Dealmakers, Finance & Accounting »

[23 Jul 2014 | No Comment | ]

DTZ’s Real Estate Investment Banking Group has been retained to arrange project finance for a three-tower luxury residential project with marina on the river in downtown Fort Lauderdale, Florida.

At six acres, the project sits on the largest undeveloped prime urban infill site in Fort Lauderdale. Marina Lofts will be developed as a three-phase project and will result in 856 luxury condominium and rental units, several restaurants, a dozen retail shops, and a marina with over 200 wet and dry slips.
Total project capitalization for the three phases is approximately $230 million.
According …

Brokers Weekly, Deals & Dealmakers »

[23 Jul 2014 | No Comment | ]

EXR Group, a Brooklyn-based real estate brokerage, announced its official opening today, serving Brooklyn’s real estate needs from a flagship office in Williamsburg.
Founded this year by John Le Vine, Mario Faggiano and Sam Rubin, EXR Group’s agents will work with renters, buyers, landlords and commercial clients.
The company is opening with a combined management and agent team of 15, which will work from a 1,400 s/f office at 160 Havemeyer, on the corner of Havemeyer and South 2nd streets.
“With EXR Group, we want to build a brand, an experience that someone …

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