New York City
GFI Realty Services has brokered the $3-million sale of 100 Eighth Avenue, also known as 262-264 W. 15th St. The two-story and three story walkup buildings, consisting of two stores and three apartment units, sold for approximately $766 per square foot. Yosef Katz and Roni Aboudi of GFI Realty Services represented the undisclosed seller and Shawn Sadaghati represented the 3,915-square-foot property's buyer, who was not identified. The new owner plans extensively upgrade the property in order to utilize the full upside potential and keep the property as a long-term investment. Financing came from the seller.
Superior Office Systems is expanding into a full-floor space, signing a long-term lease for 11,000 square feet at Samco Properties' 49 W. 37th St. An authorized Canon dealer, the company is relocating from a 6,000-square-foot office at 240 W. 35th St. Marc Schoen and Brian Neugeboren of Savitt Partners represented Superior Office in lease negotiations. Jeff Smith acted on behalf of Samco. Asking rents at the 17-story, 120,000-square-foot office building are $35 per square foot.
At its 90 Broad St. office property, Swig Equities has renewed a lease with Veris Wealth Partners, which expanded its space to 2,900 square feet. Data analysis firm Blue World Inc. also has renewed its lease of 3,218 square feet, while the Flomenhaft Law Firm PLLC, a new tenant, is leasing 3,970 square feet for seven years. Todd Korren of Sqig represented the landlord in each transaction. Asking rents are in the mid $30s per square foot at the 25-story, 400-square-foot property.
Nonprofit Praxis Housing Initiatives has bought a development site at 4339 White Plains Rd. in the Bronx for $1.26 million. The former parking lot is over 20,000 square feet. The seller of the property, 4339 White Plains Associates LLC, is associated with VIM, the sneaker and clothing retailer that at one time intended to develop the site into a store location. NAI Friedland's Rick Stassa represented both buyer and seller.
New Jersey
Lee & Associates has been tapped to serve as exclusive leasing agent for Normandy Real Estate Partners' Branchburg Centre, a multi-tenant class A office building located at 3040 Rt. 22 in Branchburg. The Lee & Associates team is made up of SVP Peter G. Rasmusson, VP and principal Jason Lynch, associate VP Erica Davidson and associate Dee Prost, who will market and lease the two-story, 90,019-square-foot property.
Jarmel Kizel Architects and Engineers, Inc. has completed an interior fit-up design for Financial Executives International at Headquarters Plaza in Morristown. The company is relocating from Florham Park to 16,500 square feet of space in the west tower.
Boxborough, MA
Qualcomm Inc. is taking moving into 90 Central Street into 25,952 square feet. The move takes Qualcomm away from its office Concord, MA and brings Piedmont Office Realty Trust's 175,000-square-foot office property almost fully leased. Qualcomm will reside on the first floor and leave the building with 34,500 square feet of leasable space. The lease rates were undisclosed, but average rates in Boxborough range from the high-teens to the low-20s. Piedmont was repped by John Wilson, Brian McKenzie, James Lipscomb and Robert Byrne of Richard Barry Joyce & Partners, while Qualcomm was represented by Stephen Cook and Jack Kerrigan of Grubb & Ellis.
Additional reporting by Ryan Clark and Alyson Grala.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
