New York City
The Kaufman Organization has brokered a 10-year, 18,500-square-foot lease at 475 Tenth Ave. for tech firm LivePerson Inc. Lease terms were not disclosed; asking rent for the space is $35 per square foot. Michael Kaufman and Grant Greenspan of the Kaufman Organization represented the tenant while Kristin Fisher of the Adler Group represented the landlord in the transaction.
A five-story, 18,460-square-foot mixed-use building at 1248-1250 Lexington Ave., a/k/a 133 E. 84th St. has sold for $10 million. Eastern Consolidated's David Schechtman, Marcia Rose Yawitz and Geoffrey Rand represented the seller, the estate of Lilian Malkin, and procured the buyer, the Parkoff Organization. In a release, Yawitz says the property traded at less than a 5% cap rate.
Los Angeles-based software firm iRise has taken 3,600 square feet of prebuilt space at LCOR's 545 Madison Ave. in a five-year deal. The space will serve as iRise's Manhattan base of operations. A Jones Lang LaSalle leasing team of Lisa Kiell, Frank Doyle, David Kleiner and Andrew Flint represented LCOR; David Amsterdam of Cushman & Wakefield represented the tenant.
Sioni & Partners has arranged the $3.75-million sale of 1860 Billingsley Terr., a six-story elevatored apartment building in the Bronx. Managing director Moses Sioni says the property, which sold for the first time in over 25 years, commanded an 8% capitalization rate and a 6.4 gross rent multiplier. Sioni handled the transaction for the seller, Terrace Arms Corp. The building was purchased by the Morgan Group, a Scarsdale, NY-based-investment company.
Long Island
A vacant industrial building at 5 Plant. Ave in Hauppauge, NY has been purchased by FragranceX.com Inc., an Internet perfume marketer currently in Long Island City. FrangranceX.com purchased the 80,319-square-foot flex property for $5.7 million, or about $71 per square foot, from Amdrew Realty LLC. Richard Cohen of Ashlind Properties represented the buyer, while Tom Attivisimo of Greiner Maltz Co. represented the seller.
Fairfield County
Olympus Partners, an investment management firm headquartered at Metro Center in Stamford, CT, has renewed its lease of slightly more than 10,000 square feet for the fourth time. The new lease extends its occupancy until 2015. Jeffrey Newman of Malkin Properties represented the landlord, and Olympus represented itself in the transaction.
New Jersey
Specialty pharmaceutical company Medcore Pharma recently signed a new lease for 24,000 square feet of research and development space at 120 Belmont Dr. in Somerset, NJ. The deal was brokered by Jones Lang LaSalle's Parsippany-based tenant representation team of Steven Fleming and Shawn Straka. While the company could not disclose the rental rate, Fleming tells GlobeSt.com that "the commercial real estate market today is an opportunistic time for companies to reevaluate their commercial real estate needs and capitalize on aggressive rental rates and incentive packages currently available. We expect tenant-favorable conditions to continue through 2010 and into early 2011."
Jarmel Kizel Architects and Engineers, Inc. has completed several design upgrades at 85 Challenger Rd. in Ridgefield Park, NJ. The firm provided architecture and engineering services for a new cafeteria and fitness center as well as site improvements. When KABR Real Estate Investment Partners acquired the 235,000-square-foot class A office building, it enlisted Jarmel Kizel to provide tenant development services and to work in conjunction with its real estate broker, Cushman & Wakefield, on the marketing efforts. The firm then designed potential upgrades to the base building architecture and mechanical systems, with the intent of showing these plans to potential tenants. These efforts ultimately led to Samsung leasing 193,000 square feet of space at the building in 2009.
Additional reporting by 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.
