Among the findings in CBRE's report:

• Nearly all of Manhattan's main shopping corridors have experienced meaningful declines in their average asking rents in recent years; some of the biggest declines have been seen among corridors where rents had more than doubled in previous years
• In much of Manhattan, the overall trend has been a significant decline in both asking and taking rents to a level more in line with the revenue potential. Additional
  rental adjustment is possible and likely in some locations.
• The taking rent index has fallen considerably to the lowest percentage seen since 2010: taking rent is currently 82 percent of asking rent, while at peak, it was between 96 and 98 percent.

Deal Tracker Daily

NEW YORK, NY—Columbia Property Trust signed a 34,000-square-foot lease with Gemini Trust Company, a digital asset exchange and custodian, at 315 Park Avenue South, Columbia's 20-story, 331,000-square-foot office building located in the heart of Manhattan's Midtown South district. Gemini, founded in 2014 by brothers Cameron and Tyler Winklevoss, is a digital asset exchange and custodian that allows customers to buy, sell, and store digital assets such as bitcoin and ether. The company will occupy two entire floors of 315 Park Avenue South, commencing in early spring 2018.

EDISON, NJ—Transwestern has been named exclusive leasing agent for an entire, fully furnished floor at 399 Thornall St., a 13-story, class-A office property in Edison, NJ. Transwestern principal James Postell and vice president Dan Ligorner will market the 24,238-square-foot sublease opportunity in the tightening Metropark submarket. Renovated in 2012 to meet the needs of the modern office tenant, 399 Thornall St. is a 363,570-square-foot property that features a four-story, landscaped atrium with a waterfall; café; banking; sundry shop; 24/7, on-site security; and fire-resistant construction.

LAWRENCE, MA—Lupoli Development today announced it has signed five new leases at its flagship property, Riverwalk. These companies offer a unique mix of manufacturing, nonprofit, medical and corporate services and include: FlowServe, Clarendon Early Education Services, Scientific Intake, Disappearing Inc. and Adecco Group. In the past year alone, Riverwalk has attracted 38 companies and created 370 new jobs, with approximately 25 percent of its current tenants operating in the medical industry. Today, the sprawling 3.6 million square-foot mixed-use development houses more than 200 companies, and has created more than 4,000 jobs in one of Massachusetts' key Gateway cities.

PHILADELPHIA, PA—Thomas D. Kramer, president of TDK Commercial Advisors completed several new office leases on behalf of clients. TDKCA represented Roch Capital at the King Of Prussia Business Center in leasing more than 19,000 square feet to a variety of tenants. TDK Commercial Advisors also represented the owner of the Cast Iron Building, 718 Arch Street in Philadelphia, in completing more than 18,000 square feet in transactions. At 1730 Walton Road, Blue Bell Pa, TDK Commercial represented the landlord in leasing two spaces to new tenants.

EDISON, NJ—Bussel Realty Corp. signed Wolf Runner to a lease for 10,500 square feet at 970 New Brunswick Avenue in Rahway, NJ, a 275,000-square-foot industrial building. Vice president James Hodgkins of BRC represented Wolf Runner and the owner, Rahway Industrial Sites, in the transaction. 970 New Brunswick Avenue, Rahway, New Jersey is located near the New Jersey Turnpike, Routes 1-9, 27 and 35, as well as the Goethals Bridge to Staten Island and Brooklyn, New York. The property totals 275,000 square feet and has 14-foot to 18-foot ceilings, 20 tailboards, two drive-in loading docks, wet sprinklers, and 50 surface parking spaces.

EAST RUTHERFORD, NJ—NAI James E. Hanson negotiated a lease for 26,900 square feet of industrial space to Goffa International, which manufactures plush toys for children and pets, at 235 Murray Hill Parkway in East Rutherford, NJ. NAI Hanson's Jeffrey DeMagistris, SIOR, and Thomas Vetter, SIOR, represented the landlord, ALJ Property, LLC, in the NAI James E. Hanson exclusive listing. 235 Murray Hill Parkway is a single-story 26,900 square-foot industrial space with 2,229 square feet of newly constructed office space, 16' 10” ceilings, two interior loading docks and 30 parking spaces.

PHILADELPHIA, PA—A new, million-dollar sub-acute care unit at Kearsley Rehabilitation and Nursing Center, and a five-star rating in U.S. News and World Report's 2017 “Best Nursing Homes” feature reflect a commitment to enhanced services and quality patient care at the 84-bed West Philadelphia skilled nursing facility. The achievements continue the property's ongoing progress under the ownership of Tryko Partners and operation by its healthcare affiliate, Marquis Health Services. The newly opened, dedicated sub-acute rehab wing houses 30 private rooms for individuals recuperating from an accident, surgery or illness, and features fine dining and a patient lounge. Tryko Partners, which acquired Kearsley Rehabilitation and Nursing Center in 2011, over the past five years also has added a 2,200-square-foot therapy gym and completed extensive upgrades throughout the building's common areas.

COLLEGEVILLE, PA—Holliday Fenoglio Fowler arranged $32.86 million in financing for Global Data Center, a purpose-built, Tier III+ designed data center facility in the Greater Philadelphia community of Collegeville, PA. The HFF team, senior managing director and co-head of HFF's West Coast region Kevin MacKenzie, managing director Ryan Ade, director Jamie Kline and analyst Christian Tober, worked on behalf of the borrower, GI Partners, to secure the three-year, floating-rate loan through Wells Fargo Bank. Loan proceeds were used to acquire the property. Completed in 2009, Global Data Center is the largest purpose-built, stand-alone data center with available leaseable space in the Greater Philadephia market. The 203,702-square-foot facility has an available power load of 4.6 MW and the capacity to be expanded to 7 MW with additional capital investment. The property is designed to withstand natural disasters and includes redundant power, fiber feeds, built-in berms and setbacks for enhanced security. At close, the property will be master leased by Peak10, one of the nation's largest private data center operators. Tenants at the data center currently include GlaxoSmithKline, which uses the property as its global corporate data center. Located at 1000 Black Rock Road, Global Data Center is about 35 miles northwest of downtown Philadelphia convenient to the Pottstown Expressway, Pfizer and Dow Chemical's facilities and Providence Town Center.

EATONTOWN, NJ—CBRE has been appointed exclusive leasing agent for the 200,000 square-foot Eatontown Plaza retail redevelopment. The CBRE team of Michael Horne, Steven Winters and Jeffrey Cohen are leading the leasing initiative for Eatontown Plaza. Owned by ARCTRUST Properties, Inc, the open-air site offers an array of new leasing and redevelopment opportunities, including proposed pad sites, junior anchor spaces and an anchor position of up to 120,000-square-feet.

WOODBRIDGE, NJ—Dave & Buster's first New Jersey location is now open in the Woodbridge Center in Woodbridge, New Jersey. The restaurant and entertainment mecca boasts more than 34,000 square feet of new food, new drinks, hundreds of the latest arcade games and state-of-the-art sports viewing. The opening of Dave & Buster's in New Jersey was made possible by recent passage of legislation in Trenton that ended a 56-year, statewide ban on games-based establishments selling liquor.

Money Moves

NEW YORK, NY—Cushman & Wakefield named Adam Malitz a director in retail brokerage for the Brooklyn and Queens market. Malitz will be based at Cushman & Wakefield's Brooklyn and Queens offices, and will work with Betty Castro, managing principal, market leader – Brooklyn & Queens, and Katie Mahon, managing director, retail services and brokerage operations, Tri-State Region.

KING OF PRUSSIA, PA—Morgan Properties says it has surpassed 1,000 employees, a major milestone for the 30-year-old business. To date, Morgan Properties employs 1,088 people across its 150 apartment communities in 10 states, a gain of 149 new employees since this time last year.

MOUNT LAUREL, NJ—NAI Mertz promoted Fred Meyer to executive vice president and director of brokerage/corporate services. In this new role, Meyer will continue to oversee all company brokerage activities in the industrial, office and retail sectors. Additionally, he will play an active role in the growth and quality performance across all brokerage service lines. Meyer has won numerous national real estate awards for his leadership, skills and transaction volume, and was inducted into the NAI Global Hall of Fame. Notably, Fred is recognized throughout NAI Global as a leader of cross-country and global client service delivery and was recently tapped to co-chair of NAI Global's Tenant Representation committee, having previously chaired the Industrial and Logistics committees. Meyer holds the prestigious SIOR designation, which is a testament of his exceptional capabilities in process management, negotiations and ethics. He attended college preparatory school at Horace Mann School in Riverdale, New York, and earned a Bachelor of Arts degree from the University of Rochester.

TRENTON, NJ—Greater Trenton, an independent nonprofit organization dedicated to promoting economic revitalization in New Jersey's capital city, announced that Dr. Joseph Youngblood II, chairman of the board of St. Francis Medical Center, has joined its board of directors. Youngblood is vice provost and dean of the John S. Watson School of Public Service and former director of the John S. Watson Institute for Public Policy of Thomas Edison State University. He joins executives from Capital Health and a growing mix of organizations including Bristol Myers Squibb, Investors Bank, Janssen Pharmaceuticals, NJM Insurance Group, Princeton Area Community Foundation, Princeton University, PSEG, TD Bank, Thomas Edison State University, and Wells Fargo Bank on the Greater Trenton board.

OLD BRIDGE, NJ—Amboy Bank is offering free seminars eligible for CLE credit for attorneys and CPE credit for accountants focusing on reverse mortgages. These for-credit classes provide an extensive explanation of reverse mortgage loans, including benefits and features of reverse mortgages, objectives of reverse mortgage loans as financial planning tools, counseling protocol, impact on the estate, contract provisions and closing the loan. Recent presentations included the Middlesex County Bar and the CPA Society of Monmouth and Ocean Counties.

Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.

This week by the numbers

CBRE says the New York City retail market is reckoning with the implications of pricing being misaligned with demand. While the downward adjustments are stabilizing the Manhattan retail landscape and encouraging tenants to take advantage of a healthy New York City economy, challenges are being created for some landlords and investors.

“Since peaking in 2014, the overall average asking rent among Manhattan's main corridors has decreased by 23 percent,” says Nicole LaRusso, director, research and analysis, CBRE Tri-State. “This adjustment is bringing rent growth between 2010 and 2017 closer to the trajectory of retail sales growth, which has expanded steadily in recent years. Taken together, these two trends suggest that the market might be coming closer to alignment between what tenants can afford to pay and the revenue they can achieve.”

Among the findings in CBRE's report:

• Nearly all of Manhattan's main shopping corridors have experienced meaningful declines in their average asking rents in recent years; some of the biggest declines have been seen among corridors where rents had more than doubled in previous years
• In much of Manhattan, the overall trend has been a significant decline in both asking and taking rents to a level more in line with the revenue potential. Additional
  rental adjustment is possible and likely in some locations.
• The taking rent index has fallen considerably to the lowest percentage seen since 2010: taking rent is currently 82 percent of asking rent, while at peak, it was between 96 and 98 percent.

Deal Tracker Daily

NEW YORK, NY—Columbia Property Trust signed a 34,000-square-foot lease with Gemini Trust Company, a digital asset exchange and custodian, at 315 Park Avenue South, Columbia's 20-story, 331,000-square-foot office building located in the heart of Manhattan's Midtown South district. Gemini, founded in 2014 by brothers Cameron and Tyler Winklevoss, is a digital asset exchange and custodian that allows customers to buy, sell, and store digital assets such as bitcoin and ether. The company will occupy two entire floors of 315 Park Avenue South, commencing in early spring 2018.

EDISON, NJ—Transwestern has been named exclusive leasing agent for an entire, fully furnished floor at 399 Thornall St., a 13-story, class-A office property in Edison, NJ. Transwestern principal James Postell and vice president Dan Ligorner will market the 24,238-square-foot sublease opportunity in the tightening Metropark submarket. Renovated in 2012 to meet the needs of the modern office tenant, 399 Thornall St. is a 363,570-square-foot property that features a four-story, landscaped atrium with a waterfall; café; banking; sundry shop; 24/7, on-site security; and fire-resistant construction.

LAWRENCE, MA—Lupoli Development today announced it has signed five new leases at its flagship property, Riverwalk. These companies offer a unique mix of manufacturing, nonprofit, medical and corporate services and include: FlowServe, Clarendon Early Education Services, Scientific Intake, Disappearing Inc. and Adecco Group. In the past year alone, Riverwalk has attracted 38 companies and created 370 new jobs, with approximately 25 percent of its current tenants operating in the medical industry. Today, the sprawling 3.6 million square-foot mixed-use development houses more than 200 companies, and has created more than 4,000 jobs in one of Massachusetts' key Gateway cities.

PHILADELPHIA, PA—Thomas D. Kramer, president of TDK Commercial Advisors completed several new office leases on behalf of clients. TDKCA represented Roch Capital at the King Of Prussia Business Center in leasing more than 19,000 square feet to a variety of tenants. TDK Commercial Advisors also represented the owner of the Cast Iron Building, 718 Arch Street in Philadelphia, in completing more than 18,000 square feet in transactions. At 1730 Walton Road, Blue Bell Pa, TDK Commercial represented the landlord in leasing two spaces to new tenants.

EDISON, NJ—Bussel Realty Corp. signed Wolf Runner to a lease for 10,500 square feet at 970 New Brunswick Avenue in Rahway, NJ, a 275,000-square-foot industrial building. Vice president James Hodgkins of BRC represented Wolf Runner and the owner, Rahway Industrial Sites, in the transaction. 970 New Brunswick Avenue, Rahway, New Jersey is located near the New Jersey Turnpike, Routes 1-9, 27 and 35, as well as the Goethals Bridge to Staten Island and Brooklyn, New York. The property totals 275,000 square feet and has 14-foot to 18-foot ceilings, 20 tailboards, two drive-in loading docks, wet sprinklers, and 50 surface parking spaces.

EAST RUTHERFORD, NJ—NAI James E. Hanson negotiated a lease for 26,900 square feet of industrial space to Goffa International, which manufactures plush toys for children and pets, at 235 Murray Hill Parkway in East Rutherford, NJ. NAI Hanson's Jeffrey DeMagistris, SIOR, and Thomas Vetter, SIOR, represented the landlord, ALJ Property, LLC, in the NAI James E. Hanson exclusive listing. 235 Murray Hill Parkway is a single-story 26,900 square-foot industrial space with 2,229 square feet of newly constructed office space, 16' 10” ceilings, two interior loading docks and 30 parking spaces.

PHILADELPHIA, PA—A new, million-dollar sub-acute care unit at Kearsley Rehabilitation and Nursing Center, and a five-star rating in U.S. News and World Report's 2017 “Best Nursing Homes” feature reflect a commitment to enhanced services and quality patient care at the 84-bed West Philadelphia skilled nursing facility. The achievements continue the property's ongoing progress under the ownership of Tryko Partners and operation by its healthcare affiliate, Marquis Health Services. The newly opened, dedicated sub-acute rehab wing houses 30 private rooms for individuals recuperating from an accident, surgery or illness, and features fine dining and a patient lounge. Tryko Partners, which acquired Kearsley Rehabilitation and Nursing Center in 2011, over the past five years also has added a 2,200-square-foot therapy gym and completed extensive upgrades throughout the building's common areas.

COLLEGEVILLE, PA—Holliday Fenoglio Fowler arranged $32.86 million in financing for Global Data Center, a purpose-built, Tier III+ designed data center facility in the Greater Philadelphia community of Collegeville, PA. The HFF team, senior managing director and co-head of HFF's West Coast region Kevin MacKenzie, managing director Ryan Ade, director Jamie Kline and analyst Christian Tober, worked on behalf of the borrower, GI Partners, to secure the three-year, floating-rate loan through Wells Fargo Bank. Loan proceeds were used to acquire the property. Completed in 2009, Global Data Center is the largest purpose-built, stand-alone data center with available leaseable space in the Greater Philadephia market. The 203,702-square-foot facility has an available power load of 4.6 MW and the capacity to be expanded to 7 MW with additional capital investment. The property is designed to withstand natural disasters and includes redundant power, fiber feeds, built-in berms and setbacks for enhanced security. At close, the property will be master leased by Peak10, one of the nation's largest private data center operators. Tenants at the data center currently include GlaxoSmithKline, which uses the property as its global corporate data center. Located at 1000 Black Rock Road, Global Data Center is about 35 miles northwest of downtown Philadelphia convenient to the Pottstown Expressway, Pfizer and Dow Chemical's facilities and Providence Town Center.

EATONTOWN, NJ—CBRE has been appointed exclusive leasing agent for the 200,000 square-foot Eatontown Plaza retail redevelopment. The CBRE team of Michael Horne, Steven Winters and Jeffrey Cohen are leading the leasing initiative for Eatontown Plaza. Owned by ARCTRUST Properties, Inc, the open-air site offers an array of new leasing and redevelopment opportunities, including proposed pad sites, junior anchor spaces and an anchor position of up to 120,000-square-feet.

WOODBRIDGE, NJ—Dave & Buster's first New Jersey location is now open in the Woodbridge Center in Woodbridge, New Jersey. The restaurant and entertainment mecca boasts more than 34,000 square feet of new food, new drinks, hundreds of the latest arcade games and state-of-the-art sports viewing. The opening of Dave & Buster's in New Jersey was made possible by recent passage of legislation in Trenton that ended a 56-year, statewide ban on games-based establishments selling liquor.

Money Moves

NEW YORK, NY—Cushman & Wakefield named Adam Malitz a director in retail brokerage for the Brooklyn and Queens market. Malitz will be based at Cushman & Wakefield's Brooklyn and Queens offices, and will work with Betty Castro, managing principal, market leader – Brooklyn & Queens, and Katie Mahon, managing director, retail services and brokerage operations, Tri-State Region.

KING OF PRUSSIA, PA—Morgan Properties says it has surpassed 1,000 employees, a major milestone for the 30-year-old business. To date, Morgan Properties employs 1,088 people across its 150 apartment communities in 10 states, a gain of 149 new employees since this time last year.

MOUNT LAUREL, NJ—NAI Mertz promoted Fred Meyer to executive vice president and director of brokerage/corporate services. In this new role, Meyer will continue to oversee all company brokerage activities in the industrial, office and retail sectors. Additionally, he will play an active role in the growth and quality performance across all brokerage service lines. Meyer has won numerous national real estate awards for his leadership, skills and transaction volume, and was inducted into the NAI Global Hall of Fame. Notably, Fred is recognized throughout NAI Global as a leader of cross-country and global client service delivery and was recently tapped to co-chair of NAI Global's Tenant Representation committee, having previously chaired the Industrial and Logistics committees. Meyer holds the prestigious SIOR designation, which is a testament of his exceptional capabilities in process management, negotiations and ethics. He attended college preparatory school at Horace Mann School in Riverdale, New York, and earned a Bachelor of Arts degree from the University of Rochester.

TRENTON, NJ—Greater Trenton, an independent nonprofit organization dedicated to promoting economic revitalization in New Jersey's capital city, announced that Dr. Joseph Youngblood II, chairman of the board of St. Francis Medical Center, has joined its board of directors. Youngblood is vice provost and dean of the John S. Watson School of Public Service and former director of the John S. Watson Institute for Public Policy of Thomas Edison State University. He joins executives from Capital Health and a growing mix of organizations including Bristol Myers Squibb, Investors Bank, Janssen Pharmaceuticals, NJM Insurance Group, Princeton Area Community Foundation, Princeton University, PSEG, TD Bank, Thomas Edison State University, and Wells Fargo Bank on the Greater Trenton board.

OLD BRIDGE, NJ—Amboy Bank is offering free seminars eligible for CLE credit for attorneys and CPE credit for accountants focusing on reverse mortgages. These for-credit classes provide an extensive explanation of reverse mortgage loans, including benefits and features of reverse mortgages, objectives of reverse mortgage loans as financial planning tools, counseling protocol, impact on the estate, contract provisions and closing the loan. Recent presentations included the Middlesex County Bar and the CPA Society of Monmouth and Ocean Counties.