Some highlights for New York:

• Office: New York ranks #3
• Warehouse/Flex (includes e-commerce distribution/fulfillment facilities): New York ranks #7
• New York ranks #4 overall, behind Texas, California and Pennsylvania (ranking all 50 states).

Nationally, new development and ongoing operations of commercial real estate – office, industrial, warehouse and retail – supported 7.6 million American jobs (new and existing) and contributed $935.1 billion to U.S. GDP in 2017. Last year, 524 million square feet of office, retail, warehouse and industrial space commenced – capacity to house more than 1.3 million new workers.

An important factor in the economy's growth in 2017 was the strength of the construction sector. Total hard construction expenditures for the four building types included in the report totaled $98.6 billion – a $15.6 billion (18.9 percent) increase from 2016.

Deal Tracker Daily

MONTCLAIR, NJ—Saxum Real Estate acquired 475 and 483 Bloomfield Avenue for $4 million. The acquisitions are part of its flagship Saxum Adamas Fund I, which focuses on acquiring value-add properties located in transit-oriented downtowns. 475 Bloomfield Avenue (pictured) is a 25,000 square foot, meticulously maintained, former bank building which had been previously occupied by JPMorgan Chase. The retail bank tenant has relocated to a nearby build-to-suit property and Saxum says it plans to renovate the property to feature high-end boutique office and retail space. In addition, Saxum has acquired 483 Bloomfield Avenue, a three-story, 9,000 square foot adjacent property which it plans convert to boutique office space.

CHERRY HILL, NJ— The Center at Cherry Hill acquired Commerce Center, a three-building, 153,094 square-foot class A office complex in Cherry Hill, NJ, for a reported $22 million. Jones Lang LaSalle represented Greenville Partners and Sterling Equities, the sellers in the transaction. JLL managing director James Galbally led the transaction with senior vice president Brett Grifo, executive vice presidents John Plower and Chad Orcutt, and vice president Marybeth Farris. Encompassing 1800, 1810, and 1820 Chapel Ave West, the 13-acre campus has the capacity to house an additional 44,000 square-foot building at 1830 Chapel Ave West. Current tenants include Actelion Pharmaceuticals, Flaster Greenberg, Lincoln Financial Group, and Kremer Eye Center.

NEWARK, NJ—Cushman & Wakefield has been named leasing agent for the country's largest planned mass timber office building. The 500,000-square-foot, 11-story tower will anchor Phase I of Lotus Equity Group's mixed-use project proposed in Newark, named Riverfront Square. A team based in New York and New Jersey – including John Picco, Peter Van Duyne, Sean Brady, Christian Politan, Alex Lachmund and Bruce Mosler – is marketing the up to 2 million-square-foot commercial component of this live/play/work development. Riverfront Square will occupy the 11.8-acre site, which includes the former Newark Bears and Eagles Stadium and the site of the former Lincoln Motel. The ambitious mixed-use project, estimated at $1.7 billion, is expected to provide up to 2,000 residential units, large and small-scale retail, cultural and public open spaces, a hotel and parking spaces in the heart of Newark's downtown, adjacent to the Broad Street Station.

NEW YORK, NY—Todd Korren, executive vice president/leasing, Jonata Dayan, executive vice president-condo/co-op sales, and Jonathan Ben-Dayan, director/leasing of HSP Real Estate Group, a member of NAI Global, have arranged the sale of an office co-op at 450 West 31^st Street to TTN Real Estate Holdings. The partial 9^th floor office has 3,930 rentable square feet and sold for $852-per-square-foot. The HSP Real Estate Group team also represented the seller, Good Light Studio, a daylight photography studio and prop rental service relocating to Chicago. The sale represents the fourth transaction at 450 West 31^st Street arranged by Mr. Korren, Ms. Dayan, and Mr. Ben-Dayan, who are currently marketing two other co-op units at the building, comprising a 3,985-square-foot unit and an 11,750-square-foot full-floor unit with 4,800 square feet of outdoor terrace space.

Money Moves

NEW YORK, NY—Savills Studley, the leading commercial real estate advisory firm specializing in tenant representation, has appointed Lisa Davidson, Ann Duncan, Doane Kelly, Jeff Manley, David Providenti and Tiffany Winne (pictured) to its board of directors in the United States. Davidson is an executive managing director in the Savills Studley Chicago office; Duncan leads the Savills Studley Occupier Services group as executive vice president in Tampa, FL; Kelly serves as vice chairman and leads the firm's Workforce, Location and Incentives Advisory group from New York; Manley is an Orange County-based senior managing director; Providenti serves as vice chairman in the firm's New York office; and Winne, an executive vice president, founded and leads the Savills Studley Phoenix office.

BOSTON, MA—Tishman Speyer named Jessica Hughes a managing director and head of its Boston office. She will oversee new developments, acquisitions and dispositions, leasing, and operations in the Boston region. Hughes joins the firm after a successful eight-year tenure at Jones Lang LaSalle where she served most recently as managing director in the firm's Boston Capital Markets Group and a member of that firm's International Capital Group. A graduate of Dartmouth College, she serves on the board of the Boston Center for the Arts and on the Urban Land Institute's Boston Market Council.

PHILADELPHIA, PA—KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp, expanded its commercial mortgage group with the appointments of John Ward and Steven Hamm. Both will report to Todd Goulet, senior vice president and Northeast production leader. Ward joins KeyBank as a senior mortgage banker with a primary focus on originating loans for manufactured housing properties throughout the US. He will be based in New York City. Hamm (pictured) joins KeyBank as a mortgage banker, where he will be responsible for originating multifamily loans through Fannie Mae, Freddie Mac, FHA CMBS, life companies and bridge products for clients based in Eastern Pennsylvania, New Jersey and Delaware. He will be based in Philadelphia.

PHILADELPHIA, PA —Binswanger named Fran Cannon a vice president in the commercial division, based in the company's Wayne, PA office. He will be responsible for commercial real estate services in the Suburban Philadelphia market. Before joining Binswanger, Mr. Cannon was President of C3 Real Estate and Site Services, Inc. in Blue Bell, PA.