HFF Secures Refinancing for D.C. Suburb Shopping Center

Mark Remington.

Principal Real Estate Investors has provided a $33.8 million refinancing for a northern Virginia shopping center, Commercial Observer can exclusively report.

HFF arranged the financing on behalf of Virginia-based developer Rappaport, which owns the 152,400-square-foot David Ford Crossing in Manassas, Va.—about 37 miles from the heart of Washington, D.C. The 10-year debt, which closed June 19, is at a fixed rate of 4.34 percent, according to HFF. Read More


Normandy Refinances New Jersey Office Park

Park Place.

Normandy Real Estate Partners took out a $65.5 million loan from First Niagara Bank and Principal Real Estate Investors for a four-building office park in Florham Park, N.J., totaling 351,684 square feet, Mortgage Observer has learned.

The three-year, floating-rate loan arranged by HFF will be used to retire existing debt and upgrade amenities at the property, known as Park Place, to meet “best-in-class” standards and fund leasing costs for new tenants, according to the brokerage firm. Read More

Mortgage Observer

Manhattan Condop Gets $18M Refi

150 West End Avenue

Meridian Capital Group negotiated an $18.4 million loan to refinance the residential cooperative portion of a condop on the Upper West Side, Mortgage Observer has exclusively learned.

Life insurance company Principal Real Estate Investors provided the loan for 150 West End Avenue, Principal Director Rob Dirks confirmed to MO. Read More

Lease Beat

Tech Firm Takes Full Floor at 386 Park Avenue South


Advertising technology firm The Trade Desk has signed a long-term lease for a relocation to the entire 13,121-square-foot 17th floor at William Macklowe Company’s 386 Park Avenue South.

The company expects to relocate from its current 12 West 27th Street offices to its new Manhattan headquarters at the 260,000-square-foot Class A building this fall. Read More

Sales Beat

Kaufman Closes on Purchase of Four Ground Leases from Extell

119-125 West 24th Street

Kaufman Organization and Principal Real Estate Investors have closed on their acquisition of four former Ring buildings, totaling 341,441 square feet in Nomad and the Flatiron District, from Extell Development Company.

As Commercial Observer previously reported, the deal included 13-15 West 27th Street, 45 West 27th Street, 19 West 24th Street and 119-125 West 24th Street. Depending on the valuation, the 99-year net lease cost between $175 million and $200 million, according to David E. Ash of Prince Realty Advisors, the lone broker in the deal. Read More

Lease Beat

Media Company Takes Full Floor at Macklowe’s 386 Park Avenue South

Screen shot 2014-02-05 at 3.11.17 PM

Advertising and marketing communications agency Lowe Campbell Ewald has signed a 10-year, 13,121-square-foot lease at William Macklowe Company’s 386 Park Avenue South, Commercial Observer has learned.

The subsidiary of Interpublic Group of Companies takes the entire 15th floor in the renovated 20-story Midtown South office building, located on the corner of Park Avenue South and Read More

Sales Beat

Princeton International Properties Pays More Than $100M for 104 West 40th Street

104 West 40th Street

Princeton International Properties has purchased 104 West 40th Street from Savanna for just over $100 million, The Commercial Observer has learned.

The 210,000-square-foot Midtown Manhattan office building is located steps from Bryant Park on 40th street and Broadway.

Savanna purchased the 20-story glass and steel landmark in 2010, refurbishing it with renovated elevators, building systems, an improved lobby – and a strategy of re-leasing the vacant space at market rents. Read More

Mortgage Beat

CWCapital’s Life Co. Platform Yields Results With $46 Million Loan

Michael Berman.

CWCapital has arranged a $46 million loan for a mixed-use building on Manhattan’s Upper West Side. The loan was provided by Principal Real Estate Investors, which through a spokesman said that it has been targeting such “attractive opportunities,” investing in multifamily throughout the New York City boroughs.

Todd Trehubenko, a CWCapital managing director, arranged the financing. The company declined to comment beyond a release about the deal, citing requested anonymity on the part of the borrower. However, Mr. Trehubenko said in a prepared statement that CWCapital was “very pleased to be able to complete this transaction for the borrower.” He added that it is “a top-quality asset in a terrific location, with dedicated, long-term ownership.” Read More