Real Estate Journal — September 25 - October 15, 2015 — 3A
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M id A tlantic R eal E state J ournal Bank & Zonghetti represent tenant Newmark Grubb Knight Frank brokers 60,000 s/f lease
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a s h i n g t o n , DC — Newmark Gr ubb Kn i gh t
Bayonne, NJ — Pen- wood Real Estate Invest- ment Management, LLC (Penwood) , through its third value-added investment ve- hicle, Penwood Select In- dustrial Partners III, L.P. , announced the acquisition of a 35-acre site in Bayonne. Existing improvements in- clude an 167,000 s/f indus- trial building and the site can support additional develop- ment of 175,000 s/f. The site is situated along the Newark Bay, adjacent to the Bayonne Bridge and Rte. 440 north and south, within 3.5 miles of the Global Container Terminal and Port Jersey City and 4.0 miles from the New Jersey Tpke. Extension. “This investment offers a compel- ling combination of functional existing improvements as well as excess land well suited for construction of additional in- dustrial space,” said Howard Freeman , managing director responsible for East Coast acquisitions at Penwood. The site was formerly owned and operated by Unilever/Best Foods. Penwood plans a sig- Frank (NGKF) represented international law firm, Ropes & Gray LLP, in relocating its DC office to 2099 Pennsylvania Ave. NW. Ropes & Gray will occupy over 60,000 s/f of premier office space in its new location. The firm has signed a 15 year lease with Paramount Group, Inc., which owns the 12-story office building. The multi-practice firm is moving from 700 12th St., where it had been located for 12 years. NGKF executive managing director Larry Bank , who rep- resented the tenant along with executive managing director Bill Zonghetti , said, “2099 Penn of- fers our client the opportunity to be located on one of the most recognizable streets in the US. n
Loan Restructuring & Workouts Investment Banking | Multi Family Storage Facility | Retail Financing Green Financing
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2099 Pennsylvania Ave. NW
Penwood Select Industrial Partners III acquires 35-acre site in Bayonne, NJ
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Rendering of 35-acre site in Bayonne
nificant rehabilitation of the rail-served site to include raz- ing many of the antiquated/ ancillary structures on the site and upgrading the HVAC, sprinkler, electrical and light- ing systems within the ex- isting 167,000 s/f building. Freeman notes that, “upon completion, the property will offer among the best combina- tion of features and location among its peer group.” The existing building is be- ing marketed for lease and/ or sale with availability pro- jected for the spring of 2016,
while the excess land is being marketed for build-to-suit opportunities. Karen Nista , managing director and head of asset management at Penwood notes, “the infill location and building functionality have already attracted significant interest from potential users.” Richard Chase , managing di- rector and head of acquisitions at Penwood, adds, “Penwood is pleased to expand its foot- print with such an attractive investment opportunity and is actively seeking additional investments in New Jersey.” n
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CHERRYHILL, NJ — Kap- lin Stewart Meloff Reiter & Stein, PC headquartered in Blue Bell, PA with offices in Cherry Hill, NJ and Philadel- phone numbers and email ad- dresses will remain unchanged. Kaplin Stewart is proud to maintain their headquarters in Montgomery County, PA. n Kaplin Stewart announces NJ relocation phia, PA announced that they moved their New Jersey office to The Commerce Center, 1800 Chapel Ave., W., Suite 320, Cherry Hill, NJ 08002. Our
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