www.marejournal.com F inancial D igest Construction of the 16-Story project commenced in 2016, expected to be completed in early 2018 Boston properties and rudin development close on $250m const. financing for 675,000 s/f project M id A tlantic Real Estate Journal — February 10 - 23, 2017 — 5A
N
Dock 72 is centrally located within the Navy Yard on a 60,000 s/f strip of land jutting out into Wallabout Bay in the East River between two active dry-docks, offering panoramic views of the City and the activ- ity of the Navy Yard. Designed by S9 Architecture , with the lobby, common areas and amenities designed by Fog- arty Finger Architecture , the building celebrates the surrounding maritime and industrial history of the Navy Yard and is designed to drive innovation and collaboration between tenants. Upon completion, the build- ing will feature floor plates ranging from 40,000 to 60,000 s/f, offering contiguous and easily devisable blocks of space for a variety of tenant sizes. The joint venture is seeking LEED certification for the project and the build- ing includes myriad state-of- the-art design, technology, sustainability and resiliency features, including Nantum, an operating system for the built environment. n
EW YORK, NY — A joint venture between affiliates of Boston
Properties, Inc. and Rudin Development announced that it has closed on a $250 million construction loan for Dock 72, the 16-story, 675,000 s/f creative office development at the Brooklyn Navy Yard. The financing is led by J.P. Morgan , M&T Bank and U.S. Bank . With Dock 72, the joint venture is undertaking one of the largest New York City commercial buildings to be constructed outside of Man- hattan in decades. WeWork will anchor the new building with a 222,000 s/f lease in ad- dition to acting as co-developer and curator of the amenity spaces, which include a health and wellness center, specialty food and beverage offerings and a rooftop conference cen- ter. The joint venture broke ground in May 2016 and the project will be ready for tenant fit-out in late 2017 and will be completed in early 2018. “The Boston Properties/ NORTHERN NJ — Hol- liday Fenoglio Fowler, LP (HFF) announced that it has secured $162 million in financing for a 13-building industrial portfolio totaling 2.67 million s/f in North New Jersey. HFF worked on behalf of the borrower, Hartz Moun- tain Industries, Inc. , to place the 10-year, fixed-rate loan through Hartford In- vestment Management Company, HIMCO . HFF is servicing the loan. The 98%-leased buildings are located in Secaucus, Whip- pany, East Hanover, Bay- onne, Harsbrouck Heights, Harrison and North Bergen. Additionally, the portfolio includes one industrial spec building currently being con- structed in Linden. The port- folio features six percent office space. The HFF debt placement team representing the bor- rower was led by senior man-
Dock 72 rendering; Photo credit: S9 Architecture
Rudin team is excited to close this transaction with JP Mor- gan, M&T Bank and U.S. Bank to move forward with creating this dynamic, unique project, which will be the office building of the future,” said Michael Rudin , partner in Rudin Development, on behalf of the joint venture partner- ship. “Co-working space is an integral part of New York’s new economy, transforming
the way people do business. With the development of Dock 72, we are building the infra- structure to meet that growing demand.” “Representing an invest- ment of nearly $400 million, Dock 72 is already having a strong impact on the area’s economy, putting hundreds of people to work in what will be a truly iconic addition to the Brooklyn Navy Yard. In the
long term, the building’s ten- ants will bring thousands of good-paying jobs to the Yard, significantly contributing to the Yard’s largest expansion in 50 years,” said Brooklyn Navy Yard Development Corporation president and CEO David Ehrenberg . “Achieving this important milestone affirms the private sector’s confidence in both Dock 72 and in the Yard itself.”
HFF secures $162m financing for portfolio of 13 industrial buildings in North NJ
Hartz Mountain industrial property
Liberty Hall II
significant prepayment costs,” Didio said. UNION, NJ — HFF an- nounced that it has arranged an $11 million refinancing for Liberty Hall II, a recently- renovated, 146,779 s/f, class A office building in Union. HFF worked on behalf of the borrower, Lamar Com-
panies , to secure the floating- rate loan through Malvern Federal Savings Bank . Liberty Hall II is located at 1095 Morris Ave. directly across from Kean University in Union, a Central New Jer- sey township southwest of Newark. This location is four miles from the Garden State
Parkway and Interstates 78, 95 and 287, as well as ad- jacent to a proposed transit village featuring mixed-use properties with residential and retail uses. The HFF debt placement team representing the bor- rower was led by managing director Michael Klein . n
aging director Thomas Didio and real estate analyst Con- nor Milanaik . “Hartford Investment Man- agement Company was able to meet the borrower’s re- quired timeline to close the financing, which was very aggressive, and the lender was able to save the borrower
Made with FlippingBook - Online Brochure Maker