 Recently Brokered Leases
John L. Clark, SIOR, CRE and Brian M. Balash of Pyramid Brokerage Company, recently brokered two leases located at Widewaters Office Park in Dewitt, NY. Columbian Mutual Life leased 14,700 +/- SF at 5788 Widewaters Pkwy. Columbian is an insurance company that will be moving from their James Street building that Clark and Balash are currently brokering a sale. Pyramid Brokerage also acted as the local broker on behalf of RBC Dain Raucher, a full-service securities firms company that leased 12,000 +/- SF at 5790 Widewaters Pkwy. Both Widewaters buildings are owned and operated by HRPT Trust Properties.
Pyramid Brokerage Company Brokers the Sale of South Ogden Plaza
Buffalo, NY - A New York City investor has purchased the approximately 111,000 square foot South Ogden Plaza, a neighborhood mixed-use shopping center located at the confluence of New York State Thruway I-90/I-190 in the City of Buffalo, NY, from South Ogden Associates. Tenants include Center One, Big Lots and Family Dollar. The sale price was $3.3 million. This investor has retained Pyramid Brokerage Company to seek additional investments in Upstate New York. Arthur Judelsohn, Senior Executive Director of Pyramid Brokerage Company, a Cushman & Wakefield Alliance Member, was the sole broker who handled the negotiations for the sale of the plaza.
ROCHESTER TECHNOLOGY PARK/WELDRITE CLOSURES, INC.
David Farrington and John Kaman have recently completed a 49,158 Square Foot 10-year lease with Tech Park Owner LLC and Weldrite Closures, Inc. at 2292 Innovation Way (Building 8) in Rochester Technology Park (“RTP”). RTP, a 4,000,000 SF, 500-Acre former Eastman Kodak industrial complex, was recently purchased by Tech Park Owner LLC out of Delaware. Weldrite Closures, whose principals reside in Canada, is a new manufacturing company specializing in water-tight doors used in the marine industry, bringing new highly-skilled jobs into the market.
WILLIAM COLUCCI OF PYRAMID BROKERAGE COMPANY, RECENTLY BROKERED FIVE LEASES LOCATED AT 6131 THOMPSON ROAD IN SYRACUSE, NY
- ...Representing the Landlord LBCMT LLC. The building is now 100% occupied. Southard LTD has taken over 60,000 square feet of manufacturing and warehouse space. Upstate Niagara Cooperative, a dairy distribution company leased 12,000 sf; Upstate was represented by Gary Cottet of Pyramid Brokerage Company. Onondaga County has absorbed 7,000 sf with an option on an additional 5,000 sf. The County had worked with John Sposato of Pyramid Brokerage Company. Syracuse Dinette Center , relocated their distribution center, leasing 12,000 sf. Syracuse Dinette was represented by Michael Dougherty of JF Real Estate. 10,000 sf was leased to Beowulf Natural Feeds, a manufacturer and distributor of top quality human grade pet feeds throughout the entire world.
CUSHMAN & WAKEFIELD ALLIANCE MEMBER PYRAMID BROKERAGE COMPANY TO MERGE WITH UPSTATE COMMERCIAL GROUP
SYRACUSE, N.Y. – Pyramid Brokerage Company, Cushman & Wakefield’s Upstate New York alliance partner, expands into the Hudson Valley region and Columbia, Greene, Ulster, Delaware, Sullivan, Orange and Rockland counties with its acquisition of Kingston-based Upstate Commercial Group.
Upon the merger of the two firms, Steven Perfit, president of Upstate Commercial Group, becomes managing director of Pyramid Brokerage’s Hudson Valley operations. All current UCG employees will join Pyramid Brokerage as well. “Until now, the Hudson Valley region has been a very fragmented marketplace,” Perfit said. “This will change it overnight. There’s no other firm in the region like Pyramid Brokerage, and in my opinion, there’s no other firm in the world like Cushman & Wakefield,” explained Perfit.
According to Lance Matteson, President, Ulster County Development Corporation and Chief Executive Officer of the Ulster County Industrial Development Agency, “The Hudson Valley is experiencing some robust growth. Ulster County and the surrounding area is an ideal landing zone for major companies that want to be accessible to the New York City area, companies that might have a presence in the City or in Upstate and want a site nearby.” “Our location, affordability and the availability of attractive sites ready for development make this an ideal time for an organization like Pyramid Brokerage to combine with Upstate Commercial Group,” said Matteson.
Perfit, a member of the board and executive committee of the CCIM Institute, the industry’s leading professional certification society, points to a major developing trend in the region. “The Hudson Valley is clearly becoming an emerging corridor for economic development. Manhattan’s escalating rents and commercial space shortages are squeezing businesses up the river. And they’re finding lower costs and excellent transportation into and out of New York City, so it’s a natural development.”
“With this combination, we’ll obtain huge new market exposure for our clients’ properties, and open the door to many new opportunities to bring more businesses and jobs to the Hudson Valley,” Perfit continued.
On August 28, 2007, Pyramid Brokerage became Cushman & Wakefield’s exclusive alliance member for all of Upstate New York. The world's largest privately held real estate services firm, Cushman & Wakefield enjoys strong relationships with Fortune 500 corporations and major global firms. Pyramid Brokerage is one of only 21 US members of the alliance consisting of independently owned and operated firms.
“With its size and reach, Cushman & Wakefield plays a major role in the site selection process for clients from around the world,” said Robert Berkey, COO of Pyramid Brokerage Company.
“Cushman & Wakefield also gives us greater capabilities and knowledge, more contacts and staff support—all of which will enable us to provide more and better services to our clients.”
“As a firm, we see opportunity in Upstate New York and we’re committed to offering our clients best-in-class service to capitalize on the region’s continued revitalization and growth,” said Dave Lawton, executive managing director of Cushman & Wakefield’s Alliance Program.
“We’re pleased to see Pyramid Brokerage expanding their already-established dominance deep into the Hudson Valley just five months after becoming our partner. This is a great development for all three of us,” Lawton said.
LARGEST MULTI-FAMILY TRANSACTION IN BROOME COUNTY
Pyramid Investment Properties Group, a division of Pyramid Brokerage
Company recently brokered the sale of a 602 unit apartment portfolio
for $14,700,000 in Binghamton, NY. Kevin Besser, CCIM, Executive
Director of Pyramid Investment Properties Group, represented the
Seller BRT, LLC and Maureen DeJure Wilson, CCIM, SIOR, President
of Pyramid's Binghamton office represented the Buyer, Coolidge Equities,
LTD. The transaction, a 13 property portfolio, consisted of Glendale
Apartments, Hillside Court Apartments, Dudley Court Apartments,
Barteau Apartments, JFK Garden Apartments, 58 Floral Apartments,
85 Floral Apartments, Orton Apartments, Helen Apartments, Arthur
Street Apartments, Penn Manor Apartments, Guilfoyle Apartments,
Webster Court, 273 Riverside Drive located Endicott, Endwell, Johnson
City, and Binghamton, NY.
This transaction represents the largest multifamily transaction
ever completed in Broome County and makes Coolidge Equities the
largest landlord in the Greater Binghamton Market. This transaction
is further proof that the Greater Binghamton market is attractive
to investors who look for stable investments in Upstate New York.
Pyramid Investment Properties Group is an experienced market leader
focused exclusively on the acquisition and disposition of commercial
investment-grade properties. As a division of Pyramid Brokerage
Company, Pyramid Investment Properties Group is backed by over three
decades of expertise and the strength of a large, full service real
estate organization with 9 regional offices located in Upstate,
New York and global resources. Pyramid Brokerage Company is Upstate
New York's exclusive member of the Cushman & Wakefield Alliance.
PYRAMID BROKERAGE FORGES ALLIANCE WITH CUSHMAN & WAKEFIELD
Syracuse, NY - Beginning August 28, Pyramid Brokerage Company
will become the exclusive alliance partner for all of Upstate New
York with Cushman & Wakefield, the world's largest privately held
real estate services firm.
"As a firm, we see opportunity in Upstate New York and we're committed to offering our clients best-in-class service to capitalize on the region's continued revitalization and growth," said Dave Lawton, executive managing director of Cushman & Wakefield's Alliance Program, an association of 22 leading regional commercial real estate firms in strategic U.S. markets. "We asked Pyramid Brokerage to be our sole statewide alliance partner because of their already-established dominance across the entire region. We believe that the combined strength of our two companies offers clients premier local and global expertise and that this association will benefit the greater economic development of Upstate New York."
Cushman & Wakefield's strong relationships with Fortune 500 corporations and major global firms will open the door to many new opportunities for Pyramid Brokerage while creating the potential to bring more businesses and jobs to Upstate New York.
"With its size and reach, Cushman & Wakefield plays a major role in the site selection process for major clients from around the world," said Robert Berkey, COO of Pyramid Brokerage. "Cushman & Wakefield also gives us greater capabilities and knowledge, more contacts and staff support-all of which will enable us to provide bigger and better services to our clients."
For many years, Cushman & Wakefield has worked with Pyramid Brokerage on several individual projects. The alliance will provide Pyramid Brokerage with superior and more extensive resources as well as more business relationships in major markets including: New York City, Los Angeles, Chicago, London, Tokyo and Beijing.
"To be invited by Cushman & Wakefield and join an exclusive alliance is both a tremendous honor and a significant opportunity for Pyramid Brokerage," Berkey said. "Only 22 other firms in the United States are members of this alliance, and we're pleased to be a member of this exclusive group."
About Cushman & Wakefield
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 201 offices in 55 countries, and more than 12,000 professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. The firm also provides valuation advice, strategic planning and research, portfolio analysis, site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, visit the firm's Web site at www.cushwake.com.
CLARK ATTAINS CRE DESIGNATION
Syracuse, NY - John Clark, President of Pyramid Brokerage Company, has achieved the prestigious designation of Counselor of Real Estate. Mr. Clark was inducted at a ceremony on April 3, 2006 in Charleston, SC.
The Counselors of Real Estate is an international group of professional leaders who provide expert, objective advice on complex real property situations and land related matters. Over 300 of the Fortune 500 companies retain CREs for advice on real estate holdings and investments along with public and private property owners, attorneys, developers and institutions of all kinds. Membership is selective with only 1,100 practitioners world-wide carrying the CRE designation.
Mr. Clark is a graduate of Syracuse University and has been involved in the real estate industry for 30 years. He is also a member of the Society of Industrial and Office Realtors. John, his wife Chris and their two children reside in Fayetteville, NY.
MAJOR OFFICE PORTFOLIO TRADES HANDS IN UPSTATE NEW YORK
Syracuse, NY - In one of Upstate New York's most significant commercial real estate transactions in recent history, locally based Widewaters Group has sold 24 suburban office properties to HRPT Properties Trust of Newton, Mass., announced Andrew Merin of Cushman & Wakefield's Metropolitan Area Capital Markets Group. Cushman & Wakefield and John Clark of Pyramid Brokerage Company orchestrated the disposition, which included approximately 1.4 million square feet of Class A office space.
The portfolio features core office assets in Syracuse, Rochester and Sherburne. Among its highlights, the Syracuse assets include eight buildings within Widewaters Office Park and three buildings within Brittonfield Office Park in Dewitt. The Rochester assets include six buildings within Woodcliff Office Park.
"These trophy properties are recognized among the largest and most prominent Class A addresses within their regions," Merin said. "All feature prime locations within high-growth submarkets, boast an overall occupancy rate near 90 percent and serve as home to a strategic mix of prestigious corporate tenants with varying lease expirations. Simply put, the offering provided an excellent opportunity for an investor to gain premier critical mass."
Widewaters Group launched the development of the portfolio in 1982 and remains headquartered at Widewaters Office Park. According to Joseph Scuderi, the firm's president, this disposition is part of a strategic product type and geographical diversification program. During the past few years, the firm has expanded its reach as far north as Maine, west to Pennsylvania, and south to North Carolina, adding retail properties and hotels to its now 4.7 million square feet in commercial holdings. The firm will use proceeds from the sale for new acquisitions.
"This portfolio represented a substantial holding for Widewaters, and it was very
important to us to find the best buyer to represent the properties," Scuderi said. "We wanted an off-market transaction, and Cushman & Wakefield had the best experience to guide us through it and bring us potential buyers."
In cooperation with Pyramid Brokerage, the Metropolitan Area Capital Markets Group targeted the offering to a select group of investors, including HRPT, which as of December 31, 2005, owns 55 million square feet located in 32 states and Washington, D.C.
"The Upstate New York office market continues to maintain a steady, healthy pace, and within this context these properties are well positioned to thrive under their new owner's direction," said Clark, president of Pyramid Brokerage, which will continue as leasing agent for the portfolio for HRPT.
SWIFT SALE OF 1850 MT. READ BLVD
Rochester, NY - Within months after obtaining an exclusive listing for a 30,192 SF industrial property at 1850 Mt Read Blvd in Rochester, Daniel O'Neill, SIOR and Dave Farrington of Pyramid Brokerage Company in Rochester successfully procured a buyer in conjunction with Moore Commercial Real Estate. The property, owned by JDTM Properties of Annapolis, Maryland, was listed in August 2005 and closed in March, 2006.
TOWN OF BRIGHTON PROPERTY LEASED, SOLD, FINANCED
Rochester, NY - Pyramid Brokerage of Rochester recently brokered and arranged financing for the sale of a 15,504 SF office building at 211 White Spruce Blvd in the Town of Brighton. Commerce Centers LLC had retained Pyramid as exclusive listing agent for both the leasing and sale of the property in 2003. Daniel O'Neill, SIOR and Tom Bean, both of Pyramid, leased portions of the building and actively marketed the investment opportunities the property offered.
David Farrington of Pyramid procured a buyer and John Kaman, Executive Director of Pyramid Capital Group, orchestrated competition among lenders to secure aggressive financing for the buyer. Pyramid Brokerage Company truly was a "one stop shop" for this multi-faceted transaction which closed in March, 2006.
BESTWAY ENTERPRISES BUILDING SOLD
Syracuse, NY - Jeffrey Kelsen of Pyramid Brokerage Company brokered the sale of a 76,000 SF industrial building located at 7197 Route 281 in Preble, NY for Saulsbury Fire Equipment. Bestway Enterprises, Inc., who currently mill, kiln dry and pressure-treat softwood lumber for preservation and fire retardation purposes, purchased the property and plans to create a company to manufacture a new state-of-the art composite product line for the building industry. The new company, Bestdeck, will create 40 new full-time permanent jobs, with room for future growth.
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