Lincoln Property Firm and world mid-sized asset administration platform Cross Oceans Companions have acquired the leasehold curiosity of 470 Vanderbilt Ave., a 650,000-square-foot workplace constructing in New York Metropolis. RXR Realty beforehand owned the property, in keeping with Yardi Analysis Knowledge.
The identical supply signifies that RXR Realty bought the Brooklyn constructing over a decade in the past for $194.5 million or $299.23 per sq. foot. The acquisition marked RXR’s first property in Brooklyn, Business Property Government reported on the time. The constructing was transformed again to an workplace property in 2012, after getting used as a knowledge middle in 2001. A beauty renovation was accomplished at 470 Vanderbilt Ave. in 2014, the identical supply reveals.
The mixed-use constructing options 10 tales with 20,000 sq. toes of ground-floor retail house. Floorplates vary between 18,000 to 100,000 sq. toes with 14-foot ceiling heights. The constructing is 100% leased. Each the New York Metropolis Human Sources Administration and the New York Metropolis Housing Authority have been long-term anchor tenants on the constructing. Again in 2022, Business Observer reported that wholesale retailer, Boxed, signed a 10-year lease to make the most of the obtainable retail house.
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Whereas this deal marks the 2 firms’ first three way partnership, each have made advances within the workplace sector. The transaction represents Cross Oceans’ fourth workplace acquisition within the nation and Lincoln’s sixth property funding within the New York metro space in simply over a yr.
Situated within the Prospect Heights neighborhood in Brooklyn, between Atlantic Ave. and Fulton St., the workplace constructing is steps away from the Barclays Middle, dwelling of the Brooklyn Nets and a preferred live performance venue. The Atlantic Terminal can also be inside strolling distance, as is Prospect Park.
Workplace sector exercise in NYC
New York Metropolis’s workplace sector stays scorching, particularly within the neighboring borough, Manhattan. On the finish of July, BXP introduced that it was starting work on 343 Madison Ave., a Midtown high-rise totaling 930,000 sq. toes. Kohn Pedersen Fox designed the $2 billion tower, which is scheduled for supply in 2029.
Additionally final month, Little Massive Hospitality introduced it was leasing 45,000 sq. toes for The Starting Clubhouse at 50 Columbia Heights a part of CIM’s Group Panorama workplace advanced. The Starting Clubhouse is a family-focused membership membership that options work and assembly areas, offering supervised daycare with organized courses for members to make use of. The tenant is anticipating to welcome its first members subsequent summer season.
