The Real Deal New York

Est4te Four seeking partner for Red Hook waterfront complex

Italian firm wants $100M for 49 percent stake in office project

August 17, 2015 03:20PM

Rendering of Red Hook Innovation Studios in Brooklyn

Rendering of Red Hook Innovation Studios in Brooklyn (credit: NBBJ)

The Italian firm planning a sprawling office complex along the Red Hook waterfront is seeking a partner willing to invest upwards of $100 million into the project.

Milan-based Est4te Four is looking to sell a 49 percent stake in the planned 1.2 million-square-foot complex known as Red Hook Innovation Studios. Upon completion, the project would be the largest block of newly constructed office space available for rent outside Manhattan.

Est4te Four plans to spend $400 million on the five-building development, which could break ground next year when leases at the existing warehouses and parking lots on the site expire, according to Crain’s. The firm, which also has projects in Los Angeles, London and Milan, spent roughly $61 million over the past three years assembling the Red Hook site.

A Cushman & Wakefield team led by Bob Knakal is marketing the minority stake in the project. The development would cater to creative, fashion and tech tenants that have increasingly looked to Brooklyn in recent years – leading to a wave of office developments in the borough, such as the 6 million-square-foot Industry City in nearby Sunset Park. [Crain’s]Rey Mashayekhi