The partnership between Kushner Companies, RFR Realty and Invesco has tapped CPEX to lease the retail space in the newly acquired $375 million Watchtower portfolio in Dumbo. The purchase of the commercial properties that compose the portfolio from the Jehovah’s Witnesses was the largest of the year in Brooklyn.
“We interviewed several brokers and went with CPEX because we felt they shared the same vision that we should create an environment that would draw proprietors offering best in class services,” Kushner Companies CEO Jared Kushner said in a statement.
Tim King, managing partner at CPEX, will lead the marketing and leasing efforts with managing director Ryan Condren, associate Kristina Triglia and associate George Danut.
Five of the buildings in the 1.2 million-square-foot portfolio are industrial properties within Brooklyn’s so-called “Tech Triangle.” Each of the buildings will be repositioned to add retail components that will amount to some 150,000 square feet in total, according to the New York Observer. Those addresses include: 117 Adams Street, 175 Pearl Street, 77 Sands Street, 81 Prospect Street and 55 Prospect Street.
Plans for the sites includes creating storage and repair stations for 5,000 bicycles. CPEX will focus on bringing on local Brooklyn-based tenants.
“The goal is to become a destination,” Kushner added. “If we curate it with the right mix of tenants, we feel we will be able to create a destination that people will come to for a variety of activities.” [NYO] –Christopher Cameron