Kushner, CIM & LIVWRK close on $340M Watchtower buy

Deal is among the largest ever completed in Brooklyn

New York /
Aug.August 04, 2016 09:48 AM

A partnership led by Kushner Companies, CIM Group and LIVWRK has finalized a deal for the famed Jehovah’s Witnesses’ Watchtower building in Brooklyn, The Real Deal has learned. The deal, valued at $340 million, is one of the largest ever closed in the borough.

A spokesperson for the developers could not immediately be reached.

Kushner and LIVWRK have been rumored to be buying the 733,000-square-foot headquarters at 25-30 Columbia Heights since April. Aby Rosen’s RFR Holding was initially slated to be a partner on the deal but multiple sources said he was no longer involved. Rosen could not be immediately reached for comment.

The Watchtower partners are also in contract to buy a 35,000-square-foot site at 85 Jay Street in Dumbo with 1.1 million square feet of as-of development rights. That deal has not yet closed.

Cushman & Wakefield’s Bob Knakal represented the sellers on the deal for 25-30 Columbia Heights.

Kushner and LIVWRK previously partnered with RFR to buy and reposition five other buildings formerly owned by the Witnesses in Dumbo for $375 million. That complex is now known as Dumbo Heights and counts WeWork and Etsy among is tenants. The Watchtower building will also likely be repositioned as a creative office tower, sources said.

The Witnesses are reportedly leaving the borough altogether after setting up a new headquarters in Warwick, NY.


Related Articles

arrow_forward_ios
From left: Kushner Companies’ Charles Kushner, Fortress Investment Group's Peter Briger, and Veris Residential’s Mahbod Nia (Getty, Fortress Investment Group, YouTube)
Kushner gets Fortress to fund hostile takeover of Veris
Kushner gets Fortress to fund hostile takeover of Veris
From left: Kushner Companies' Charles Kushner and Veris Residential's Mahbod Nia (Getty, Veris Residential)
Veris rejects Kushner’s takeover bid
Veris rejects Kushner’s takeover bid
Laurent Morali and 99 East 7th Street (left), 156 Sullivan Street (middle), and 318 East 6th Street (right) (Photo Illustration by The Real Deal with Getty, Google Maps, Compass, Apartments.com)
Kushners look to sell big piece of Manhattan apartment holdings
Kushners look to sell big piece of Manhattan apartment holdings
Kushner Companies' Charlie Kushner, Veris Residential's Mahbod Nia (Elkus Manfredi Architects, Getty, Veris Residential)
Kushner trashes Veris leadership to boost takeover bid
Kushner trashes Veris leadership to boost takeover bid
Nicole Kushner Meyer with 812 Park Avenue (Kushner, Google Mpas, Getty)
Nicole Kushner Meyer lists Lenox Hill co-op for $12M
Nicole Kushner Meyer lists Lenox Hill co-op for $12M
JLL NY investment sales chairman Bob Knakal with 737 Park Avenue
Bob Knakal lists Park Avenue pad for $13M
Bob Knakal lists Park Avenue pad for $13M
Puck Building at 293 Lafayette Street (Kushner)
Penthouse at Kushner’s Puck asks $35M
Penthouse at Kushner’s Puck asks $35M
Jersey City mayor Steven Fulop, Kushner Companies' Nicole Kushner Meyer and render of One Journal Square (Getty Images, Kushner Companies)
“Charlie, we did it”: Kushner breaks ground on long-delayed towers
“Charlie, we did it”: Kushner breaks ground on long-delayed towers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...