The Real Deal New York

Here’s what Kushner, CIM and LIVWRK plan to charge tenants at former Watchtower site

Office asking rents are $75 to $80 psf
January 23, 2018 10:05AM

Rendering of the Watchtower redevelopment (Credit: Columbia Heights Associates/Volley Studio)

After undertaking an $80 million renovation, the developers of the former Jehovah’s Witnesses headquarters are expected to ask office tenants to pay up to $85 a square foot.

A joint venture of CIM Group, LIVWRK Holdings and Kushner Companies, is renovating the five-building complex in Brooklyn Heights, which they purchased in 2016 for $340 million. The developers removed the iconic Watchtower sign last year and are renaming the office-and-retail complex Panorama.

LIVWRK founder and CEO Asher Abehsera told the New York Post that asking office rents will be $75 to $85 per square foot at the complex. However, a city-run program could allow tenants from outer boroughs to take another $15 to $20 off that price.

The office space is expected to span about 660,000 square feet, and one of the five buildings could become a boutique hotel, the Post reported. Floor plates at 25 and 30 Columbia Heights run between 20,000 and 38,000 square feet, Abehsera said.

A team from JLL led by Peter Riguardi and vice-chair Mitchell Konsker is handling office leasing.

As part of the renovation, the buildings will be painted light gray and outdoor terraces will be built-out for many of the offices. The largest of the buildings — 25 and 30 Columbia Heights — are connected by a sky bridge. [NYP] — Kathryn Brenzel