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

Office asking rents are $75 to $80 psf

Jan.January 23, 2018 10:05 AM

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 

Related Articles

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Brookfield's Ric Clark (Credit: Getty Images)

“There was no quid pro quo”: Ric Clark on Brookfield’s 666 Fifth purchase, and renovation plans

South Carolina town puts moratorium on development (Credit: iStock)

The high cost of low taxes: South Carolina town bans all development for 16 months

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

Scale model of Manhattan at Gulliver's Gate (Credit: Getty Images)

Gulliver’s Gate closes at Kushner’s Times Square property