Joint venture closes $128M deal at 12 MetroTech Center

Transaction includes $106M in acquisition financing from Starwood

New York /
Aug.August 16, 2021 04:00 PM
12 MetroTech Center with Davidson Kempner Capital Management's Anthony A. Yoseloff (Getty, Brookfield)

12 MetroTech Center with Davidson Kempner Capital Management’s Anthony A. Yoseloff (Getty, Brookfield)

A subsidiary of Brookfield Property Partners has sold a downtown Brooklyn office condominium for $128 million.

A joint venture between 60 Guilders and the hedge fund Davidson Kempner purchased the commercial condo at 12 MetroTech Center. The deal closed Aug. 10.

The Real Deal first reported in May that the 186,000-square-foot condo was to be sold for approximately $700 per square foot.

The acquisition involved $106 million in acquisition financing from Starwood Property Trust.

Brookfield acquired the condo unit in 2018 through its $6.8 billion purchase of Forest City Realty Trust. The MetroTech complex was developed in the 1980s at a time when city officials feared losing corporate tenants to the suburbs and Brooklyn had little Class A office space.

Seven of the 30 floors are leased to the city’s Administration for Children’s Services, which takes up 140,000 square feet of office space. The lower 25 floors are owned by the city and house Kings County Family Court.

The transaction is one of the larger office deals of the pandemic.





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