search

The Real Deal Logo

Trending

HGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aTrump accused of making false statements about $50M Chicago tower loanTrump accused of making false statements about $50M Chicago tower loanTracking $12B in out-of-state and foreign home purchases in Palm Beach CountyTracking $12B in out-of-state and foreign home purchases in Palm Beach County
Popular
New York

Treeline buys top of Brooklyn office building for $30M

Space was formerly owned and occupied by Santander Bank

195 Montague Street in Downtown Brooklyn and The Treeline Companies' C. Glenn Schor
195 Montague Street in Downtown Brooklyn and The Treeline Companies' C. Glenn Schor

The Treeline Cos. shelled out $30 million for the top four stories of an office building at 195 Montague Street in Downtown Brooklyn. The Brooklyn commercial landlord purchased the space as a condo interest from owner and occupant Santander Bank, which is planning to move out by the summer, Crain’s reported. The transaction was completed in a joint venture with Long Wharf Real Estate Partners and KABR Realty.

Sign Up for the undefined Newsletter

The 13-story building spans 250,000 square feet and sits between Brooklyn Heights and Downtown Brooklyn. Glenn Schor, president and founder of Treeline, said that their properties are full and they have been in the market for more office space to cater to rising demand in the area. “We’re seeing an influx of larger office users, when traditionally this neighborhood years ago had been populated by smaller businesses,” Schor said. “We saw a real opportunity with this deal to cater to the tenants looking for bigger blocks.”

Treeline owns a portfolio totaling about 700,000 square feet of office space. It listed the top four floors of a separate Downtown Brooklyn office building for $100 million in November. [Crain’s] — Tess Hofmann