RFR, Kushner’s Dumbo portfolio buy to spur development of Brooklyn Tech Triangle
RFR Realty and Kushner Companies’ $375 million purchase of the Jehovah’s Witnesses buildings in DUMBO will spur the neighborhood’s role in the ongoing creation of the Brooklyn Tech Triangle, real estate executives told the Brooklyn Eagle.
For the moment, finding spaces with large enough footprints for technology firms is a challenge in the area, Timothy King, managing partner at CPEX Real Estate, told the publication.
“A 15,000-square-foot space is non-existent,” he told the Eagle. “We field calls all the time for tenants of 100,000 to 250,000 square feet that want to be in DUMBO. We offer them alternatives in other neighborhoods.”
RFR and Kushner announced Monday that they were in contract to buy the six buildings, which boast a total of 1.2 million square feet of commercial space. The deal is expected to close in September and includes five industrial buildings: 117 Adams Street, 175 Pearl Street, 55 Prospect Street, 81 Prospect Street and 77 Sands Street. The sixth building at 90 Sands Street, a 30-story hotel, is expected to remain occupied until 2017.
RFR and Kushner said they will partner with Asher Abehsera’s LIVWRK Holdings to redevelop the Witnesses’ buildings.
And rather than competing with local developer Two Trees Managements’ portfolio, the development will enhance its value, King said. Two Trees declined the Eagle’s request for comment. [Brooklyn Eagle] –Julie Strickland