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.
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