Lincoln Property JV Acquires NYC Office Building

Lincoln Property Company and global mid-sized asset management platform Cross Oceans Partners have acquired the leasehold interest of 470 Vanderbilt Ave., a 650,000-square-foot office building in New York City. RXR Realty previously owned the property, according to Yardi Research Data.

The same source indicates that RXR Realty purchased the Brooklyn building over a decade ago for $194.5 million or $299.23 per square foot. The acquisition marked RXR’s first property in Brooklyn, Commercial Property Executive reported at the time. The building was converted back to an office property in 2012, after being used as a data center in 2001. A cosmetic renovation was completed at 470 Vanderbilt Ave. in 2014, the same source shows.

The mixed-use building features 10 stories with 20,000 square feet of ground-floor retail space. Floorplates range between 18,000 to 100,000 square feet with 14-foot ceiling heights. The building is 100 percent leased. Both the New York City Human Resources Administration and the New York City Housing Authority have been long-term anchor tenants at the building. Back in 2022, Commercial Observer reported that wholesale retailer, Boxed, signed a 10-year lease to utilize the available retail space.

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While this deal marks the two companies’ first joint venture, both have made advances in the office sector. The transaction represents Cross Oceans’ fourth office acquisition in the nation and Lincoln’s sixth property investment in the New York metro area in just over a year.

Located in the Prospect Heights neighborhood in Brooklyn, between Atlantic Ave. and Fulton St., the office building is steps away from the Barclays Center, home of the Brooklyn Nets and a popular concert venue. The Atlantic Terminal is also within walking distance, as is Prospect Park.

Office sector activity in NYC

New York City’s office sector remains hot, especially in the neighboring borough, Manhattan. At the end of July, BXP announced that it was beginning work on 343 Madison Ave., a Midtown high-rise totaling 930,000 square feet. Kohn Pedersen Fox designed the $2 billion tower, which is scheduled for delivery in 2029.

Also last month, Little Big Hospitality announced it was leasing 45,000 square feet for The Beginning Clubhouse at 50 Columbia Heights part of CIM’s Group Panorama office complex. The Beginning Clubhouse is a family-focused membership club that features work and meeting spaces, providing supervised daycare with organized classes for members to use. The tenant is expecting to welcome its first members next summer.