Lincoln Property JV Acquires NYC Office Building
This Brooklyn asset previously traded for $195 million.
Lincoln Property Co. 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 asset over a decade ago for $194.5 million or $299.23 per square foot. The acquisition marked the firm’s first property in Brooklyn, Commercial Property Executive reported at the time.
The building was converted back to office use in 2012, after being used as a data center. A cosmetic renovation was completed at 470 Vanderbilt Ave. in 2014.
The mid-rise 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 property is 100 percent leased, with the New York City Human Resources Administration and the New York City Housing Authority serving as its long-term anchor tenants. 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 of Brooklyn, between Atlantic Avenue and Fulton Street, the office building is steps away from Barclays Center, home of the Brooklyn Nets and a popular concert venue. 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 started vertical construction 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 leased 45,000 square feet for The Beginning Clubhouse at 50 Columbia Heights, part of CIM’s Group Panorama office complex. The family-focused membership club 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.
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