{"id":1004125235,"date":"2015-08-13T07:28:51","date_gmt":"2015-08-13T15:28:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004125235"},"modified":"2022-12-06T07:19:03","modified_gmt":"2022-12-06T15:19:03","slug":"madison-realty-capitals-whale-of-a-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/madison-realty-capitals-whale-of-a-deal\/","title":{"rendered":"Madison Realty Capital’s Whale of a Deal"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/em><\/p>\n

A seven-story, 400,000-square-foot industrial property in Brooklyn is Madison Realty Capital\u2019s latest acquisition in the New York City borough. \u00a0Known as the Brooklyn Whale Building, it commanded $82.5 million in an off-market acquisition, the buyer announced Tuesday.<\/p>\n

MRC plans to continue and expand the previous owner\u2019s repositioning of the full-block industrial building into a \u201cpremier creative\/tech office destination.\u201d<\/p>\n

\"The<\/a>

The Brooklyn Whale Building, acquired by Madison Realty Capital.<\/p><\/div>\n

Located at 14 53rd St. in the Sunset Park neighborhood\u2019s new 22-acre waterfront park, the property is undergoing more than $8 million in renovations intended to create \u201ca state-of-the-art office hub\u201d aimed at mid-size companies in the technology, media and creative arts sectors, as well as garment industry and back-office tenants.\u00a0 Updates include energy-efficient windows, new elevators, a new roof, improved power infrastructure, a new lobby with concierge desk and spaces for amenity shops. Completed in 1918, the building was later the headquarters for the Whale Oil Co.<\/p>\n

The building is currently 79 percent occupied. \u201cCurrent tenants\/uses include creative tenancy, a healthcare company, showrooms, some fashion industry tenants and media tenants,\u201d an MRC spokesperson told Commercial Property Executive<\/em>.<\/p>\n

Aaron Jungreis of Rosewood represented both the seller and buyer in the transaction.<\/p>\n

\u201cWe anticipate strong interest once the renovations have been completed, given the high demand and short supply of quality affordable office product in Brooklyn, particularly for creative and tech tenants,\u201d Joshua Zegen, co-founder and managing principal of MRC, said in a statement. \u201cSunset Park has historically demonstrated strong and consistent occupancy and rental rate performance. But this area\u2019s transformation over the last few years has now positioned it among the hottest office neighborhoods in New York City.\u201d<\/p>\n

Last March, MRC announced the purchase of\u00a0 29 Ryerson St.<\/a>, a 250,000-square-foot warehouse building near the Brooklyn Navy Yard that MRC plans to convert to Class A creative office space.<\/p>\n

A 2015 Office Market Update by Sperry Van Ness highlights Brooklyn as one of 10 noteworthy office markets nationwide, noting that recently, \u201cthe burgeoning tech sector has fueled demand for flexible office space with less traditional formats.\u201d<\/p>\n

The report points out that with TAMI (technology, advertising, media and information) tenants driving downtown Brooklyn\u2019s office vacancy below 4 percent, developers are looking at other neighborhoods. Sperry Van Ness calls out industrial space in Sunset Park as among \u201cthe next hopeful TAMI magnets.\u201d<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The firm is repositioning a century-old waterfront property as a magnet for technology, media and creative tenants. <\/p>\n","protected":false},"author":445,"featured_media":1004125240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1600,21742,10,21747],"tags":[],"class_list":["post-1004125235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nMadison Realty Capital's Whale of a Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/madison-realty-capitals-whale-of-a-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Madison Realty Capital's Whale of a Deal\" \/>\n<meta property=\"og:description\" content=\"The firm is repositioning a century-old waterfront property as a magnet for technology, media and creative tenants.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/madison-realty-capitals-whale-of-a-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-08-13T15:28:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T15:19:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/Brooklyn-Whale.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2448\" \/>\n\t<meta property=\"og:image:height\" content=\"3264\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Paul Rosta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/madison-realty-capitals-whale-of-a-deal\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/madison-realty-capitals-whale-of-a-deal\/\",\"name\":\"Madison Realty Capital's Whale of a Deal - 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