{"id":1004754410,"date":"2025-04-15T03:11:25","date_gmt":"2025-04-15T11:11:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004754410"},"modified":"2025-04-15T04:40:08","modified_gmt":"2025-04-15T12:40:08","slug":"cim-group-lands-245m-for-brooklyn-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cim-group-lands-245m-for-brooklyn-office-campus\/","title":{"rendered":"CIM Group Lands $245M for Brooklyn Office Campus"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Panorama.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"800\" data-attachment-id=\"1004754413\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cim-group-lands-245m-for-brooklyn-office-campus\/panorama\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Panorama.jpg\" data-orig-size=\"640,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Panorama\" data-image-description=\"&lt;p&gt;Property at 25, 30, 50, 58 Columbia Heights and 55 Furman St., Brooklyn, N.Y.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Proceeds go toward the refinancing of a 670,000-square-foot office campus in Brooklyn. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Panorama.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Panorama.jpg\" alt=\"Exterior shot of one of Panorama's buildings, an office campus in Brooklyn, N.Y.\" class=\"wp-image-1004754413\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Panorama.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Panorama.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">Panorama is a five-building office campus located within walking distance of Brooklyn Bridge. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>CIM Group has secured a $245 million refinancing loan for Panorama, a 670,000-square-foot office campus in Brooklyn, N.Y., according to CommercialEdge data. <\/p>\n\n\n\n<p>JPMorganChase originated the note. The lender also held the previous loan, amounting to $245 million as well, that was issued in 2022.<\/p>\n\n\n\n<p>Located on two city blocks at 25, 30, 50, 58 Columbia Heights and 55 Furman St., the five-building complex is within walking distance of Brooklyn Bridge. Lower Manhattan is roughly 2 miles away.<\/p>\n\n\n\n<p>The office campus, formerly known as The Watchtower, debuted between the 1920s and 1930s. It served as the headquarters of Jehovah\u2019s Witnesses until 2016, when a joint venture of CIM, LIVWRK and Kushner Cos. purchased it for $340 million.<\/p>\n\n\n\n<p>The Class A buildings\u2014some rising 12 stories\u2014unite through an interconnecting sky bridge. Property features comprise floorplates ranging from 6,975 to 26,860 square feet and 82,659 square feet of retail space, as well as 90,000 square feet of <a href=\"https:\/\/www.commercialsearch.com\/news\/why-cre-investors-are-zooming-in-on-studios\/\">film studio space<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/cre-lenders-banking-on-deal-momentum\/\">CRE Lenders Banking on Deal Momentum<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>In 2018, Kushner sold its stake in the property. One year later, the remaining partners repositioned the campus as a <a href=\"https:\/\/www.commercialsearch.com\/news\/enhancing-work-environments-through-creative-offices\/\">creative office environment<\/a>, rebranding it to Panorama. JPMorganChase issued a $335 million construction loan for the Gensler-designed revamp, CommercialEdge shows.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-demand-for-office-space-goes-up-in-brooklyn\">Demand for office space goes up in Brooklyn<\/h2>\n\n\n\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/largest-100-office-leases-of-2024-point-to-stabilization\/\">Office leasing activity<\/a> surged in Brooklyn during the first quarter of this year with a volume of 571,471 square feet, according to a report by Colliers. The figure nearly tripled year-over-year, expanding from just 206,515 square feet in the first three months of 2024.<\/p>\n\n\n\n<p>The average asking rent was down 1.4 percent over the quarter to $49.72 per square foot, the report shows. However, average rents for Class A space witnessed a small uptick of 0.4 percent, clocking in at $60.78 per square foot.<\/p>\n\n\n\n<p>In one of the largest leasing deals of the quarter, Tishman Speyer signed Brooklyn Prospect Charter School as <a href=\"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-secures-150-ksf-brooklyn-tenant\/\">a tenant at The Wheeler<\/a>. The school network agreed to occupy 150,000 square feet at the property for the next 35 years.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JPMorganChase provided the refinancing.<\/p>\n","protected":false},"author":3471,"featured_media":1004754414,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[33194,35274],"class_list":["post-1004754410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-cim-group","tag-jpmorgan-chase"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CIM Group Lands $245M for Brooklyn Office Campus - 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