{"id":1004768187,"date":"2025-08-12T03:53:10","date_gmt":"2025-08-12T11:53:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004768187"},"modified":"2025-08-23T01:17:16","modified_gmt":"2025-08-23T09:17:16","slug":"lincoln-property-jv-acquires-nyc-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-acquires-nyc-office-building\/","title":{"rendered":"Lincoln Property JV Acquires NYC Office Building"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/470-Vanderbilt-Avenue.png\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004768188\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-acquires-nyc-office-building\/470-vanderbilt-avenue\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/470-Vanderbilt-Avenue.png\" data-orig-size=\"800,620\" 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;&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=\"470 Vanderbilt Avenue\" data-image-description=\"&lt;p&gt;470 Vanderbilt Ave. from Yardi Matrix &lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;RXR purchased 470 Vanderbilt Ave. for $194.5 million in 2014. Image courtesy of Yardi Matrix &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/470-Vanderbilt-Avenue.png?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/470-Vanderbilt-Avenue.png?w=800\" alt=\"An exterior photo of 470 Vanderbilt Ave., in Brooklyn, N.Y.\" class=\"wp-image-1004768188\" style=\"width:379px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/470-Vanderbilt-Avenue.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/470-Vanderbilt-Avenue.png?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/470-Vanderbilt-Avenue.png?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><figcaption class=\"wp-element-caption\">RXR purchased 470 Vanderbilt Ave. for $194.5 million in 2014. <em>Image courtesy of Yardi Research Data<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>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.<\/p>\n\n\n\n<p>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&#8217;s first property in Brooklyn, <em>Commercial Property Executive<\/em> reported at the time.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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, <a href=\"https:\/\/commercialobserver.com\/2022\/08\/boxed-grocery-store-470-vanderbilt-avenue-brooklyn\/\"><em>Commercial Observer<\/em> reported<\/a> that wholesale retailer Boxed signed a 10-year lease to utilize the available retail space.<\/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\/office-tenants-closer-to-getting-hybrid-right\/\">Office Tenants Closer to Getting Hybrid Right<\/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>While this deal marks the two companies&#8217; first joint venture, both have made advances in the office sector. The transaction represents Cross Oceans&#8217; <a href=\"https:\/\/www.commercialsearch.com\/news\/cross-ocean-jv-buys-la-asset-for-69m\/\">fourth office acquisition<\/a> in the nation and Lincoln\u2019s sixth property investment in the New York metro area in just over a year.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-office-sector-activity-in-nyc\">Office sector activity in NYC<\/h2>\n\n\n\n<p>New York City&#8217;s office sector remains hot, especially in the neighboring borough, Manhattan. At the end of July, BXP started <a href=\"https:\/\/www.commercialsearch.com\/news\/2b-midtown-office-tower-goes-vertical\/\">vertical construction on 343 Madison Ave.<\/a>, a Midtown high-rise totaling 930,000 square feet. Kohn Pedersen Fox designed the $2 billion tower, which is scheduled for delivery in 2029.<\/p>\n\n\n\n<p>Also last month, Little Big Hospitality leased 45,000 square feet for <a href=\"https:\/\/www.commercialsearch.com\/news\/cim-group-inks-45-ksf-in-brooklyn\/\">The Beginning Clubhouse<\/a> at 50 Columbia Heights, part of CIM\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This Brooklyn asset previously traded for $195 million.<\/p>\n","protected":false},"author":3749,"featured_media":1004768188,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1600,21742,10,21747],"tags":[32838],"class_list":["post-1004768187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-lincoln-property-company"],"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>Lincoln Property JV Acquires NYC Office Building - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Cross Oceans Partners and Lincoln Property Group teamed to acquire a 650,000-square-foot office building in Brooklyn.\" \/>\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\/lincoln-property-jv-acquires-nyc-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lincoln Property JV Acquires NYC Office Building\" \/>\n<meta property=\"og:description\" content=\"Cross Oceans Partners and Lincoln Property Group teamed to acquire a 650,000-square-foot office building in Brooklyn.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-acquires-nyc-office-building\/\" \/>\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=\"2025-08-12T11:53:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-23T09:17:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/470-Vanderbilt-Avenue.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Mikayla Sciortino\" \/>\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\/lincoln-property-jv-acquires-nyc-office-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-acquires-nyc-office-building\/\",\"name\":\"Lincoln Property JV Acquires NYC Office Building - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-acquires-nyc-office-building\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-acquires-nyc-office-building\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/470-Vanderbilt-Avenue.png\",\"datePublished\":\"2025-08-12T11:53:10+00:00\",\"dateModified\":\"2025-08-23T09:17:16+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f119cdcafd70d8f34fc5aa340ed5382b\"},\"description\":\"Cross Oceans Partners and Lincoln Property Group teamed to acquire a 650,000-square-foot office building in Brooklyn.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-acquires-nyc-office-building\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-acquires-nyc-office-building\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-acquires-nyc-office-building\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/470-Vanderbilt-Avenue.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/470-Vanderbilt-Avenue.png\",\"width\":800,\"height\":620,\"caption\":\"RXR purchased 470 Vanderbilt Ave. for $194.5 million in 2014. 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