NEW YORK CITY — RFR Realty and Kushner Cos. have agreed to acquire a six-property portfolio in Brooklyn from the Watchtower Bible and Tract Society of New York Inc. for $375 million.
RFR and Kushner, both headquartered in New York City, say they plan to partner with LIVWRK Holdings to reposition the properties as “tech-friendly” office spaces.
“We are delighted to partner with Kushner Co. and team with LIVWRK to become the new stewards for these exceptional properties in this burgeoning neighborhood,” says Jason Brown, head of acquisitions at RFR.
The 1.2-million-square-foot portfolio of commercial properties includes 117 Adams Street, 175 Pearl Street, 55 Prospect Street, 81 Prospect Street, 77 Sands Street and 90 Sands Street.
Most of the sale is expected to close in September, but the 30-story hotel at 90 Sands St. will close separately in 2017, according to the New York Post.
“These properties feature large, creative office space right in the heart of the growing Brooklyn tech triangle,” says Jared Kushner, CEO of Kushner Cos. “We look forward to playing a key role in the continued improvement of the neighborhood and advancement of the market.”
Asher Abehsera of LIVWRK Holdings describes the portfolio acquisition as a game-changing move. “Watchtower took impeccable care of these assets and we are thrilled to help incorporate them into DUMBO’s thriving mixed-use community.” DUMBO (Down Under the Manhattan Bridge Overpass) is a neighborhood in Brooklyn.
The Watchtower Society, which is part of the Jehovah's Witnesses, a religious group, plans to move its headquarters from the organization’s current Brooklyn location in the DUMBO neighborhood to a 253-acre plot of land in upstate New York.
The organization has been located in and around the iconic Watchtower building in DUMBO since 1909, but its Bible printing and shipping services moved upstate in 2004, where it is much cheaper to operate, according to the New York Times.
The formation of LIVWRK is the culmination of Abehsera’s real estate expertise covering commercial acquisitions, development, design and sales and marketing.