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Lincoln Property JV Acquires City-Leased Brooklyn Offices
Cross Ocean Partners and Lincoln Property Company have acquired the leasehold interest of a fully occupied office building in Brooklyn. Located at 470 Vanderbilt Ave. in Clinton Hill, the 650,000-square-foot property is anchored by longstanding tenants New York City Human Resources Administration and New York City Housing Authority. The sale price was not disclosed; owner RXR most recently refinanced the property for $182 million in 2019.
This is the first joint venture for Cross Ocean and Lincoln and the fourth office acquisition for Cross Ocean nationally. It marks Lincoln’s sixth investment in the New York Metro Area over the past year.
“470 Vanderbilt represents an ideal blend of credit cash flow and asymmetric upside,” said Jared Toothman, market leader for Lincoln’s New York Metro business. “Lincoln, among the most prolific office developers and owner-operators over the past 50 years, is honored to partner with premier investors such as Cross Ocean to expand our portfolio into New York City at an optimal point in the investment cycle.”
- ◦Sale/Acquisition
