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Westbrook, RXR plan new tech offices at $161M Brooklyn site

Westbrook Partners and RXR Realty closed on the purchase of 47 Hall Street, a 550,000 s/f property just south of the Brooklyn Navy Yard, for $161 million.

Barry Sternlicht’s Starwood Capital Group is acting as the lender on the deal, sources said. Starwood provided a roughly $90 million acquisition loan and secured another $71 million for redevelopment costs. The transaction, which closed for north of $300 psf, is one of the bigger investment sales deals in Brooklyn.

The sellers are a partnership including Rubin Schron’s Cammeby’s International and Bruce Federman.
Westwood Realty Associates’ Steven Vegh, who was the sole broker on the sales transaction, confirmed the sale but declined to comment further.

Sources said the partners are planning to convert the property into Class-A office space for tech and creative tenants.
The total project cost, including the acquisition and redevelopment, is said to be close to $290 million.

2 Responses

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  1. Kirkland Robers
    Mar 11, 2016 - 03:05 PM

    I first heard about these tech offices a few weeks ago and I must say that Brooklyn is on it’s way to being the Silicon Valley of the east coast. Not only will there be quite a bit of new tech firms coming to Brooklyn, there are already quite a bit of great apartments as well. showcases a lot of these great units and I even found my last dream apartment on the site.

  2. Acorns Tiffany
    Oct 28, 2016 - 07:58 AM

    That is good news for Brooklyn! New tech offices mean new jobs and bigger revenues for the city. Bigger revenues mean more taxes to use for the improvement of the city. It is without an iota of doubt that Brooklyn is slowly becoming one of the most progressive cities in the United States.


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