Kushner Companies, RFR Realty and LIVWRK have bought out partner Invesco Real Estate’s stake in Dumbo Heights.
The site, a five-building mixed-use campus along the East River waterfront, was once part of the Jehovah’s Witnesses’ portfolio in Brooklyn.
According to a previous report from the New York Post, billionaire Wilbur Ross, through Invesco Mortgage Recovery Fund, held a 90 percent share in the project. In 2013, Kushner, RFR, LIVWRK and Invesco acquired the 1.2 million s/f complex for $375 million.
“DUMBO Heights provides one of the premier innovation economy work environments anywhere in the region, and we’re fully committed to it for the long haul,” said Laurent Morali, president of Kushner Companies.
“From day one, this project has been about raising the bar for an urban office campus, and we couldn’t have achieved that without Invesco Real Estate’s partnership.”
Tenants in the complex include WeWork, Etsy, Frog Design and Prolific Interactive. It also has houses retail tenants Bluestone Lane Coffee, Taco Dumbo, Dig Inn, Untamed Sandwiches, Glaze Teriyaki, Yoga Vida and Shadowbox.
The most recent lease deals in the property involve tech firms. Last February, education tech firm 2U signed a 79,500 s/f lease for the top three floors of 55 Prospect Street. Meanwhile, 77 Sands Street, another building in the assemblage, signed marketing agency B-Reel (13,500 s/f) and IT services company Wipro Digital (18,800 s/f).
“DUMBO Heights continues to lure top creative tenants that mesh naturally with the vibe and culture of our campus, its collaborative environment and the sense of community so many companies crave,” said Asher Abehsera, Founder and CEO of LIVWRK.
The deal gives Kushner, RFR and LIVWRK full ownership of the four buildings on the site. According to the Real Deal, Normandy Real Estate Partners bought Invesco’s stake in 175 Pearl Street, one of the buildings in the campus, for $100 million.