Eyal Ofer’s Global Holdings Group has announced a $100 million preferred equity investment in 25 Kent, the 500,000 s/f mixed-use commercial and industrial property set to come online in Williamsburg, Brooklyn by the end of 2018.
Currently under development by Rubenstein Partners and Heritage Equity Partners, the ground-up development will include Class-A office space, makerspace, and a range of experiential retail spaces.
The eight-story building, comprising a full square block in the heart of North Williamsburg, is aimed at New York City’s tech and creative sectors, offering modern office and production space with floor-to-ceiling windows and terraces providing views of the East River and Manhattan skyline.
The funding was raised by Rubenstein Partners on behalf of the project.
“Global Holdings is excited to be involved in a dynamic project like 25 Kent, which is a strong fit for our team and portfolio of properties,” said Eyal Ofer, chairman of Global Holdings Group. “We look forward to strengthening our relationship with Rubenstein Partners, and to playing a key role in a landmark development that will help cement Brooklyn’s status as a leading tech hub.”
“Given their long track record with some of the city’s most transformative developments, Global Holdings’ investment in 25 Kent further demonstrates the prestige of this project and the broader opportunity for asset value creation in Williamsburg’s commercial market,” said Jeff Fronek, Director of Investments at Rubenstein Partners. “As the first major office development in Williamsburg in decades, 25 Kent offers companies a unique opportunity to truly meet the tech and creative workforce where they live and play.”
Wells Fargo Bank, National Association and Natixis Real Estate Capital LLC together have also committed $197 million in senior mortgage financing for the project.
Global Holdings has helped finance some of the city’s most exclusive developments, including 15 Central Park West, 50 United Nations Plaza and Greenwich Lane.