Paramount Group, Inc.has acquired a preferred equity stake in 470 Vanderbilt Avenue, a 650,000 s/f office and data center located across from the Frank Gehry-designed Atlantic Yards project and Barclays Center in Brooklyn.
The property is presently 88 percent occupied.
“470 Vanderbilt Avenue presents an extraordinary opportunity because the fully upgraded property has remarkable fundamentals in a rapidly improving neighborhood, strong sponsorship and government credit,” said Dan Lauer, senior vice president, Acquisitions, Paramount Group.
Recently a Chinese investment entity acquired a 70 percent stake in the $5 billion Atlantic Yards project, reinforcing the global value of the North Brooklyn neighborhood where 470 Vanderbilt is located, added Lauer.
Tenants include major agencies of the City of New York. Originally constructed as an industrial and manufacturing building, the property was converted to office space in 1999.
In the early 2000s, $52 million was spent in capital improvements and infrastructure upgrades, and since 2011, an additional $74 million has been invested in capital improvements and tenant improvements.
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