Treeline, and its joint venture partner Long Wharf Real Estate Partners, have leased the top four floors at 195 Montague Street in downtown Brooklyn to space sharing giant, WeWork.
Kraig Silver, executive vice president of Treeline, represented the owners in the 77,000 s/f deal, while Jonathan Serko, vice chairman of Cushman & Wakefield represented the tenant.
Founded in 2010, WeWork is a platform for creators, providing more than 35,000 members around the world with space, community, and services through both physical and virtual offerings. Their mission is to create a world where people work to make a life, not just a living. WeWork currently has more than 50 physical locations in 17 cities and four countries globally.
“We are happy to meet the needs of WeWork as they continue their New York City expansion with the addition of this second Brooklyn location,” said Silver.
“The property at 195 Montague Street is a prime downtown Brooklyn location convenient to mass transit, the courts and the borough’s growing tech sector.”
The property at 195 Montague Street, also known as the Montague Pavilion Condominium, is a 14-story glass and steel office condominium built in 1960 and renovated and converted to condos in 1994.
Current tenants include federal and city agencies as well as medical-related offices.
Treeline acquired the condominium floors earlier this year in a joint venture with Long Wharf Real Estate Partners, a Boston-based private equity real estate manager focused on value-added investments in the U.S., and KABR Group, an opportunistic real estate owner and operator.
Michael Schor from Treeline and John Schonborn from Long Wharf oversaw the acquisition.