NEW YORK, AUGUST 4, 2016 – A joint venture of CIM Group, Kushner Companies and LIVWRK has acquired 25-30 Columbia Heights, the historic Brooklyn Heights headquarters of the Jehovah's Witnesses, from Watchtower Real Estate. The 739,000-square foot property set on 2.3 acres comprises five addresses: 25, 30, 50 and 58 Columbia Heights and 55 Furman Street. The partnership intends to renovate and reposition the property into a world-class office campus. The property has a prime location just steps from the Brooklyn Bridge and Brooklyn Bridge Park, with excellent access to Manhattan.
"We're always looking to raise the bar for how today's top companies want to work, and this property will set a new standard," said Jared Kushner, CEO of Kushner Cos. "Over the next year, we'll begin transforming the property into one of the marquee urban office campuses anywhere in the country, let alone New York City."
“This iconic property, optimally located in a thriving community, has key elements that meet CIM’s investment criteria and further enhances our New York portfolio,” said Avi Shemesh, Co-Founder and Principal of CIM Group.
“LIVWRK is elated and humbled to work on the redevelopment of this portfolio together with Kushner & CIM,” said Asher Abehsera, CEO and Founder of LIVWRK. “We are thrilled to program and reintroduce this real estate into the NYC community."
Kushner Cos. also partnered with LIVWRK, along with RFR, to acquire the nearby Dumbo Heights campus from Watchtower Real Estate in October 2013. In less than three years, the partnership has undertaken a more than $100 million gut renovation to transform the 1 million-square foot site into a cutting-edge creative office campus in Brooklyn.
Kushner Cos. partnered with CIM Group on two notable acquisitions and repositionings in Manhattan: 2 Rector Street, in the Financial District, and 200 Lafayette Street, in SoHo.
Kushner Cos. has completed more than $14 billion in transactions and $7 billion in acquisitions since 2007. Kushner Cos.’ portfolio includes more than 20,000 multifamily apartments, as well as 13 million square feet of office, hotel, industrial and retail space throughout the Northeast and Mid-Atlantic regions. In 2015 alone, Kushner Cos. completed more than $1.5 billion of transactions.
For more than a decade, CIM Group has been involved in the New York metropolitan area and this is its first acquisition in Brooklyn. CIM made its first New York City investment in Manhattan’s Financial District in 2010 with its acquisition of 15 William Street, a 47-story residential condominium. CIM’s other New York City investments include 432 Park Avenue, 737 Park Avenue, Halcyon (at 305 East 51st Street), 47 E. 34th Street, 225 Fifth Avenue, 100 Barclay, 265 – 275 Cherry Street, Corinthian Condominiums, and 5 Hanover Square. Aside from the two projects in partnership with Kushner Cos., notable properties that CIM has sold include 11 Madison and One Madison Park.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in five strategic categories: repositioning and development projects, well-positioned operating properties, value-add properties, debt, and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area, Bethesda, Maryland, and Dallas. For more information, please visit www.cimgroup.com
About Kushner Companies
Kushner Companies is a diversified real estate organization headquartered in New York City. The company is involved in the ownership, management, development and redevelopment of numerous properties. Kushner Companies’ national reach consists of more than 20,000 multifamily apartments, as well as 13 million square feet of office, hotel, industrial and retail space throughout the Northeast and Mid-Atlantic regions. For more information, please visit www.kushnercompanies.com.
Founded in 2013, LIVWRK is a principal-based real estate company concentrated on mixed-use urban development. The company practices handcrafted development, meticulously planning every element of the design and engineering process from the beginning of a project to its completion. Since inception, LIVWRK has been involved in eight transactions; it is currently developing over 3M square feet with over $1 billion in capital committed and invested.