Watchtower Properties Deal for $375 Million
Big news for us today: RFR and Kushner Companies have entered into a contract to purchase six properties in the Watchtower portfolio. The properties will be redeveloped in partnership with LIVWRK Holdings. In the portfolio are: 117 Adams Street; 175 Pearl Street; 55 Prospect Street; 81 Prospect Street; 77 Sands Street and 90 Sands Street. Together, the properties total more than 1.2 million square feet of commercial space.
CEO of Kushner Companies, Jared Kushner, states “These properties feature large, creative office space right in the heart of the growing Brooklyn tech triangle. We look forward to playing a key role in the continued improvement of the neighborhood and advancement of the market.”
The Watchtower Properties are major target sites under the Brooklyn Tech Triangle Strategic plan.