**Cross Ocean Partners and Lincoln Property Company Acquire Fully Leased Brooklyn Office Building**
Cross Ocean Partners and Lincoln Property Company have jointly acquired the leasehold interest of a fully occupied office building located at 470 Vanderbilt Avenue in Brooklyn’s Clinton Hill neighborhood. The 650,000-square-foot property is anchored by long-term tenants including the New York City Human Resources Administration and the New York City Housing Authority. Although the sale price was not disclosed, the previous owner, RXR Realty, refinanced the property for $182 million in 2019.
This transaction marks the first joint venture between Cross Ocean and Lincoln Property Company. It is the fourth office acquisition for Cross Ocean on a national scale and represents Lincoln Property Company’s sixth investment in the New York Metro Area within the past year.
“470 Vanderbilt represents an ideal blend of credit cash flow and asymmetric upside,” said Jared Toothman, Lincoln’s Market Leader for the New York Metro region. “Lincoln, among the most prolific office developers and owner-operators over the past 50 years, is honored to partner with premier investors such as Cross Ocean to expand our portfolio into New York City at an optimal point in the investment cycle.”
