Welcome to the Era of the $1B Office Portfolio Sale...in Brooklyn
The Jehovah’s Witnesses are selling their portfolio of HQ buildings in Dumbo, Brooklyn. The asking price clocks in around $1B.
The religious organization will be moving to Warwick, NY, leaving several hundred thousand SF that could be used for office space or residential conversions. This sale would include the famous 25-30 Columbia Heights, the one with the giant Watchtower sign on the roof, the AP reports.
In 2013, the Jehovah’s Witnesses sold five buildings at the site to Kushner Cos, RFR Realty, Invesco and LIVWRK for $375M. Values in the area have been exploding since then, hence the 10-figure ask. But get this: The Jehovah’s Witnesses got their HQ building from Squibb Pharmaceuticals for a measly $3M back in 1969. [NYDN]