Kushner Cos, CIM Group, LIVWRK Close On Watchtower Purchase
The Kushner Cos, CIM Group and LIVWRK have partnered to acquire the 733k SF Jehovah’s Witnesses’ Watchtower in Brooklyn for $340M.
Aby Rosen’s RFR was rumored to be another partner on the deal—one of the largest in Brooklyn’s history—but left for undisclosed reasons, The Real Deal reports. In the past, RFR had teamed up with Kushner and LIVWK to buy five other Witness properties in Dumbo for $375M, repositioning them into the Dumbo Heights complex that houses WeWork and Etsy.
The current partnership is planning to reposition it into a creative office tower and is also working to close a 35k SF site at Dumbo’s 85 Jay St with 1.1M SF of development rights.
The Witnesses selling spree is the result of their decision to set up a new HQ in Warwick, NY. They're expected to leave the city altogether in the next few months. [TRD]
