August 15, 2016
CIM Group, Kushner Cos. and LIVWRK banded together to acquire the 739,000-square-foot Brooklyn headquarters of the Jehovah’s Witnesses. Watchtower Real Estate sold the building for $300 million.
The partnership’s plans call for renovating the asset at 25-30 Columbia Heights and 55 Furman St. into office space. According to Kushner Cos. CEO Jared Kushner, conversion work will start within the next year.
This marks the first time that the three companies have partnered on a project, though Kushner Cos. partnered with CIM Group on repositioning 2 Rector St. and 200 Lafayette St., both in Manhattan. Kushner Cos. has also partnered with LIVWRK and RFR to acquire the nearby Dumbo Heights campus, and is now converting the 1-million-square-foot property into a creative office complex.
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