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| Michael Tepedino |
NEW YORK, NY – Holliday
Fenoglio Fowler, L.P. (HFF) recently secured $162 million in first mortgage
financing for the Hall Street Complex,
a 10-building, 665,000-square-foot creative mixed-use complex across from the
Brooklyn Navy Yard in Brooklyn, New York.
HFF worked on behalf of
the borrower, a partnership between Westbrook Partners and RXR Realty, to
arrange the floating-rate loan through Starwood Property Trust, Inc. (NYSE:
STWD).
Loan proceeds were used to acquire the
property and will fund the repositioning of the asset into a premier creative
loft office property capitalizing on the growing demand for office in the
burgeoning Navy Yard submarket.
The Hall Street Complex
spans an entire city block, bordered by Flushing and Park Avenues and Ryerson
and Hall Streets, in the desirable Clinton Hill neighborhood of Brooklyn.
The property is directly across the street
from the Brooklyn Navy Yard, two blocks from the Pratt Institute of Technology,
and adjacent to the Brooklyn Queens Expressway, which provides access to
Brooklyn’s Williamsburg neighborhood within five minutes and Manhattan’s Union
Square within 35 minutes.
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| Steven Klein |
The property features an exposed brick and
mortar industrial design, 14’ ceiling heights throughout, expansive window
lines, large and flexible 4,500 – 28,000-square-foot floorplates and Manhattan
skyline views to the north.
Additionally, The Hall Street Complex offers
the unique feature of full floor or full building presences in a variety of
sizes not typically available to small and mid-size tenants. Upon completion of the conversion, the
property will offer door-to-door shuttle service to the area subways, an
amenity few other properties in the area offer.
The HFF debt placement
team representing the borrower was led by Michael
Tepedino, Steven Klein and Christopher Peck.
“The Hall Street Complex
offers a fantastic canvas for a best-in-class creative office environment. RXR
and Westbrook are uniquely equipped to reimagine the asset to accommodate the
growing demand of Brooklyn-based tenants looking to grow within the market, as
well as Manhattan-based companies eager to plant their flag where many of their
employees live, work and play,” Peck said.
“The wide range of floor
plates, high ceilings and future amenities will both attract and retain
tenants, a dynamic that is perfectly suited for the burgeoning Brooklyn office
market,” Klein added.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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