LIVWRK Obtains $61M for Crown Heights, Brooklyn Office Building
JLL arranged the debt and equity financing for 1000 Dean St.
NEW YORK CITY—LIVWRK received $61 million in debt and equity to acquire and reposition 1000 Dean St., a 150,769-square-foot office building, just south of Atlantic Ave. in Crown Heights, Brooklyn. Jones Lang LaSalle negotiated a $45 million acquisition loan from the independent investment firm Invesco Ltd. The brokerage also raised $16 million in joint venture equity with Meadow Partners, an international real estate investor and asset manager.
The LIVWORK and Meadow Partners joint venture purchased the property for approximately $56 million from a joint venture of BFC Partners, Jonathan Butler and Goldman Sachs, according to Real Capital Analytics.
Built in 1920 and renovated in 2014, the four-story building on Dean Street has boutique office suites ranging from 500 to 5,000 square feet. It is also close to the Crown Heights Franklin Ave. subway hub.
JLL’s Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Jackson Sastri, Patrick Cotter and Brandon Krupetsky represented LIVWRK in the debt and equity transactions.
“The owner has completed capital improvements that include construction of new office suites; new furniture, fixtures, and equipment for the lobby; and a tenant roof deck,” says Appel. He notes the property’s boutique office suites attract cost-conscious office users looking for smaller spaces, which is a deep market in Brooklyn.
LIVWRK focuses on mixed-use, urban development. It owns and develops Brooklyn projects and has repositioned offices with retail in Crown Heights, which is considered an underserved market.