NEW YORK CITY—RXR Realty has spent nearly $200 million to acquire the long-term lease of the 470 Vanderbilt Ave. office building in Brooklyn.
The Uniondale, NY-based commercial property owner acquired the 10-story, 650,000-square-foot former warehouse located near Barclays Center from GFI Development, according to Crain's New York Business.
“470 Vanderbilt is well-positioned to take advantage of the amazing development activity that is occurring all around the building," states Scott Rechler, RXR Realty's chairman and CEO. "With this acquisition, we not only have the opportunity to plug into the creative energy pulsing through the Brooklyn market, but also are taking an important step forward in rolling out our new emerging sub-market initiative." See story in Crain's New York Business.
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