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The building is already fully leased to four tenants.

The move comes at a key time in the industrial sector, as many firms completely revamp their supply chains.

The Silicon Valley-backed company, founded by Rami Zeidan, a hotel and real estate executive and Yury Yakubchyk, a software entrepreneur, has raised $70 million in funding to date between venture and real estate capital.

The winning bidder Jubilee Housing put together a fund to partner with the tenants.

The deal has increased the REIT's equity market capitalization to approximately $11 billion.

CEO Bob Sulentic says CBRE has received significant interest from building owners that want to deliver flexible space offerings.

Rebranded as The Department Building, the property will offer 48,000 square feet of modern creative office space with historic design features.

The developer is planning a six-story building near Manhattan's East Side "Hospital Row."