Lincoln Property JV Sells Converted Brooklyn Asset for $44M
- Jun 17, 2020
A joint venture between Lincoln Property Co. and Alcion Ventures has finalized the disposition of The Jefferson, a 125,000-square-foot office building in Brooklyn. Transition Acquisitions purchased the property for $44 million, according to public records.
As part of the deal, the buyer assumed the outstanding balance of a mortgage taken from LoanCore Capital in 2018. The new owner secured an additional $1.6 million gap mortgage from the same lender, bringing the debt on the property to $46.8 million.
The six-story building is located on 0.4 acres at 455 Jefferson St. Originally constructed as a warehouse in 1930, the property was converted to office space in 2017, according to Yardi Matrix. The Jefferson has conference rooms and 1,200 square feet of retail. The transit-oriented building is 3 miles from downtown Brooklyn and 8 miles from John F. Kennedy International Airport.
In February, a partnership between Lincoln Property Co. and Cadillac Fairview paid $34.7 million for an 84,040-square-foot office property in Washington, D.C. The joint venture plans to convert the building into a Class A residential community.