Deutsche Bank Lends $89M on Office Building at Brookfield’s MetroTech Center
By Mack Burke January 9, 2019 11:48 am
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Deutsche Bank (DB) has provided $89.1 million in financing to Jay Street Associates, an entity led by Brookfield (BN) Asset Management, backed by a 32-story office tower at 330 Jay Street within Brookfield’s 16-acre MetroTech Center in Downtown Brooklyn, according to city records filed today.
The deal closed on Dec. 7. A spokesman for Deutsche Bank declined to comment.
Built in 2004, the 1.1-million-square-foot, Class A office property—with an alternate address of 12 MetroTech Center—is home to the Kings County Family Court, which occupies roughly 872,000 square feet, according to information from CoStar Group.
The building was developed by Forest City Realty Trust prior to its December 2018 sale to Brookfield Asset Management. The sale included Forest City’s portfolio of 6.3 million square feet of office space, 2.3 million square feet of life sciences assets, 2.2 million square feet of retail space and 18,500 multifamily units under management, according to a press release.
According to CoStar, the $11.4 billion portfolio sale to Brookfield last December included 84 properties—including 330 Jay Street—and traded at a 4.75 cap rate.
Designed by Perkins Eastman Architects, the asset is currently 91 percent leased, according to CoStar, while current estimated rents for the roughly 130,000 square feet of available office space at the high-rise range from $48 to $58 per square foot, CoStar data show.
As of now, space is available on the 26th through 28th floors and on the building’s penthouse level at the 30th floor, according to the property’s website. CBRE (CBRE) handles leasing at the location.
The $1 billion MetroTech Center development is located within a designated opportunity zone and comprises 11 buildings, spanning approximately 5.5 million square feet of office and retail space, according to information from Brookfield and from CoStar.
A spokeswoman for Brookfield did not immediately respond to an inquiry.
