60 Guilders Seals 12 MetroTech Buy With $106M Starwood Loan
By Cathy Cunningham August 16, 2021 12:04 pm
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Brookfield (BN) Property Partners has officially sold its office condominium at 12 MetroTech Center in Downtown Brooklyn to 60 Guilders for $128 million, Commercial Observer has learned.
Starwood (STWD) Property Trust provided $106 million in acquisition financing for the deal — one of the largest office transactions in the borough to close since the COVID-19 pandemic hit.
Cushman & Wakefield (CWK)’s Gideon Gil, Lauren Kaufman, Steve Kohn and Alex Hernandez negotiated the five-year, interest-only loan on behalf of the buyer, while C&W’s Doug Harmon, Adam Spies, Adam Doneger, Dan O’Brien, Rachel Humphrey and Meaghan Philbin negotiated the sale of the asset.
The Real Deal first reported in May that Brookfield was in contract to sell the 186,088-square-foot condo to 60 Guilders for around $130 million.
“This transaction represented an exceptional opportunity for lenders given the sponsorship profile, creditworthy tenants and long-term leases,” Gil said. “Despite recent uncertainty from the COVID-19 pandemic, lenders were ultimately attracted to the property’s secure cash flow, lengthy remaining lease term and best-in-class sponsorship.”
The office condo — which has an alternate address of 330 Jay Street — spans the top five floors of the 30-story building at 12 MetroTech Center and features its own lobby. The City of New York owns the first 25 floors.
Built in 2004, the 1.1-million-square-foot, Class A office property was developed by Forest City Realty Trust, with Brookfield receiving ownership of the office condo in 2018 as part of its $6.8 billion purchase of the real estate investment trust.
Officials at 60 Guilders couldn’t immediately be reached for comment. Starwood Property Trust officials weren’t immediately available for comment.
