
HFF Secures $162M to Convert Brooklyn Complex into Loft Office Property
Holliday Fenoglio Fowler secured $162 million to convert Hall Street Complex, a 10-building, 665,000-square-foot industrial asset, into a mixed-use complex across from the Brooklyn Navy Yard in New York.
HFF worked on behalf of the borrower, a partnership between Westbrook Partners and RXR Realty, to arrange the floating-rate loan through Starwood Property Trust. Westbrook and RXR used the proceeds to acquire the property and will reposition it into a creative loft office property to capitalize on growing office demand in the Navy Yard submarket.
The Hall Street Complex spans a city block bordered by Flushing and Park Avenues and Ryerson and Hall Streets in Brooklyn’s Clinton Hill neighborhood. The property is two blocks from the Pratt Institute of Technology and adjacent to the Brooklyn-Queens Expressway.
HFF Executive Managing Director Michael Tepedino, Managing Director Steven Klein and Associate Director Christopher Peck led the debt-placement team.
“The Hall Street Complex offers a fantastic canvas for a best-in-class creative office environment,” Peck said. He noted that the property includes an exposed brick-and-mortar industrial design, 14-foot ceiling heights, 4,500-28,000-square-foot floorplates and Manhattan skyline views to the north.
On the West Coast, HFF brokered the sale and arranged acquisition financing for Napa Square, a 66,000-square mixed-use asset in downtown Napa, Calif.
JOSS Realty Partners purchased the asset for $39.25 million. HFF marketed the property on behalf of seller CDI Cos. and secured a $22.3 million 10-year, fixed-rate acquisition loan from JPMorgan Asset Management.
Built in 1957 and redeveloped in 2009, Napa Square includes 41,000 square feet of Class A office space and 25,000 square feet of ground-floor retail in downtown Napa’s West End neighborhood.
The investment sales team representing CDI Cos. was led by HFF Managing Directors Nicholas Bicardo, Scott Pertel, Associate Director Danny Reddin and Senior Real Estate Analyst Brandon Rogoff. HFF Director Jordan Angel arranged the debt placement.