Global commercial real estate advisory firm Newmark announced today that it has arranged a $205 million floating-rate loan for the refinance of 10 Jay Street in Brooklyn, NY on behalf of Glacier Global Partners and Triangle Assets. The Newmark team was led by Dustin Stolly and Jordan Roeschlaub, vice Chairmen and co-heads of Debt & Structured Finance, along with Dylan Kane, Chris Kramer, and Nick Scribani. The loan was provided by Natixis.
10 Jay Street is a 10-story, 222,228 RSF, state-of-the-art office and retail development in the Dumbo neighborhood of Brooklyn. The Property, located directly on the East River waterfront and surrounded by the Brooklyn Bridge Park, boasts a modernized, sleek design with gorgeous new glass façade, 23,000 RSF open floorplates, luxury rooftop terrace, and panoramic views of the Manhattan skyline. The Sponsorship has transformed 10 Jay Street into a center for innovation and productivity, as well as a beautiful and unique landmark on one of New York City’s main waterways.
10 Jay Street will be the new headquarters location for Rent the Runway, who leased over 83,000 SF across floors 7-10, including 10,000 SF of outdoor space on the 10th floor. 10 Jay Street will also house the flagship NYC location for Soho Works, the co-working concept from Soho House, who leased 50,000 SF at the property. The new co-working outpost is conveniently located just a short walk from their Dumbo House location at Empire Stores.
“Sponsorship has done an incredible job transforming the old sugar refinery into the best creative office product in Dumbo. The waterfront views overlooking Brooklyn Bridge Park are second to none and the outdoor event space on the rooftop is a unique and significant demand driver,” said Stolly. “Over the past few years, Dumbo has received substantial investment and has really transformed from a traditional industrial neighborhood to a 24/7 live-work-play destination and an attractive alternative to Manhattan,” said Roeschlaub.
Glacier Global Partners is a fully integrated New York-based commercial real estate investment firm focused on equity investments in core and opportunistic assets as well as debt financing. The company’s management team has over 100 years of cumulative industry experience, $30 billion of closed equity and debt transactions, and over 2 million square feet of completed development projects. Triangle Assets has been a prominent and active participant in New York City real estate for over 35 years. The group brings an unsurpassed level of knowledge and expertise in all facets of the real estate industry, with a focus on acquiring properties with maximum potential for improvement and value growth.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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