headquarters for the Whale Oil Co.—sits at the heart of the neighborhood's new 22-acre Sunset Park Waterfront Park. Aaron Jungreis of Rosewoodrepresented both the seller and buyer in the off-market transaction. A Kasowitz legal team including Douglas Heitner and Christy Mazzola acted as co-counsel with Jay Levinton at Westerman Ball in providing legal advice to MRC.

Through economic incentives and partnerships, the once industrial neighborhood of Sunset Park is reportedly undergoing a transformation. The area has added several modernized, mixed-use campuses, boosting its appeal with TAMI (technology, advertising, media and information) tenants as well as other traditional occupiers. Recent developments include the 16-building, 6.2-million-square-foot Industry City complex—home to tenants in a variety of industries and artisanal restaurants; the two-building, four-million-square-foot Brooklyn Army Terminal campus, which has attracted several state-of-the-art biotechnology companies; and the eight-story, 1.2-million-square-foot Liberty View Industrial Plaza. In addition, a recently announced acquisition of Brooklyn's Lutheran Medical in the area by NYU Langone Medical Center will create one of Brooklyn's top healthcare facilities.

“We anticipate strong interest once the renovations have been completed, given the high demand and short supply of quality affordable office product in Brooklyn, particularly for creative and tech tenants,” says Joshua Zegen, co-founder and managing principal of MRC.

“Sunset Park has historically demonstrated strong and consistent occupancy and rental rate performance,” he continues. “But this area's transformation over the last few years has now positioned it among the hottest office neighborhoods in New York City and the future home for growth companies throughout the entire region. The Brooklyln Whale building is one of this area's most recognized assets, sitting right on the waterfront and offering some of the best views available of Downtown Manhattan.”

Zegen also adds, “This transaction represents the second MRC purchase of an industrial building that will be converted to office space in Brooklyn, following our acquisition of 29 Ryerson St., a 250,000-square foot leasable property near the expanding Brooklyn Navy Yard office submarket earlier this year. We believe strongly that there's even more growth to come throughout Brooklyn and we will continue to seek out new investment opportunities in the coming months.”

Recent updates at the Brooklyn Whale Building include the installation of energy-efficient windows, new elevators, a new lobby and spaces for amenity shops and restroom facilities for visitors. The property is near public transportation, including the 53rd Street subway station.