Kushner, RFR Extend $480M Dumbo Heights Loan
They also got WeWorks to remain at 77 Sands Street following a lease modification.
RFR and Kushner Cos. have secured a 4-year extension of the existing $480 million loan on a four-building, 750,000 square foot Dumbo Heights mixed-use campus in Brooklyn. In addition, the owners have completed a lease modification with WeWork, which will continue to occupy the space at 77 Sands Street in Dumbo Heights.
Besides the 56,000 square foot WeWork location at 77 Sands, major office tenants include Etsy and Brooklyn Laboratory Charter Schools.
Located between the Manhattan and Brooklyn Bridges at the intersection of the Brooklyn Heights, Downtown Brooklyn, Vinegar Hill and Dumbo neighborhoods, Dumbo Heights comprises 750,000 square feet of space across four adjacent buildings: 55 Prospect Street, 81 Prospect Street, 117 Adams Street and 77 Sands Street.
RFR and Kushner have sought to create a retail ecosystem at Dumbo Heights to serve both office tenants and the surrounding neighborhood, including health and wellness spaces and notable dining, entertainment, and lifestyle options. Tenants include Abhaya Yoga, Vivvi, which providing childcare and early learning, Ippudo NY, Springbone Kitchen, Randolph Beer, Renataface, Ballet Slipper Spa, F45 Fitness, Bluestone Lane, Solidcore, and El Gallo Taqueria, which is opening this summer.
The leasing agents for the office space are Remy Liebersohn, Jason Kroeger and Robert Lowe of Cushman & Wakefield.