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DUMBO Heights Partner Gets Bought Out

Jared Kushner Jared Kushner’s former firm, Kushner Cos., and several partners bought out a DUMBO Heights investor.

NEW YORK CITY—Kushner Cos., LIVWRK and RFR have purchased joint venture partner Invesco Real Estate’s stake in DUMBO Heights, a 1.2-million-square-foot mixed-use campus in Brooklyn.

“DUMBO Heights provides one of the premier innovation economy work environments anywhere in the region, and we’re fully committed to it for the long haul,” says Laurent Morali, president of Kushner Cos. “From day one, this project has been about raising the bar for an urban office campus, and we couldn’t have achieved that without Invesco Real Estate’s partnership.”

Adds Asher Abehsera, founder and CEO of LIVWRK, “DUMBO Heights continues to lure top creative tenants that mesh naturally with the vibe and culture of our campus, its collaborative environment and the sense of community so many companies crave. We’re excited to continue rounding out the campus and believe strongly in the future growth and potential of the submarket.”

“We were delighted to partner with Kushner Cos., LIVWRK and RFR on the DUMBO Heights project as part of our focus on acquiring properties with substantial value-add potential,” explains Rob Deckey, managing director, Acquisition at Invesco Real Estate.

“The complex was acquired as part of our higher returning strategy and involved modernizing and converting the old industrial-like office buildings into a ‘best in class’ mixed-use, urban campus,” he continues. “The existing buildings’ characteristics were ideal for creative office retrofit, aligning with tenant demand for large, open-plan collaborative work environments.”

Several Manhattan firms have recently signed leases to move to DUMBO Heights. In February, the partnership signed education tech firm 2U to a 79,500-square-foot lease on the top three floors of 55 Prospect St. The company will move to the campus from Chelsea. In October, advertising and marketing agency B-Reel signed a 13,500 square foot lease 77 Sands St., and will relocate from SoHo.

And in September, digital business firm Wipro Digital’s announced its move to DUMBO Heights from Union Square. The company, which is owned by parent company Wipro Ltd,, will share the 18,800-square-foot space at 77 Sands St. with partner organization Designit.

Already home to Etsy, WeWork, Prolific Interactive, Frog Design and other creative companies, DUMBO Heights’ retail tenant roster comprises more than 80,000 square feet of lifestyle, dining and nightlife options.

An additional feature of the DUMBO Heights campus will be the Brooklyn Tech Gateway, a streetscape plan along a formerly barren stretch of Sands Street along Sands Street from Adams to Jay streets.

The Gateway will connect with several key neighborhood access points, including the pedestrian paths and bikeways for the Brooklyn and Manhattan bridges, and the Brooklyn Navy Yard area. The development team will maintain the Gateway in partnership with the DUMBO BID.

The Gateway also will connect directly to DUMBO Heights dining and nightlife tenants housed in arcade spaces via rollup glass doors. The Gateway was designed specifically to serve several user groups, including local residents, the nearly 7,000 workers housed in the DUMBO Heights campus, and visitors to the area.

 

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