News: Owners Developers & Managers

JEMB Realty launches recapitalization and refinancing of One Willoughby Square

Courtesy of JEMB Realty

Brooklyn, NY JEMB Realty has commenced the recapitalization and refinancing of One Willoughby Sq., its 35-story, 500,000 s/f Class A office tower, with a $125 million loan from Deutsche Bank. The transaction brings in new strategic partners and fresh equity, marking a relaunch of the asset with new leasing representation and a significant capital deployment to enhance the prebuilt program and further asset improvements to meet evolving tenant demand.

JEMB has partnered with AVRS Partners, and KSR Capital, led by Morris Sabbagh and Abraham Kassin, in a joint venture that bolsters the capital stack and positions the property for long-term success. The newly unveiled prebuilt program will feature suite sizes between 2,000-10,000 s/f which will deliver in Q2 of 2026. 

The building also offers a leasing opportunity on its uppermost floors, levels 22 through 35. These premier floors are the jewel box in the sky of One Willoughby Sq. and feature city views across Brooklyn and the Manhattan skyline.

In addition to the recapitalization, One Willoughby Sq. has secured a new retail lease for 5,000 s/f at the base of the property for CorePower Yoga, which will establish its Brooklyn flagship at the location. The deal was brokered by Stephen Sjurset of CBRE, and the studio is expected to open in the second quarter of 2026. In addition, the Miami based Rubenstein Law is expanding within the building, doubling its footprint and relocating to a higher floor to accommodate its growing team. 

Rubenstein Law was repped by Jenna Catalon, Matt Cheezam, and Scott Quick from Cushman & Wakefield. 

One Willoughby Sq. is attracting interest from creative, technology, and professional firms seeking modern, high-performance space in the city.

“One Willoughby Sq.is now fully capitalized, refinanced, and has a strong team in place,” said Morris Jerome at JEMB Realty. “With new partners and a new leasing team, we now have a significant amount of capital committed to an aggressive pre-built and leasing campaign. With a fresh prebuilt program, we’re reintroducing this asset with renewed energy and momentum.”

Morris Sabbagh, principal at KSR Capital, said “Our partnership with JEMB underscores our shared belief in One Willoughby Square’s potential. With new capital and an active leasing strategy, the building is well-positioned for success.”

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