Treeline sells top four floors of 180 Livingston Street to Thor Equities; Palmese of Cushman & Wakefield reps seller

180 Livingston Street - Brooklyn, NY

Stephen Palmese, Cushman & Wakefield

Brooklyn, NY Treeline, a value-add asset developer, owner and investor throughout the New York metro region, has sold the top four floors of the six-story, 275,000 s/f office building at 180 Livingston St. to Thor Equities for $85 million. Thor also acquired the lower two floors and basement in a separate transaction with The Brooklyn Tabernacle for an undisclosed price.

Stephen Palmese of Cushman & Wakefield represented the seller.

In 2001, Treeline converted the former retail warehouse into an office space which was at the forefront of the downtown area’s revitalization. With its classic early century brick façade combined with modern amenities, 180 Livingston was the first asset to bring old Brooklyn into the 21st Century. Located in the heart of the now revitalized Downtown Brooklyn and the Brooklyn Tech Triangle, the property offers easy access to 11 subway lines, the LIRR, the Barclays Center and the Brooklyn federal, state and municipal courts.”

“Treeline has been a visionary developer in Brooklyn for over 25 years and we re-imagined 180 Livingston St. from a warehouse to a class A office building nearly 15 years ago,” said Michael Schor, chief investment officer of Treeline.  “We were able to redevelop this underutilized property to a fully mature office asset over the last decade. While we will continue to be active value-add investors in the market, as evidenced by our recent acquisition and repositioning of 195 Montague St., we felt it was the opportune time to capitalize on current market pricing to redeploy our capital into more opportunistic deals in the market.”

The revitalized asset offers large, open floorplates, a center core design and considerable development rights that the buyer acquired as part of the sale.

Established in 1985 by real estate veterans with more than 20 years of experience, Treeline was different from the beginning. It was founded on turning the status quo upside down, looking beyond the obvious and the easy, to find the innovative in every facet of real estate. Today, the company is renowned for seeing the invisible, for envisioning opportunities where others take a pass and being an industry leader in results-driven creativity and insight. Treeline has invested in all five boroughs and currently owns more than two million s/f of office space in the New York Metropolitan area. The company specializes in analyzing an asset, opportunity or issue and finding unexpected solutions - a fact that’s clearly illustrated in its outstanding portfolio of value-enhanced assets.

###