Turnbridge Equities and Dune Real Estate Partners Announce Newly Developed 807 Bank Street Project in Brooklyn is Fully Leased

BROOKLYN, N.Y.--(BUSINESS WIRE)--Aug 15, 2024--

Turnbridge Equities (“Turnbridge”), a vertically integrated real estate investment and development firm, and affiliates of Dune Real Estate Partners (“Dune”), announced the recent execution of a 60,000 square foot lease to Otto Environmental Systems at their newly developed 807 Bank Street project in Brooklyn, New York. This lease increases the LEED Platinum-designated project to 100% leased just two months after delivery. The 172,000 square foot project was 65% pre-leased to two tenants at delivery in May 2024.

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Bank Street aerial view featuring a rooftop solar carport system developed by Turnbridge Equities. (Photo: Business Wire)

Turnbridge and Dune acquired 807 Bank Street in December 2021 and began construction in late-2022 after demolition of two existing, mid-20 th century vintage warehouses at the property. The project benefits from innovative and thoughtful design, with a Class A offering of leading warehouse space in addition to significant fully secured, lit, and private parking on the building’s rooftop. The project includes a 670-kilowatt rooftop solar carport system, one of many decisions by Turnbridge and Dune that contributed to 807 Bank Street becoming one of only two LEED Platinum-designated distribution warehouses on the East Coast. The property is located in the Canarsie submarket of Brooklyn, proximate to arterial Linden Boulevard, providing immediate access to JFK Airport and the greater New York City Area, including access to seven million people within a 30-minute drive.

“We are thrilled to complete the leasing at our new 807 Bank Street project and be fully occupied so shortly after delivery,” said Ryan Nelson, Managing Principal for Turnbridge Equities. “We saw incredible tenant demand, which really validated our strategy of designing a best-in-class, LEED Platinum, Class A industrial building in an established industrial node of Brooklyn. We think the quality of tenancy here speaks to the strength of not only Brooklyn as a home to industrial users, but also to the continued strength of New York City industrial market as a whole.”

The Cushman & Wakefield team of Rico Murtha, Helen Paul, Amanda Gerhart, and Joe Hentze represented Turnbridge and Dune on leasing at 807 Bank Street.

About Turnbridge Equities

Founded in 2015 by Andrew Joblon, Turnbridge Equities is a vertically integrated, SEC-registered real estate investment and development firm with a demonstrated track record of success across a wide range of asset classes and markets. Turnbridge has nearly $4 billion of assets under management across two managed funds, and is headquartered in New York City with additional offices in Washington D.C., Los Angeles, Austin, and Miami. Disclaimer: This does not constitute an offer to sell or a solicitation of an offer to purchase any interests in any Turnbridge projects.

About Dune Real Estate Partners

Dune Real Estate Partners is a New York City-based real estate investment firm executing a strategy focused on high yielding real estate equity investments resulting from capital market dislocation, primarily in the United States. Dune manages the Dune Real Estate Funds, which were launched by Mr. Daniel M. Neidich in 2005, and have raised approximately $4 billion of equity capital to date. Dune invests on behalf of pension funds, sovereign wealth funds, endowments and other large institutions and individuals.

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CONTACT: Ryan Nelson

rn@turnbridgeeq.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY FINANCE ASSET MANAGEMENT PROFESSIONAL SERVICES REIT OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: Turnbridge Equities

PUB: 08/15/2024 09:05 AM/DISC: 08/15/2024 09:06 AM

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