Rockwood Capital enters into joint venture for one of the largest development projects in Brooklyn, New York, creating an office and retail center in Brooklyn Bridge Park
Clients Rockwood Capital Real Estate Partners, L.P.
Jones Day represented Rockwood Capital Real Estate Partners, L.P., in connection with the formation of a joint venture with Midtown Equities to enter into a long term (96-year) ground lease with the Brooklyn Bridge Park Corporation for the redevelopment of a 350,000-square-foot Civil War-era warehouse building, and the new construction of a glass enclosed 70,000-square-foot addition. Total project costs are expected to be approx. $145 million.
The project will be one of the largest development projects in Brooklyn, New York, and will create an office and retail center in the middle of the Park, with the headquarters of West Elm Stores and dozens of new restaurants and specialty shops. Jones Day reviewed and negotiated changes to the Ground Lease and negotiated the joint venture agreement. Jones Day is also handling the negotiations of a nearly $100 million construction loan on behalf of the joint venture.