DALLAS, August 12, 2025 — Cross Ocean Partners (“Cross Ocean”), the global asset management platform focused on special situations, credit and hard asset investments, and Lincoln Property Company (“Lincoln”), an international full-service real estate firm, have acquired the leasehold interest of a fully occupied office building in Brooklyn, NY. Located at 470 Vanderbilt Avenue, the building is anchored by longstanding tenants New York City Human Resources Administration (“HRA”) and New York City Housing Authority (“NYCHA”).
Commanding the Atlantic Avenue blockfront between Clermont and Vanderbilt Avenues, the property is a short walk from Atlantic Terminal, the most important transit hub in Brooklyn, providing convenient access to and from virtually anywhere in New York City. 470 Vanderbilt features 14′5” ceiling heights across 10 floors, flexible floor plates from 18,000 to 100,000 square feet, and access from three streets.
This is the first joint venture for Cross Ocean and Lincoln, the fourth office acquisition for Cross Ocean nationally, and marks Lincoln’s sixth investment in the New York Metro Area over the past year.
“We are excited to invest alongside Lincoln Property Company to acquire this premium office property with strong cash flow,” said Terence Kim, Managing Director, US Credit, Cross Ocean. “This property is a case-study in downside protected, opportunistic investment in today’s office market and we’re excited to build on our momentum in this sector.”
“470 Vanderbilt represent an ideal blend of credit cash flow and asymmetric upside,” said Jared Toothman, Market Leader for Lincoln’s New York Metro business. “Lincoln, among the most prolific office developers and owner-operators over the past 50 years, is honored to partner with premier investors such as Cross Ocean to expand our portfolio into New York City at an optimal point in the investment cycle.”