Cross Ocean Partners and Lincoln Property Company Acquire 650,000-SF Office Building in Downtown Brooklyn

470 Vanderbilt is a premium well-located, 100% leased office asset

DALLAS--(BUSINESS WIRE)--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.”

About Lincoln Property Company

Lincoln Property Company (“Lincoln”) is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, multifamily, life science, retail, industrial, data center, production studio, healthcare, government, universities, and mixed-use properties, throughout the United States, United Kingdom, and Europe. Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 680 million square feet of commercial space. For more information, visit: www.lpc.com.

About Cross Ocean Partners

Cross Ocean Partners Management LP (together with its affiliates, including Cross Ocean Adviser LLP) is a global mid-sized specialist asset manager with approximately $10.0 billion of assets under management and 82 employees across its offices in Greenwich (CT), London and Dublin. Cross Ocean is led by Graham Goldsmith, CEO and co-CIO, and Steve Zander, Head of Europe and co-CIO. It invests globally in a broad range of asset classes including real estate. For more information, please visit: www.crossoceanpartners.com. Data as of June 30, 2025.