902 Quentin Road
Update
06/10/21
Brooklyn Medical Office Building Sold for $53.75M
Seavest Healthcare Properties has added to its growing core real estate investment strategy with the acquisition of an eight-story, 72,270 square foot medical office building in Brooklyn’s Midwood neighborhood.
The White Plains-based real estate investment management firm closed May 26, on the acquisition of the fully leased 902 Quentin Road medical office building, which is anchored by NYU Langone Health and Touro College of Health Sciences. Both tenants carry investment grade ratings.
“Seavest is pleased to announce the acquisition of this outstanding, fully occupied healthcare asset,” says Seavest Senior Managing Director & Chief Investment Officer, John Winer.
“Everything about this building – the location, the best-in-class tenants, the high acuity healthcare services offered there – aligns with Seavest’s objective to invest nationally in strategic, high-quality healthcare properties. In this case, it’s also exciting for us to make this investment in our own backyard.”
Occupying more than 80 percent of the building are NYU Langone Health and Touro College School of Health Sciences. NYU Langone Health leases the building’s ground, eighth and half of the seventh floor for hematology and oncology, including the Perlmutter Cancer Center Midwood Infusion Center, a National Cancer Institute-designated comprehensive cancer center. Touro College School of Health Services occupies four floors of the building for their graduate nursing program, lab space, and pediatric speech-language pathology program including audiology labs. Other spaces in the building are leased to Maimonides Medical Center and third-party physicians.
“One of the obvious attractions for Seavest was the presence of such respected, well-established tenants, with deep and compelling ties to the region,” Mr. Winer continues. “Overall, this building represents a terrific opportunity for Seavest to continue to grow its core portfolio.”
Situated in the densely populated, demographically attractive Midwood section of Brooklyn, 902 Quentin Road is conveniently located one block north of the Kings Highway commercial strip, one block west of Coney Island Avenue and three blocks east of Ocean Parkway, each being a major thoroughfare in the area. It is also served by a variety of public transportation options. Constructed in 2013, the attractive, modern building also contains a 71-space underground parking garage – a valuable asset in the area.
The acquisition of 902 Quentin Road is also reflective of Seavest’s increased attention to acquiring “core” assets. While historically focused on partnering with developers to build ground up projects and acquiring value-add properties, Seavest now complements those strategies by acquiring core properties.
“By investing across the entire spectrum of medical office buildings and outpatient facilities, we address the needs of our health system clients while offering our investors a range of opportunities to invest in medical real estate,” Mr. Winer notes.
Chicago-based Blueprint Healthcare Real Estate Advisors represented the seller, a private New York-based commercial real estate developer and owner. CIT provided debt for the investment.
