FIDM

Newcastle Partners acquired a vacant industrial R&D project totaling 151,000 square feet. The business plan included renovating Building A, a 51,000 square foot facility, and selling it to a user. The plan also included obtaining city approval for a change in to office for the remaining 100,000 square foot Building B, fully renovating and converting the facility into a Class-A creative office space and adding a 2-story parking structure at the rear of the site. Building A was successfully sold to the Fashion Institute of Design & Merchandising and Building B was leased to a credit tenant, Foote, Cone & Belding Worldwide, on a 15-year lease with fixed rent increases.