NEW YORK, July 21, 2016 /PRNewswire/ -- Madison Realty Capital (MRC), an institutionally-backed real estate private equity firm focused on middle market real estate equity and debt investments, announced a new 63,000 square foot lease with Urban Soccer at Whale Square, their 500,000 rentable square foot mixed-use property in Sunset Park, Brooklyn. Urban Soccer, a leading operator of indoor and outdoor competitive and recreational soccer leagues in Europe, will establish its first U.S. indoor facility, and second U.S. location overall, on the third floor at Whale Square.
MRC acquired Whale Square last summer and is currently redesigning and repositioning the former Whale Oil Company headquarters into commercial space designed for innovative and creative tenants. Among other improvements MRC is activating a brand new, modernized lobby designed by Perkins Eastman with adjoining community space that integrates retail, a lounge and more. Whale Square boasts expansive floor plates, flexible layouts, large energy-efficient windows, ceiling heights ranging from 14 - 25' and spectacular panoramic true water-front views of New York Harbor and Lower Manhattan.
"We're incredibly excited about our investment in Whale Square because we see such a massive opportunity in Sunset Park," said Josh Zegen, Co-Founder and Managing Principal of MRC. "With this transaction we can see that Urban Soccer shares our excitement – they have chosen Whale Square for their first indoor location in the United States. The deal will create a unique, standout amenity for the neighborhood and for other Whale Square tenants. It's the kind of deal that builds momentum by making the building a destination, and we look forward to signing new leases soon."
The Urban Soccer lease announcement follows immediately after another Sunset Park acquisition by MRC. The firm recently closed on 341 and 353 39th Street, two adjacent commercial buildings comprising a total of 200,000 square feet, located within a short walk of Industry City. MRC expects to unveil redevelopment plans for the currently vacant industrial properties later this year. The company's commercial portfolio in Brooklyn now exceeds one million square feet.
Newmark Grubb Knight Frank (NGKF) serves as the exclusive leasing agent for Whale Square. NGKF's David Falk, president New York Tri-State region, Eric Cagner, senior managing director, Whitten Morris, managing director, and Joseph Sipala, associate, represented MRC in the Urban Soccer deal.
About Madison Realty Capital (MRC)
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $5.0 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
SOURCE Madison Realty Capital