850 Canal Street

Active & Complete Portfolio
Partner: Gottesman Real Estate Partners & Mountain Development Corp.

850 Canal Street is a 70,000 SF Class A office building that is mostly leased to three office tenants. ClearRock converted the vacant ground floor space to retail to serve the growing number of residential tenants and office workers in the immediate vicinity. ClearRock intends to fully renovate this building in conjunction with a major tenant renewal or upon such tenant’s vacancy. In 2012, ClearRock and a partner purchased a non-performing loan on a 4-building portfolio and completed a friendly foreclosure. In 2015, ClearRock increased its ownership stake and recapitalized the asset (together with 700 Canal and 860 Canal) alongside Gottesman Real Estate Partners and Mountain Development Corporation. The new partnership plans to hold this property long term. The complex is a mix of unique buildings located in the heart of the master-planned 80-acre Harbor Point development, adjacent to Starwood Hotels’ new headquarters and across the street from an 85,000 SF Fairway Market and nearly 2,000 new residential units.