The Treeline Companies completed the ground lease for the property at

29 Gallatin Place, representing a currently unused portion of the flagship Macy's department store property in the heart of Downtown Brooklyn.

The Treeline Companies will undertake an extensive redevelopment of the unused portion of the property to produce approximately 100,000 rentable square feet of Class-A office space.

"We are proud to add this property to the growing Treeline Companies' portfolio, and delighted for the opportunity to continue creating outstanding office space in Downtown Brooklyn," said Frances Schor, President of The Treeline Companies.

She noted that 29 Gallatin Place will join the companies existing Downtown Brooklyn properties, including 180 Livingston Street, 175 Remsen Street, and 188, 189 and 205 Montague Street.

Currently, 29 Gallatin Place represents an unused portion of the Macy's department store property located at the corner of Livingston Street and Gallatin Place. The redevelopment of this underutilized property won't affect the current size or operation of the existing Macy's store, which will remain a strong retail force in Downtown Brooklyn.

The Treeline Companies will take possession of the nine-story, high-ceilinged, ornate brick building at 29 Gallatin Place in April and begin the redevelopment to separate the properties, and install all new mechanical, electrical, elevator, heating, wiring and HVAC systems as a part of the $ 20 Million project.

"Downtown Brooklyn is undergoing its latest and most profound renaissance, and this opportunity will allow us to save and incorporate existing, historic architecture into the commercial revitalization," Ms. Schor said. "This redevelopment will also be a lightening rod for new retail opportunities and the further enhancement of the area."

"We are especially pleased that through a long and respectful relationship with Federated Department Stores, and our knowledge of the neighborhood and its properties, we were able to create a deal and development where there had been none," Ms. Schor said.

"It's that creativity that makes for the most exciting and rewarding transactions. It is a hallmark of The Treeline Companies, and one best illustrated by this development."