Brooklyn's 10 Biggest Blocks Of Office Space Up For Grabs
Brooklyn's about to get a major infusion of new supply into its office stock over the next year or two, as several major ground-up developments or repositions deliver. In one of the most supply-constrained office markets in the country, here's a look at some of the properties with the most space left to fill.
10. 29 Ryerson
Available: 250k SF
Total: 250k SF
Leasing Agency: NGKF
Owner: Madison Realty Capital
Madison picked up this former warehouse last year for $45M, and is repositioning it to office space aimed at tech and creative tenants.
9. 41 Flatbush
Available: 260k SF
Total: 260k SF
Leasing Agency: Cushman & Wakefield
Owner: Quinlan Development Group and Building & Land Technology
The JV partners picked up this warehouse last year for $90M and are in the midst of repositioning it to office. The building doesn’t have any tenants signed yet, but sources tell Bisnow two deals are rumored to be near closing.
8. Domino Sugar Factory
Available: 380k SF
Total: 380k SF
Leasing Agency: NGKF
Owner: Two Trees Management
Two Trees is taking the road less traveled when it comes to marketing this reposition of an iconic Williamsburg landmark. The developer is working with NGKF to find a big tech firm along the lines of Google or Facebook to take the entire building, and Two Trees says it’ll customize the entire building to suit the tenant’s needs.
7. 420 Albee Square
Available: 475k SF
Total: 475k SF
Leasing Agency: JLL
Owner: JEMB Realty
The striking glass tower planned for this site will be Downtown Brooklyn’s first ground-up office project since the neighborhood's 2004 rezoning. The office space will be mostly marketed to TAMI tenants, and the building itself will be one of Brooklyn’s tallest when it delivers in 2018.
6. 25 Kent
Available: 480k SF
Total: 480k SF
Leasing Agency: NGKF
Owner: Heritage Equity Partners and Rubenstein Partners
This flashy structure has the unique honor of being Brooklyn’s first ground-up speculative commercial building in over 40 years, and will contain a mix of manufacturing, retail and office space when it delivers next year.
5. Building 77
Available: 592k SF
Total: 1.1M SF
Leasing Agency: JLL and Brooklyn Navy Yard Development Corp Owner: Brooklyn Navy Yard Development Corp
This colossal building has come a long way over the last year, from a foreboding 16-story concrete slab with hardly any windows to the Navy Yard’s new crown jewel. New York institution Russ & Daughters has signed on to anchor the building's food court area with a 14k SF lease when it opens next year.
4. Dock 72
Available: 450k SF
Total: 675k SF
Leasing Agency: CBRE and C&W
Owner: Boston Properties, Rudin Development, WeWork and Brooklyn Navy Yard Development Corp
This striking, $380M development is WeWork’s first ground-up development and a crucial component of the Navy Yard’s ongoing rebirth. The co-working giant has agreed to take 220k SF at the building, and the rest will be marketed primarily to TAMI tenants when it delivers next year.
3. 280 Richards St
Available: 623k SF
Total: 623k SF
Leasing Agency: Unknown
Owner: Thor Equities
This 7.7-acre project will be Thor’s largest-ever ground-up development in New York and feature massive 100k SF floor plates. Like many other big office projects in Brooklyn, it’s banking on attracting tech and creative tenants.
2. 47 Hall
Available: 670k SF
Total: 670k SF
Leasing Agency: Unknown
Owner: RXR Realty
RXR purchased this massive 10-building complex last year for $161M. It’s in the midst of an extensive reposition aimed at retooling the space toward TAMI and other creative tenants, making it one of several huge creative office projects in the Brooklyn pipeline right now.
1. 25-35 Columbia Heights
Available: 733k SF
Total: 733k SF
Leasing Agency: Unknown
Owner: RFR Holding, LIVWRK and Kushner Cos
The development partners haven’t released many details yet about what they plan to do with the former Jehovah’s Witnesses HQ, which they picked up back in April for roughly $700M. If it’s anything like what the same partners did with 81 Prospect St, also purchased from the Witnesses, it’ll be repositioned to office space, however.
