180k SF Of MetroTech Retail Space Hits The Market
Retailers looking to enter Downtown Brooklyn just got a huge opportunity.
180k SF of retail space in 3 and 4 MetroTech Center has hit the rental market.
The listing includes 3 MetroTech Center’s 13k SF ground floor, a 13k SF mezzanine and a 34k SF second floor, alongside 4 MetroTech Center’s 27k SF ground floor, 20k SF second floor and two lower levels totaling 70k SF. This is the first time this space has been on the market in 25 years, the Commercial Observer reports.
The space’s being marketed with different configurations, but Avison Young’s Jedd Nero—who’s marketing the space with CPEX Real Estate Services’ Timothy King—says JPMorgan Chase, the building’s owner, wants to connect MetroTech’s Willoughby Street-facing exterior to the MetroTech Commons.
The two brokers said the building’s façade will be overhauled, with the design being tenant-dependent. They’re currently speaking with a variety of retail tenants, including apparel companies, restaurants and health clubs.
The rents, currently undisclosed, will be market-rate, the brokers say. The surrounding area has some of the highest retail rents in the borough, averaging $277 per SF along Fulton Street. [CO]