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While tons of residential units sprout up in Brooklyn’s downtown area, Quinlan Development Group and Building & Land Technology have decided to go against the grain and convert a storage facility into an office building, reports the Wall Street Journal. The joint venture purchased 41 Flatbush Ave from Extra Space Storage for $89.4M. The 257k SF building is well situated, close to Atlantic Terminal, the Barclays Center, and many new bars and restaurants. And with Brooklyn’s office vacancy rate down to 3.4%, the lowest since 2006, and a list of up to 100 companies looking to move into downtown Brooklyn, the property seems like a smart investment. The venture plans to gut renovate the building to preserve its original decorative elements. It will also include 21k SF of retail space. [WSJ]
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