As The Wheeler gets developed for office space, a nod to Pacific Park as an "internationally recognized neighborhood"
The Wheeler--"a name inspired by the visionary 19th century Brooklyn developer Andrew Wheeler"--involves a "620,000 square-foot vertical office campus spread across 10 expansive floors" on top of an integrated into two buildings owned by Macy's on Fulton Street and with an entrance on Livingston Street. (One was developed by Wheeler.)
Tishman Speyer notes:
Tishman Speyer is developing The Wheeler during a period of unprecedented growth in Downtown Brooklyn. Between 2012 and 2016, more than 3,000 units of housing were constructed in the greater Downtown Brooklyn area, which encompasses such internationally recognized neighborhoods as Dumbo, Brooklyn Heights, Park Slope, Fort Greene, Gowanus, Pacific Park and Williamsburg. Another 5,000 apartments, more than half a million square feet of new retail and approximately 20 new hotels are currently in the development pipeline.(Emphasis added)
That's a rather expansive definition of "greater Downtown Brooklyn," given the inclusion of Williamsburg. And it's the first time I've ever heard of "Pacific Park" being described as an "internationally recognized neighborhood."
No anchor tenant
The Times reported, in Downtown Brooklyn’s Dearth of Office Space Beckons Tishman Speyer, that the building is being constructed without an anchor tenant, and will be "ready for occupancy in mid-2019." Three other speculative office buildings are in construction as well.
Wrote Julie Satow:
Real estate professionals are closely eyeing the Pioneer Building at 41 Flatbush, the first of the new office towers to be completed, with its temporary certificate of occupancy expected later this month.The Atlantic Yards effect
“The challenge is that there are no rental comps for the neighborhood yet, so everyone is closely watching this first lease to set the base rent,” said Andrew Sasson, a senior director at Eastern Consolidated, referring to the lack of deals for offices larger than 10,000 square feet in the $50 per square foot range.
Forest City Ratner has previously said it wouldn't build an office tower without an anchor tenant.
Two major office developments are planned, if not approved, within Atlantic Yards/Pacific Park: the flip of B4, the tower at the northeast corner of the arena block, from residential to office, and the plan to shift approved bulk from the unbuilt B1 (now occupied by the arena plaza) to Site 5 across Flatbush Avenue.
Presumably neither of these buildings would compete with these first round of office buildings but rather the next round.