25 Kent Lands A 65K SF Short-Term Occupant As Its Anchor Search, Bisnow reported 12/5/19:
Brooklyn has nearly 7 million square feet of new office space in the next two years, including Dock 72 at the Brooklyn Navy Yard, and the Panorama complex, formerly the Jehovah’s Witnesses' headquarters, down the hill from Brooklyn Heights.
What about Site 5?
So what does that mean for Site 5, the sooner-rather-than-later parcel to be developed for Atlantic Yards/Pacific Park, currently home to Modell's and P.C. Richard?
Surely a new ground-up building would cost more than much existing product. Then again, Site 5 is near a major transit hub, so it has a superior location to 25 Kent, Dock 72, and even Panorama.
And, given the public process to shift buildable square feet from the B1 tower, plus construction time, Site 5 is probably 3-4 years away, in a best-case scenario.
It's very hard to build a new office tower on spec, so it likely needs an anchor tenant.
As has been posited before, all it takes is one big-pocketed corporation looking for a marquee headquarters. It hasn't happened yet. (See failed efforts to lure Panasonic, and Amazon.) But it can't be ruled out, either.
That said, Site 5 need not be an office building, since the mixed-use two-tower complex, along with significant retail space, could also contain apartments and a hotel, at least as of plans that were floated in 2016.
Rubenstein Partners and Heritage Equities Partners reached a deal with online publication Refinery29 to bring its pop-up 29Rooms to an almost 65K SF space at 25 Kent Ave., the half-a-million square foot ground-up office development on the Brooklyn waterfront.But that's a deal for a month. Smorgasburg is taking less than half that space for the winter. Meanwhile, as Bisnow notes, "The building has 350K SF of office space, 80K SF of light manufacturing space and 70K SF of retail."
Brooklyn has nearly 7 million square feet of new office space in the next two years, including Dock 72 at the Brooklyn Navy Yard, and the Panorama complex, formerly the Jehovah’s Witnesses' headquarters, down the hill from Brooklyn Heights.
What about Site 5?
So what does that mean for Site 5, the sooner-rather-than-later parcel to be developed for Atlantic Yards/Pacific Park, currently home to Modell's and P.C. Richard?
Surely a new ground-up building would cost more than much existing product. Then again, Site 5 is near a major transit hub, so it has a superior location to 25 Kent, Dock 72, and even Panorama.
And, given the public process to shift buildable square feet from the B1 tower, plus construction time, Site 5 is probably 3-4 years away, in a best-case scenario.
It's very hard to build a new office tower on spec, so it likely needs an anchor tenant.
As has been posited before, all it takes is one big-pocketed corporation looking for a marquee headquarters. It hasn't happened yet. (See failed efforts to lure Panasonic, and Amazon.) But it can't be ruled out, either.
That said, Site 5 need not be an office building, since the mixed-use two-tower complex, along with significant retail space, could also contain apartments and a hotel, at least as of plans that were floated in 2016.
Comments
Post a Comment