KeySpan Renews 335,000 SF at One MetroTech

BROOKLYN, NY-Anchor tenant KeySpan Corp. has renewed its 335,000-sf lease at One MetroTech Center here for 20 years. The 23-story, 933,000-sf class A office is fully leased. KeySpan was among the center’s first tenants in 1992.

KeySpan has approximately 1,000 employees at its executive and administrative offices in the site, leasing more than one-third of the available commercial space. Two years ago, the building’s other major tenant, Bear Stearns, signed a 20-year renewal for its 275,000 sf of space in a deal reported to be valued at $230 million. Scott Panzer of Newmark represented KeySpan. No financial information was released. “It was a complicated transaction that provides Forest City with a long term commitment from a credit tenant and affords KeySpan a strong economic benefit for its future operations,” Panzer says.