Search
 

REAP Draws Firm to Dumbo

BROOKLYN, NY-The burgeoning Dumbo neighborhood snags a software technology firm and three art galleries.

By Barbara Jarvie | Updated on June 24, 2006

BROOKLYN, NY-Leases keep ringing up in the Dumbo section of the borough. Bringing 150 employees here from Manhattan is Wireless Generation, which signed on for nearly 40,000 sf at 55 Washington St. Chris Havens, director of leasing for Two Trees Management, says the deal–which makes the educational software and services firm the neighborhood’s largest employer–brings “an entirely new population to the neighborhood.”

Moving from approximately 20,000 sf in a Midtown South location, the firm becomes the second largest office tenant in the community, where firm officials believe it can “put down roots and grow,” according to Larry Berger, CEO and co-founder of Wireless Generation. “This entry into our neighborhood is significant to us,” says Havens, adding that the company took advantage Relocation and Employment Assistance Plan from the city, which offers large tax credits to tenants relocating all or part of their businesses from south of 96th Street in Manhattan to eligible buildings in the outer boroughs and north of 96th Street . The REAP resulted in a net effective rent reduction of approximately $11 per sf for Wireless Generation, below market. The leasing range at the site is from $19 to 22 per sf.

David Walentas, Jed Walentas and Chris Havens represented Two Trees in the 10-year lease for part of the building’s top two floors. Rob Lowe and Curtis Brown of Cushman & Wakefield represented Wireless Generation. Lowe says the firm wanted to be in “a creative and fast-growing neighborhood.” Built in 1901, 55 Washington Street totals about 83,000 sf, and is located between Water and Front Streets, near the Manhattan Bridge.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.