NEW YORK CITY—In one of the largest office leases in Brooklyn over the last decade, Etsy—the large online marketplace for artisanal goods—has inked a lease for 200,000 square feet at the Watchtower buildings, in DUMBO Heights.
The deal makes the company the anchor tenant in the complex, the former headquarters of the Jehovah's Witnesses that was sold last year—to a partnership of Kushner Cos., RFR Realty, LIVWRK Holdings and Jared Kushner—and is slated for redevelopment into a technology hub.
The CBRE team of Frederick Fackelmayer, VP; Ben Friedland, EVP; Christopher Mansfield, SVP and Sacha Zarba, EVP, represented Etsy in its relocation. The tenant also was advised by attorney David Brooks, real estate partner at Paul Hastings. Ownership was represented in house by Daniel Bodner. Etsy is slated to move from an 80,000-square-foot space at 55 Washington St., in the DUMBO section of Brooklyn, in 2016.
“Etsy has been a highly successful online enterprise and a pioneer Brooklyn based technology company,” says Zarba. “DUMBO Heights presented a unique opportunity, allowing Etsy to continue to expand on their community based roots in Brooklyn and ensuring their long-term commitment to the neighborhood.”
Etsy will be leasing 172,000 square feet at 117 Adams St. and will be connected to a floor of 26,500 square feet in the adjacent building at 55 Prospect St., which is linked via a sky bridge.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
