NEW YORK CITY—Brooklyn closed out 2014 by inking a lease for more than 100,000 square feet with Bed Bath & Beyond, the borough's largest retail lease of the year, it was reported Monday by CPEX. Set to come to Liberty View Industrial Plaza, the store will feature a presence from several of its own concepts. In addition to its flagship brand, the site will include buybuy BABY, Cost Plus World Market and Harmon Face Values.
Located along the Sunset Park waterfront, Liberty View Industrial Plaza, also known as 850 Third Ave., is now a modern eight-story retail, industrial and technology complex with the largest floor plate in all of Brooklyn at 140,000 square feet. Altogether, Liberty View offers a total of approximately 1.2 million square feet of space. Formerly Federal Building #2, the building was constructed in the 1920s and has undergone a $100 million renovation.
The current owner of the property has ambitious plans, CPEX managing partner Timothy King—a member of the firm's retail leasing team, which represented the landlord—tells GlobeSt.com.
“It is the goal of ownership to simultaneously restore a nearly 100-year-old industrial building to its original look and feel while creating a 21st century environment for retail and manufacturing tenants,” he says. The end result will be an outstanding example of the adaptive reuse of a historical treasure.”
“This transformative building provides us with an opportunity to create a unique shopping venue that allows us to showcase our company's evolving customer interaction capabilities and merchandise offerings,” adds Barry Feld, CEO, Cost Plus World Market and senior executive overseeing the project.
CPEX's New York retail leasing team, consisting of King, managing director Ryan Condren and associate directors Kristina Triglia and George Danut, represented Salmar Properties, in negotiating the lease transaction. Lon Rubackin of CBRE represented Bed Bath & Beyond.
“This transaction serves as a testament to the power of perseverance,” adds King. “It took more than two years to find a tenant that shared the landlord's vision. Ultimately, the landlord was able to secure a quality tenant and Bed Bath & Beyond was able to capitalize on a once in a lifetime opportunity to be part of the burgeoning Brooklyn retail market in Sunset Park.”
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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.
