NEW YORK CITY—In an effort to better accommodate the rapidly growing technology and creative industries in Brooklyn, a joint initiative of Boston Properties, Rudin Development and WeWork—in conjunction with the Brooklyn Navy Yard Development Corp.—has revealed it is developing a 675,000-square-foot building at the Brooklyn Navy Yard. The $380 million building, named Dock 72 at the Brooklyn Navy Yard, will be one of the largest NYC commercial buildings to be built outside of Manhattan in decades.
WeWork will anchor the new building with a 222,000-square-foot lease, significantly reinforcing the Brooklyn Navy Yard as one of the largest concentrations of small and start-up businesses in the region.
According to the agreement between the development team and BNYDC, all tenants in the building will pay a living wage to their employees, making it the first new development in Brooklyn with such a commitment.
“This type of large, private-sector investment signals a watershed moment in the growth of the Brooklyn Navy Yard, says BNYDC president and CEO David Ehrenberg. “Thanks to this partnership, BNYDC will be able to attract additional top creative and industrial firms that will create thousands of jobs for local residents.”
Construction of the 16-story building is scheduled to begin in late 2015 with an anticipated tenant delivery in late 2017. The site is centrally located within the Yard on a 60,000-square-foot strip of land jutting out into the East River between two active dry-docks, offering panoramic views of the City and the activity of the Navy Yard. The building will feature floor plates from 40,000 to 60,000 square feet, offering contiguous and easily demisable blocks of space for a variety of tenant sizes.
Highlights of the 35,000-square-foot amenity package curated by WeWork include a health and wellness center, specialty food and beverage offerings and a rooftop conference center.
The new project comes just weeks after Mayor Bill de Blasio's administration announced the $140 million redevelopment of Admirals Row and follows the conversion of Building 77 into a one-million-square-foot innovation and manufacturing hub.
"This building will be a boon to the modern, industrial ecosystems of both Brooklyn and the entire City, as it supports 4,000 new jobs and the growth of small businesses," said BNYDC Chair Hank Gutman. "This is another important milestone in the growth of the Navy Yard."
The 300-acre Brooklyn Navy Yard—which features 3.5 million square feet of leasable space—that houses over 300 businesses—is fully occupied. The city-owned Navy Yard is currently undergoing its largest expansion since WWII and is expected to add over two million square feet of space.
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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.
