10 Jul New Office Space Coming to Brooklyn Navy Yard
As job growth continues to explode in Brooklyn—the borough leads the city in that category, with a 19.3 percent growth rate in private-sector jobs between 2003 and 2012—the influx of new workers will need more office space in which to work. The technology and creative industries sectors are especially hot: the 300-acre Brooklyn Navy Yard has doubled its jobs since 2001, and expects to continue expanding to 15,000 jobs by the year 2020. But with the current office vacancy rate in most parts of the Brooklyn Tech Triangle hovering at around 3%, a lack of commercial office space threatens to put a cap on that explosion of growth.
Fortunately, Brooklyn’s office market received good news earlier this week, when Rudin Development and Boston Properties Inc. unveiled plans to construct a 675,000-square-foot building at the Brooklyn Navy Yard. The 16-story, $380 million building, named Dock 72 at The Brooklyn Navy Yard, will be one of the largest commercial buildings to be built outside of Manhattan in decades, and will cater to the technology, advertising, and modern manufacturing industries in Brooklyn.
To design the facility, Rudin and Boston Properties consulted with WeWork Companies Inc., a startup provider of shared office space, who will eventually claim 222,000-square-feet of Dock 72. 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 Brooklyn Navy Yard development project is the perfect example of what is possible when major industry players such as Boston Properties, Rudin Development and WeWork, unite and collaborate with the public sector,” said Adam Neumann, Founder & CEO of WeWork. “This will be a model for other cities across the U.S., to demonstrate how WeWork can bring together the right partners and city officials to ignite local business and expand our community of members.”
Construction of the building is slated to begin later this year, and be completed by late 2017. Situated on a large strip of land jutting out into the East River, Dock 72, which was designed by S9 Architecture, will offer panoramic views of the City and the activity of the Navy Yard. The building will feature floor plans from 40,000 to 60,000 square feet, offering contiguous and easily demisable blocks of space for a variety of tenant sizes. It’s expected to house about 4,000 workers when fully occupied. It will also seek LEED certification.
Rudin and Boston Properties worked closely with the Brooklyn Navy Yard Development Corp, which will manage the property for the City, on several initiatives that will be a boon to the local economy. One agreement requires tenants in the building pay their employees a living wage. The firms will also work with the Brooklyn Navy Yard Employment Center to match nearby residents with job opportunities and to place 60 interns a year.
“The tenants that occupy this new building will contribute to the modern industrial ecosystem of the Yard—where technology, design and manufacturing converge, ” said BNYDC President and CEO David Ehrenberg. “The shared work space will nurture hundreds of small businesses and spark the next generation of large-scale employers in the Yard. Furthermore, this type of large, private-sector investment signals a watershed moment in the growth of the Brooklyn Navy Yard. Thanks to this vote of confidence from respected investors and developers and this partnership with WeWork, BNYDC will be able to attract additional top creative and industrial firms that will create thousands of jobs for local residents.”