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May 7, 2008

Forest City Ratner VP's white lie(?) about white-shoe tenant

Gilmartin-CNB.jpg You'd think that Forest City Ratner would tell the truth, just once in a while, for funzies. Apparently The Brooklyn Paper did too.

The Brooklyn Paper ran with a report that "white-shoe law firm" Weil, Gotshal was relocating to Brooklyn, on the apparent say-so of a Forest City Ratner executive:

Forest City Ratner Vice President Mary Anne Gilmartin made the announcement at the Brooklyn Real Estate Roundtable on Tuesday that the 500-lawyer white shoe firm would soon relocate to Metrotech.

“It’s a paragon shift from back-office to more-discerning tenants,” she said.

Norman "the Mad Overkiller" Oder promptly oderized the Brooklyn Paper, after reading the Weil, Gotshal press release and doing some more research.

A press release from the law firm states:

[The firm] will expand from its New York City headquarters by opening a new office in Downtown Brooklyn's MetroTech Center... The office will house several of the firm's staff groups, including employees in Information Systems, Finance and Operations.

The press release states that the firm will lease 35,000 square feet of space. That's only ten percent of the amount of space the firm has in Manhattan.

As Real Estate Weekly reported in 1996, the firm renewed its lease for 350,000 square feet of office space, occupying approximately 11 floors in the General Motors building located at 767 Fifth Avenue. The new, 21-year lease term will commence in 1998...

In the subsequent revision, Brooklyn Paper editor Gersh Kuntzman expressed dismay at Gilmartin's wild exaggeration, in which she bragged about MetroTech's new-found caché by upgrading "back office space" to "front office space."

Kuntzman didn't give credit for the exposé to the wily Oder, who made the point in the "discussion" section of the online article.

NoLandGrab: "Paragon shift?" Someone better drop Gilmartin a "paradigm."

Posted by lumi at May 7, 2008 5:40 AM