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June 15, 2011

Downtown Brooklyn Leasing Exhibits ‘Robust Health,’ Forest City Ratner Says

Brooklyn Daily Eagle
by Linda Collins

Here's a shocker: of 370,500 square feet in new leases at MetroTech, 275,000 of it (nearly 73%) is being leased to the taxpayers.

With the announcement in late May by Polytechnic Institute of New York University (aka NYU-Poly) that it was expanding into 120,000 square feet of space in two buildings at the MetroTech Center, Forest City Ratner Companies, the landlord, now reports multiple new leases for its properties there and at One Pierrepont Plaza nearby in Brooklyn Heights.

“Downtown Brooklyn continues to exhibit robust health despite still-challenging economic times nationwide,” said Bruce Ratner, chairman and CEO, adding that he was delighted to report that five diverse tenants have entered into new leases at 2 MetroTech Center and that Morgan Stanley has renewed for a substantial block of space at One Pierrepont Plaza.

• The City of New York has signed a 20-year lease for a 155,000-square-foot expansion, comprising the second floor, a portion of the fifth floor and a portion of the ninth floor, as well as the recent addition of the entire fourth floor. This space will house office and data center space for the Department of Information Technology and Telecommunications.

• The General Services Administration (GSA) has signed a 10-year lease for 120,000 square feet comprised of portions of the ground floor, and the entire sixth and seventh floors. The space will be home to the Internal Revenue Service and will be ready by early 2012.


NoLandGrab: One would think with the "robust health" of MetroTech leasing, Bruce wouldn't need to try to cut union wages at Atlantic Yards by 20%.

Posted by eric at June 15, 2011 10:20 AM