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January 4, 2012
New Jersey Nets Ink Office Deal at MetroTech Center
NY Observer
by Daniel Geiger
How's this for economic development? The Bruce Ratner (minority)-owned New Jersey Nets are moving to the Bruce Ratner-owned MetroTech!
The team is relocating its corporate headquarters from East Rutherford to Downtown Brooklyn, where the organization is taking 35,145 square feet at the office building 15 MetroTech Center. The Nets will take the space for between five and 10 years at rents in the $30s per square foot, said sources.
The Nets will sublease 15 Metrotech’s entire 11th floor from Visiting Nurse Health Care System, Inc., which is consolidating its operations onto another floor it leases at the property, the tenth.
The Nets will take possession of the office space in the coming months in preparation for the 2012-2013 season. That season, which begins this October, will be the first the team will play at the Barclays Center, the new arena being built for the organization by developer and partial Nets owner Forest City Ratner as part of a large mixed use real estate project over Brooklyn’s Atlantic Yards.
Although Forest City Ratner owns 15 MetroTech and the Atlantic Yards arena in which the basketball team will play, the negotiations were between Visiting Nurse Health Care System and the Nets.
Related coverage...
Atlantic Yards Report, Nets moving offices to Brooklyn, subleasing space from downsizing MetroTech tenant
The Nets are moving their offices to Brooklyn, and to a Forest City Ratner building to boot, but that represents no net gain to the developer, as the team is subleasing space from a downsizing tenant.
...The team was originally supposed to move to the arena itself, but the 2009 arena downsizing moved the offices off-site.
Posted by eric at January 4, 2012 12:05 PM