Building 77 Unique Brooklyn Waterfront Opportunity Market Drivers Emerging Brooklyn Waterfront/ Tech Triangle
Growing emphasis on talent attraction has increased demand for commercial space in Brooklyn
Core Brooklyn office market now features over 25M rsf
Brooklyn’s Tech Triangle is retaining growing, Brooklyn- based firms and attracting technology & creative firms from Manhattan
Vacancy rates in the single digits and dramatic rental rate appreciation over the past 12-18 months
1 Brooklyn Navy Yard 4.5M SF portfolio; 100% Leased for 10 years
$250M of infrastructure improvements; $750M of development activity
Commitment to job creation for industrial, R&D, creative & tech tenants
2 Building 77: Today Industrial Warehouse Built in 1942
3 Building 77: Opportunity 1M SF, Fully Redeveloped Property
FLOOR 16 11,000 sf FLOOR 15 66,000 sf FLOOR 14 74,000 sf *FLOOR 13 80,000 sf *FLOOR 12 80,000 sf *FLOOR 11 80,000 sf *FLOOR 10 80,000 sf FLOOR 9 80,000 sf FLOOR 8 80,000 sf FLOOR 7 80,000 sf FLOOR 6 80,000 sf FLOOR 5 80,000 sf FLOOR 4 80,000 sf FLOOR 3 80,000 sf FLOOR 2 73,000 sf
*LEASED: FLOORS 10-13 CEILING HEIGHTS: 11’11” & 10’3”
4 Building 77: Redevelopment Overview Complete renovation Program
$140M capital program, including
New glass and metal exterior/façade with new window wall system
Redesigned lobby featuring double-height entrances
All new MEP and HVAC systems
New (passenger) and modernized (freight) elevators
Substantial power capacity, telecom service and systems redundancy
Targeted LEED Silver certification
5 Large Efficient Floor plates Typical Floor Plan
20’
20’ Flushing Avenue Flushing Brooklyn Waterfront Brooklyn
6 FLEXIBLE, OPEN Floor plans
7 UNOBSTRUCTED PANAROMIC Views Brooklyn & Manhattan SKYLINEs
8 2oK SF PRIVATE ROOF DECK AVAILABLE for exclusive tenant use
9 Transportation options
5-10 minute shuttle ride to 7 MTA stations & 16 lines
Proximity to BQE, Brooklyn, Manhattan & Williamsburg bridges
130 spaces for tenant parking
Brooklyn Greenway & 5 Citi Bike stations
10 As-of-Right Incentives $20/SF of ANNUAL occupancy Savings
Tax Benefits -NYC Relocation and Employment Assistance $15/SF Program (REAP) -Exemption from real estate taxes $1-2/SF -Exemption from Commercial Occupancy Tax $1-2/SF Energy Savings -Energy Cost Savings Program (ECSP) $1-2/SF
Total annual Benefits $18-21/sf$18-21 /sf
Additionally, Building 77 is designated as a Foreign Trade Zone
11 Project Timeline Achievement of key milestones
2014 Target Date - Project Funding - Interior Demolition Complete - Finalize Construction Documents
2015 - Award Core & Shell Contracts FEB 2015
2016 - Complete New Facade MAY 2016 - TCO / Turnover for Tenant Fit-out Q3 2016
12 Project Team Highly Experienced and qualified Team
• Citi Field, Queens, NY Owner’s Representative • American Banknote Building, Bronx, NY
• MTA Fulton Street Transit Center Construction Manager • 11 Times Square, New York, NY
• City Hall Renovation, New York, NY Project Architect • Empire State Building Revitalization
• Baruch College, New York, NY MEP Engineer • Dow Jones & Company, New York, NY
• Whitehall Ferry Terminal, New York, NY Structural Engineer • Tweed Courthouse, New York, NY
• Interactive Corp (IAC) Bldg, NY, NY Geotechnical Engineer • Hearst Tower, New York, NY
• Bank of America Tower, New York, NY Vertical Transportation • Willis Tower, Chicago, IL
• FDR Four Freedoms Park, New York, NY Lighting Designer • Brooklyn Public Library, Brooklyn, NY
• JFK Intl Airport, American Airlines IT/ Acoustics Consultant • IAC Headquarters, New York, NY
13 Building 77 Unique Brooklyn Opportunity
Completely renovated waterfront property with unobstructed views of the Brooklyn and Manhattan skylines
Competitively priced before annual as of right incentives estimated at $20/sf
Large, flexible floor plans and potential 500K sf contiguous block
Ability for anchor tenant to influence design and building operations
Foreign Trade Zone designated
Estimated completion date: Q3 2016
14 Contact
For Leasing Information:
Michael Shenot 212.812.5702 [email protected]
Paul Mas 212.812.5869 [email protected]
Michael Berg 212.812.5923 [email protected]
Edward DiTolla 212.812.5922 [email protected]
Ruby Hwang 212.812.5713 [email protected]
Darren Ferguson 212.418.2671 [email protected]
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