A commercial renaissance is changing the shape of downtown Brooklyn | News | Tishman Speyer


A commercial renaissance is changing the shape of downtown Brooklyn

The New York Post December 4, 2018

New construction and changing demographics are bringing downtown Brooklyn’s once-sleepy office market into the digital age. Projects in the pipeline will add up to 3 million square feet of Class-A space within a few years — and generate new commercial chemistry as well. The Brooklyn office stock is spread over a vast area encompassing several mini-neighborhoods — from the foot of the Brooklyn Bridge at its northwest corner to Barclays Center and Pacific Yards at the southeast. The district’s existing 17-million-square-foot office market is still relatively small compared with Midtown South’s 74 million square feet, for example.But growth and change are coming fast. They include new construction by Tishman Speyer and JEMB Realty and major repositionings of older buildings by Meadow Partners and CIM Group, among others. They’re not only adding volume but also bringing the office market more into sync with the area’s new demographic and cultural and retail diversity. Tishman Speyer’s The Wheeler is rising on a Fulton Street site that includes part of the original Macy’s. Its 620,000 square feet of offices on 10 floors include new construction as well as an integration of Macy’s former upper floors. It will be finished late next year.

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