The Real Deal New York

Lincoln Property plans Bushwick office conversion

Landlord said to be eyeing rents in the area of $50 per sf

September 24, 2015 12:28PM
By Rich Bockmann

455 Jefferson Street

455 Jefferson Street

The Lincoln Property Company is pushing the limits of the Brooklyn office market with plans to convert a 100,000-square-foot Bushwick factory into office space.

The Dallas-based company is planning to overhaul the six-story building it bought at 455 Jefferson Street last week for $46 million into mixed-use office and retail space, according to plans filed with the Department of Buildings Thursday.

Rebranded as “The Jefferson,” the property will have retail on the first and second floors with offices beginning on the second level. The building application lists the total square footage at just above 95,000 square feet, though marketing materials peg the total at 125,000 square feet.

The entire building is vacant, according to CoStar.

Representatives from Lincoln could not be immediately reached. Sources said the landlords are eyeing rents that could be in the area of $50 per square foot, which would be a high-water mark that far east into Brooklyn.

The borough’s office market is having a moment with projects like Dumbo Heights, the Brooklyn Navy Yard and Industry City tapping into a deep well of demand.

Correction: A previous version of this post incorrectly stated that the Lincoln Property Company bought 455 Jefferson Street in April. The company closed on the property September 15.