HRA inks the biggest lease in Brooklyn this year, ditches Manhattan digs

TRD New York /
Oct.October 12, 2011 11:10 AM

The New York City Human Resources Administration has inked a 20-year lease for 400,000 square feet at a 10-story building at 470 Vanderbilt Avenue in the Fort Greene area of Brooklyn, the New York Times reported, in what is, so far, the biggest real estate deal in Brooklyn in 2011 and brings the building to 85 percent occupancy.

“The building is huge — an entire city block — and it has basically sat vacant and derelict for years,” said Steven Hurwitz, the vice president of acquisitions and developments at GFI Development, the company that owns the ground lease. “This is a major turnaround for the building and the surrounding neighborhood.”

It was not immediately clear how this lease fits in with the administration’s previously reported plans to move into 4 World Trade Center. It was recently reported that the HRA would take 582,000 square feet on floors 22 to 35 in the 2.3 million-square-foot tower, making it the second largest government tenant there. A spokesperson for the HRA was not immediately available to return a call from The Real Deal. 

HRA will be vacating 271,000 square feet at 330 West 34th Street and 37,000 square feet at 2 Washington Street in Manhattan, and 187,000 square feet at 210 Livingston Street in Brooklyn, the Times said.

Peter Hennessy, president of the New York tri-state region for Cassidy Turley, represented the tenant in the deal and Gary Kamenetsky, a first vice president at CB Richard Ellis, represented the landlord.

HRA is expected to move to its new premises by next winter. [NYT]


Related Articles

arrow_forward_ios
51 West 52nd Street and ViacomCBS CEO Bob Bakish (Credit: Google Maps and Getty Images)

Following merger, Viacom could sell CBS’ Midtown HQ

William Shanahan (Photo by Studio Scrivo)

The Closing: Bill Shanahan

Who needs New York? Garden State multifamily portfolio trades for $146M

Who needs New York? Garden State multifamily portfolio trades for $146M

The CVS at 99 Greenwich Avenue in Greenwich, Connecticut (courtesy of Midwood).

How much for that CVS building? In Greenwich, the price is $30M

Vineyard Vines HQ sold in Stamford, Avon inks Rye deal & more Westchester and Fairfield real estate news

Vineyard Vines HQ sold in Stamford, Avon inks Rye deal & more Westchester and Fairfield real estate news

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

Multifamily properties trade in Bridgeport, Toll Brothers buys in White Plains and more Westchester & Fairfield real estate news

Multifamily properties trade in Bridgeport, Toll Brothers buys in White Plains and more Westchester & Fairfield real estate news

arrow_forward_ios