The current tenants of Sunset Park’s Industry City, despite the new ownership’s aim to grow the 16-building site as a new hub of manufacturing and tech, are likely to stay happily in place.
Virginia Dare, a food flavoring and extract manufacturer that has been based in Industry City for 90 years, inked a deal to extend its 150,000-square-foot lease into the next ten years. Food and kitchen emporium Williams Sonoma, which has a catalogue and photography facility on site, is increasing its space from 24,000 to 36,240 square feet, and high-end guitar manufacturer Fodera has also signed onto a new lease and doubled its space to 13,000 square feet.
“Tenants are excited to see the investments that we’re making in the buildings,” Andrew Kimball, CEO of Industry City, told Crain’s. “You see it every day with elevators that are being worked on, the facade restoration going on, and with lots of tenants working on their spaces. There’s a real energy.”
All in all, he told Crain’s, his team has renewed 45 leases.
Jamestown Properties, which owns Chelsea Market, acquired a stake in the complex in August and now shares ownership with financier Angelo Gordon & Company and Belvedere Capital. Kimball, the former CEO of the Brooklyn Navy Yard, was recently named the property’s CEO. [Crain’s] — Julie Strickland