JLL to handle leasing for Brooklyn Navy Yard building

City and state incentives could substantially lower asking price for Building 77
December 01, 2014 01:43PM

The city hired JLL to serve as the exclusive leasing agent for the vacant 1 million-square-foot property in the Brooklyn Navy Yard.

The 16-story structure, known as Building 77, is undergoing a renovation of both the interior and exterior. The city announced plans to invest $140 million in the upgrade, with the reopening for the building scheduled for sometime in late 2016.

JLL is targeting a mix of big national and international tenants and local companies.

“We want to reach out to Asia, Latin America and Europe to attract new companies to the New York marketplace,” JLL’s Michael Shenot told the Wall Street Journal.

Asking price for the property is $40 per square foot for the penthouse floor, which comes with a roof deck. The lower floors will ask about $25 per square foot.

City and state economic incentive programs could give tenants a reduced asking price of $18 to $21 a square foot, the newspaper said.

The U.S. Department of the Interior’s National Park Service designated the Brooklyn Navy Yard as a national landmark in May, as reported. [WSJ]Mark Maurer