JLL to handle leasing for Brooklyn Navy Yard building

City and state incentives could substantially lower asking price for Building 77

New York /
Dec.December 01, 2014 01:43 PM

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


Related Articles

arrow_forward_ios
Brian Feil of the Feil Organization and 360-370 Fulton Street (Google Maps)
Feil Organization to buy Downtown Brooklyn development portfolio
Feil Organization to buy Downtown Brooklyn development portfolio
JLL CEO Christian Ulbrich. (Getty)
JLL explores sale of China property management wing
JLL explores sale of China property management wing
From left: JLL’s Tim Rivers, Levine Kellogg’s Jeffrey Schneider, Meland Budwick’s Mark Meland, Blanca Commercial Real Estate’s Tere Blanca, Savills’ Tom Capocefalo and Collier’s Jonathan Kingsley
The money’s moving to South Florida. Will the office leases follow?
The money’s moving to South Florida. Will the office leases follow?
Newmark’s Barry Gosin (left) and CBRE’s Bob Sulentic
Weird flex but OK: How CRE giants hope to cash in on the future of the office
Weird flex but OK: How CRE giants hope to cash in on the future of the office
 JLL CEO of capital markets Richard Bloxam and Roofstock CEO Gary Beasley (JLL, Roofstock, iStock)
JLL gets in rental home business
JLL gets in rental home business
JLL CEO Christian Ulbrich (Photo via Jll/Twitter; Photo Illustration by Kevin Rebong for The Real Deal)
JLL earnings fell 24% in 2020
JLL earnings fell 24% in 2020
Brock Emmetsberger and B6 CEO Paul Massey (Photos via JLL; Massey via Axel Dupeux)
Veteran broker Brock Emmetsberger joins B6
Veteran broker Brock Emmetsberger joins B6
JLL CEO Christian Ulbrich, Trump International Hotel in Washington DC and Donald Trump (Getty; Trump Hotels)
JLL backs out of selling Trump’s DC hotel
JLL backs out of selling Trump’s DC hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...