JLL to handle leasing for Brooklyn Navy Yard building

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

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

JLL President and CEO Christian Ulbrich & JLL Global Chief Financial Officer Stephanie Plaines (Credit: iStock, JLL)

JLL still riding revenue wave after HFF acquisition

Glenn Tolchin and Yoav Oelsner (Credit: Jll; Getty Images)

Former JLL brokers launch boutique sales firm

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

Clockwise from left: 168-170 Wythe Avenue, 115 North 6th Street and 129-133 Kent Avenue with L3 Capital's Domenic Lanni (Credit: Google Maps)

L3’s Williamsburg retail properties snag $91M refi

Warner Media CEO John Stankey, Google CEO Sundar Pichai and Facebook CEO mark zuckerberg (Credit: Getty Images, iStock)

Triple-digit office rents, once a rarity, are now a major piece of Manhattan deals

Donald Trump and the Trump Hotel in Washington D.C. (Credit: Getty Images)

Deadline is set for bids on Trump’s DC hotel

LCOR’s Anthony Tortora and the parking lot at 1517 Surf Avenue (Credit: Google Maps and LCOR)

California teachers get in on Coney Island’s redevelopment

JLL CEO Christian Ulbrich and 330 Madison Avenue (Credit: JLL and Steel Institute of New York)

JLL doubles office footprint at 330 Madison Avenue