Shared-office firm Cowork.rs takes space in Gowanus

Formerly abandoned industrial building at 92 Third Street is now fully leased

TRD New York /
Mar.March 09, 2015 04:45 PM

Office-sharing company Cowork.rs signed a lease for 42,000 square feet in a newly rehabilitated Gowanus industrial building.

A group of investors purchased the abandoned building for nearly $20 million in 2013 and converted it to office space. Online annotation company Genius Media took 43,000 square feet in the building last year, and with this latest lease, the property is now set to be fully occupied when tenants move in within the next six weeks.

“It’s an amazing scenario,” Aaron Lemma, one of the developers, told the New York Daily News. “We took this building in a predominantly residential neighborhood with no commercial market whatsoever and it leased up very quickly. It’s proof that office projects can be really successful in non-traditional neighborhoods.”

Lemma’s company, LIVWRK, will now attempt to use the same business model on a nearby site at 160 Van Brunt Street.

“These people want to go on the subway two or three stops at most,” Lemma said, of the Brooklyn inhabitants who will likely work in the building. “They want to walk; they want to take their bikes. The idea of commuting is becoming less attractive.”

Rents were not disclosed, but Lemma said that asking rates were over $40 per foot. [NYDN] — Tess Hofmann

 

Related Articles

arrow_forward_ios
Council member Brad Lander and Gowanus (Credit: Lander by Erik McGregor/Pacific Press/LightRocket via Getty Images, Spencer Platt/Getty Images)

Will Gowanus be the next botched rezoning?

Will Gowanus be the next botched rezoning?
Stephen Levin, Brad Lander, 187 and 195 Hoyt Street (Credit: Google Maps, iStock)

Pols ponder NYCHA air rights sale for Gowanus

Pols ponder NYCHA air rights sale for Gowanus
Avery Hall principal Brian Ezra and a rendering of 204 Fourth Avenue (Credit: Avery Hall and Startup Columbia)

Avery Hall pays $30M for Gowanus site

Avery Hall pays $30M for Gowanus site
Clockwise from left: 532-542 Union Street and 232 Third Avenue in Gowanus, Tavros' Colin Rankowitz and Avery Hall's Brian Ezra (Credit: Terra CRG, Tavros, Avery Hall)

Gowanus gold rush: Avery Hall, Tavros, Charney buy sites for $55M

Gowanus gold rush: Avery Hall, Tavros, Charney buy sites for $55M
An aerial of 469 President Street, 473 President Street, 514 Union Street (Credit: Google Maps)

Avery Hall Investments buys Gowanus development site for $44M

Avery Hall Investments buys Gowanus development site for $44M
The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation
Avery Hall to city: In exchange for 50K sf, we’ll improve a Gowanus subway station

Avery Hall to city: In exchange for 50K sf, we’ll improve a Gowanus subway station

Avery Hall to city: In exchange for 50K sf, we’ll improve a Gowanus subway station
Sam Boymelgreen and 255 Butler Street (Credit: Google Maps)

Sam Boymelgreen wants to turn a Gowanus printing plant into an office building

Sam Boymelgreen wants to turn a Gowanus printing plant into an office building
arrow_forward_ios

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

Loading...