Lincoln Property plans Bushwick office conversion

Landlord said to be eyeing rents in the area of $50 per sf

New York /
Sep.September 24, 2015 12:28 PM

The Lincoln Property Company is pushing the limits of the Brooklyn office market with plans to convert a 100,000-square-foot Bushwick factory into office space.

The Dallas-based company is planning to overhaul the six-story building it bought at 455 Jefferson Street last week for $46 million into mixed-use office and retail space, according to plans filed with the Department of Buildings Thursday.

Rebranded as “The Jefferson,” the property will have retail on the first and second floors with offices beginning on the second level. The building application lists the total square footage at just above 95,000 square feet, though marketing materials peg the total at 125,000 square feet.

The entire building is vacant, according to CoStar.

Representatives from Lincoln could not be immediately reached. Sources said the landlords are eyeing rents that could be in the area of $50 per square foot, which would be a high-water mark that far east into Brooklyn.

The borough’s office market is having a moment with projects like Dumbo Heights, the Brooklyn Navy Yard and Industry City tapping into a deep well of demand.

Correction: A previous version of this post incorrectly stated that the Lincoln Property Company bought 455 Jefferson Street in April. The company closed on the property September 15.


Related Articles

arrow_forward_ios
(iStock)
Unprecedented landlord incentives powering U.S. office market recovery
Unprecedented landlord incentives powering U.S. office market recovery
Office subleases abound in North Dallas suburbs
Office subleases abound in North Dallas suburbs
Office subleases abound in North Dallas suburbs
Google buying London office for $1B
Google buying London office for $1B
Google buying London office for $1B
RXR chief executive Scott Rechler and 5 Times Square (Getty Images, 5timessquare.com)
RXR seeking $1.5B refi for Times Square office tower
RXR seeking $1.5B refi for Times Square office tower
Regent Properties buys Texas office building for $174M
Regent Properties buys Texas office building for $174M
Regent Properties buys Texas office building for $174M
Noam Ben-Zvi, chief executive officer, Placer.AI (Placer.AI, iStock)
Location data firm Placer.ai hits unicorn status with $100M Series C
Location data firm Placer.ai hits unicorn status with $100M Series C
Mark Zuckerberg (Getty Images, iStock)
Meta postpones office return
Meta postpones office return
400 West Sixth Street in Austin with Meta's Mark Zuckerberg (Getty)
Meta goes mega on Texas office space
Meta goes mega on Texas office space
arrow_forward_ios

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

Loading...