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
Chief People Officer Carolyn Patterson (Getty, Yelp)
Yelp to experiment with return-to-work plans
Yelp to experiment with return-to-work plans
From left: Furnished Quarters' Steven (left) and Gary Brown with 315 West 33rd Street (left) and 158 West 27th Street (Furnished Quarters, CityRealty, CityFeet)
Landlords sue hospitality stalwart Furnished Quarters
Landlords sue hospitality stalwart Furnished Quarters
Mack-Cali Realty CEO Mahbod Nia and a rendering of Harborside 1 (Mack-Cali Realty)
Mack-Cali Realty revamps Harborside office complex
Mack-Cali Realty revamps Harborside office complex
The reopening of NYC has created a surge of demand for apartments. (Getty)
Reopening sparks signs of a real estate rush
Reopening sparks signs of a real estate rush
Non-New York residents who worked remotely last year will still have to pay New York taxes. (iStock)
NY tax officials crack down on remote workers
NY tax officials crack down on remote workers
Cushman & Wakefield CEO Brett White (Cushman)
Cushman eyeing M&A opportunities post-pandemic
Cushman eyeing M&A opportunities post-pandemic
Donald Trump and 40 Wall Street (iStock, Sterlfilms/Wikimedia)
40 Wall’s valuation chop means tax savings for Trump Org
40 Wall’s valuation chop means tax savings for Trump Org
Google CEO Sundar Pichai (Getty, iStock)
Google’s hybrid model will allow 20% of employees to work remotely
Google’s hybrid model will allow 20% of employees to work remotely
arrow_forward_ios

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

Loading...