NYCEDC looking for new HQ in FiDi, Downtown Brooklyn

NGKF team hired to advise in search for 250K sf digs

TRD New York /
Jun.June 21, 2016 12:21 PM

The New York City Economic Development Corporation is looking for a new home – a 250,000-square-foot spread either in the Financial District or Downtown Brooklyn.

The nonprofit agency hired a Newmark Grubb Knight Frank team led by James Kuhn and Neil Goldmacher to advise on the search, sources told The Real Deal.

EDC occupies about 262,500 square feet across seven floors at Savanna and KBS Capital Advisors’ 110 William Street. The agency houses more than 500 employees in the space, which it has leased since 1992. The office spread represents nearly a third of the 32-story, 928,000-square-foot tower.

Although its lease does not expire until August 2019, sources said the agency wants to find a new office by the end of this year.

A source close to the agency said it is looking for a more modern building. “Its current space presents a number of challenges, including insufficient natural light in the interior and varying heating and air conditioning quality within floors,” the source said.

The quasi-city agency, which manages about 60 million square feet of New York City real estate, will soon begin touring properties that have at least 200,000 square feet up for grabs, sources said.

Last summer, Mayor Bill de Blasio appointed Maria Torres-Springer the new president and CEO of EDC, replacing Kyle Kimball.


Related Articles

arrow_forward_ios

US real estate investment firm plans IPO — in Singapore

East End, KBS put 21-story South W’burg building on market

KBS, Savanna refi 110 William with $265M mortgage

CRE execs see Trump, interest rates as big risks for 2017

KBS to buy $40M stake in church near Penn Station

KBS seals Israeli bond offering at $249M

KBS raises $216M in first phase of Israeli bond offering

KBS filing details REIT’s plans for Israeli bond issuance

arrow_forward_ios