The Real Deal New York

Ballers: Urban Soccer signs big lease at Madison’s Whale Square

Former Whale Oil building now undergoing conversion in Sunset Park
By Hiten Samtani | July 20, 2016 11:07AM

Josh Zegen, 14 53rd Street in Brooklyn and the Urban Soccer League

Josh Zegen, the Brooklyn Whale Building at 14 53rd Street in Brooklyn and the Urban Soccer League

Brooklyn is about to get a lot more of the Beautiful Game.

Urban Soccer, which operates soccer leagues in Europe, is taking 63,000 square feet at 14 53rd Street in Sunset Park. Madison Realty Capital bought the property, best known as the Brooklyn Whale Building, for $82.5 million last year.

The third-floor space will be Urban Soccer’s first indoor facility in the U.S., and its second location in the country.

“It’s the kind of deal that builds momentum by making the building a destination, and we look forward to signing new leases soon,” said Josh Zegen, CEO of Madison Realty Capital.

The seven-story building was listed as being 400,000 square feet when Madison purchased it. But after a remeasurement and some tenant buyouts, the firm is pegging it at 500,000 square feet. Madison is repositioning the building — now called Whale Square — to attract tech and creative tenants. Asking rents at the property are $29 per square foot.

A Newmark Grubb Knight Frank headed by David Falk represented the developer in the lease deal. Jordan Gosin, also of Newmark, represented Urban Soccer.

Madison’s other holdings in the area include 341-353 39th Street, two adjacent warehouse properties near Industry City.