The Real Deal New York

Chase puts giant MetroTech retail block on the market

180K sf will span across both 3 and 4 MetroTech Center
December 08, 2016 10:30AM

JP Morgan Chase — the owner two buildings in the MetroTech Center — is set to list 180,000 square feet of retail space for rent at the Downtown Brooklyn buildings.

The available space is across both 3 Metrotech Center and 4 Metrotech Center, the Commercial Observer reported. The space includes 12,605 square feet on the ground floor, 12,550 square feet on the mezzanine level and 34,350 square feet on the second floor of 3 MetroTech. At 4 MetroTech, 26,650 square feet of ground floor space up for lease, as well as 70,00 square feet across the two lower levels and 19,850 square feet on the second floor.

CPEX Real Estate TRData LogoTINY and Avison Young will market the space, according to the publication. Asking rents were not made public, but brokers said rents would be “market rate.” A recent Real Estate Board of New York Brooklyn retail report showed average ground floor rents on Fulton Street to be $277 per square foot in summer, a three percent decline year-over-year.

This is the first time all the space at 3 and 4 MetroTech has become available since the buildings were built in 1991, according the publication. Forest City Ratner Companies developed MetroTech Center, which spans a total of 3.7 million square feet. In January, Slate Magazine took a 21,000 square-foot lease at 9 MetroTech Center.  The New York City Fire Department also has 320 square feet at 9 MetroTech.  Other tenants at the center include Chipotle and Au Bon Pain, according to the publication. [CO]Miriam Hall