Rudin, Boston Properties land $250M loan at Navy Yard

WeWork will anchor the $410M Dock 72 office building

TRD New York /
Jan.January 23, 2017 10:05 AM

Rendering of Dock 72 and Michael Rudin (Credit: S9 Architecture and Getty Images)

UPDATED: Jan. 24, 10:45 a.m.: Who says the market for construction finance is dead? Rudin Management and Boston Properties landed a $250 million loan for Dock 72, their tech-focused office building at the Brooklyn Navy Yard.

The developers secured financing for the $410 million project from J.P. Morgan Chase, M&T Bank Corp. and U.S. Bank, the Wall Street Journal reported. Rudin TRData LogoTINY and Boston Properties broke ground on the 16-story building at 652 Kent Avenue last year.

The 675,000-square-foot building will be anchored by WeWork, which agreed to lease 222,000 square feet. Asking rents in the 17-story building will be between $60 and $70 per square foot, Rudin Management vice president Michael Rudin previously said.

The developers acquired a 99-year ground lease for the property in 2015. Dock 72 is part of the massive 4.5 million-square-foot redevelopment of the area.

Dock 72 is set to be complete in early 2018. [WSJ, 1st item]E.B. Solomont


Related Articles

arrow_forward_ios
205 Park Avenue (Credit: Google Maps)

Developer files plans for mixed-use project facing BQE

WeWork's co-CEO Sebastian Gunningham speaks at the launch of Dock 72

What, We Worry? Execs remain confident in WeWork-anchored Brooklyn project

Divco’s Stuart Shiff and Boston Properties’s Owen Thomas with 540 Madison Avenue

DivcoWest expands Big Apple footprint with Madison Ave office buy

Owen Thomas (Photo by Axel Dupeux)

Will Boston Properties’ latest real estate bets withstand a downturn?

Bill Rudin and One Whitehall Street and 110 Wall Street

Rudins planning for family estate with rare building sales

Rudin Management's Bill Rudin and Michael Rudin with 110 Wall Street (Credit: Getty Images and Google Maps)

Rudin Management’s 110 Wall, home to WeLive, comes to market

Owen Thomas (Photo by Axel Dupeux)

Will Boston Properties’ latest real estate bets withstand a downturn?

The Real Deal's May cover

The Real Deal’s May issue is now available to all subscribers!

arrow_forward_ios