The agency is taking the entire building — 158,150 square feet — for the city’s Human Resources Administration, the Commercial Observer reported. For the first five years, rent will be $6.9 million each year. For years six through 10, rent will jump to $7.5 million annually and then to $8.1 million for years 11 to 15. For the last years, the city will pay $8.7 million annually.
Savanna and Hornig will build out the space for the city, which will pay a maximum of $20.5 million for the work. The landlords will throw in $5.8 million. The building, which was formerly the home of the Joseph Schlitz Brewing Company (America’s largest brewer at one time), just underwent a $30 million renovation. The city is relocating three Brooklyn offices to the five-story building.
In May, the HRA inked another 20-year lease at 375 Pearl Street. Earlier this month, the Commercial Observer reported that the city’s Department of Youth and Community Service was close to finalizing a 40,600-square-foot lease at 123 William Street in the Financial District. [CO] — Kathryn Brenzel