Nonprofit inks 35K sf lease at Industry City

Complex's landlord offered to pay for the Vera Institute's buildout costs

New York /
Sep.September 11, 2018 11:30 AM

Vera President Nicholas Turner and Industry City at 274 36th Street (Credit: Living Cities and iStock)

A nonprofit focused on criminal justice reform just inked a 15-year lease in Sunset Park.

The Vera Institute of Justice is moving from its current office on the 12th floor of the Woolworth Building to Industry City, Crain’s reported. The nonprofit is taking 35,000 square feet at the former industrial complex.

Asking rents in Industry City are in the $30s per square foot. Vera’s new space is 30 percent larger than its Lower Manhattan digs, where asking rents have jumped to the $50s per square foot.

Industry City’s landlord — a partnership between Jamestown Properties, Belvedere Capital and Angelo Gordon — also offered to cover part of the cost of building out the space for Vera as part of the leasing deal. Vera plans to move in the fall.

The nonprofit is the latest tenant of the 5.3-million-square-foot complex. In July, Buck, a production company that specializes in animation, signed a lease for 30,000 square feet at Industry City. [Crain’s] — Kathryn Brenzel


Related Articles

arrow_forward_ios
277 Fifth Avenue and Shokai Group's Shawn Xianyang Zhang (277 Fifth Avenue/Rafael Viñoly, Shokai Group)
Shokai Group picks up unsold NoMad condos for $81M
Shokai Group picks up unsold NoMad condos for $81M
Traffic was up 47.5 percent from last year, when coronavirus restrictions and concerns were more rampant. (iStock, Getty)
Black Friday retail traffic stuck below pre-pandemic levels
Black Friday retail traffic stuck below pre-pandemic levels
KPF's A. Eugene Kohn and 11 West 42nd Street (Google Maps, KPF)
KPF expands at Tishman Speyer building after sweetener
KPF expands at Tishman Speyer building after sweetener
Skylight Real Estate Partners founding partner Bennat Berger and 340 Old River Road in Edgewater (Google Maps, LinkedIn)
New firm pays $50M for Edgewater multifamily
New firm pays $50M for Edgewater multifamily
Tishman Speyer CEO Rob Speyer, Turner Construction CEO Peter Davoren and The Spiral at 66 Hudson Boulevard (Getty, Turner Construction, Tishman Speyer)
Build it and we will come: Turner Construction moves HQ to Tishman Speyer’s Spiral
Build it and we will come: Turner Construction moves HQ to Tishman Speyer’s Spiral
Donald Trump (Getty)
Pandemic dashed one-quarter of Trump’s NYC retail tenants
Pandemic dashed one-quarter of Trump’s NYC retail tenants
NYC hotels hoping for holiday business swell likely to be disappointed
NYC hotels hoping for holiday business swell likely to be disappointed
NYC hotels hoping for holiday business swell likely to be disappointed
Princeton proud: Eric Schmidt reportedly bidding to save club
Princeton proud: Eric Schmidt reportedly bidding to save club
Princeton proud: Eric Schmidt reportedly bidding to save club
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...