The Real Deal New York

Nonprofit inks 35K sf lease at Industry City

Complex's landlord offered to pay for the Vera Institute's buildout costs
September 11, 2018 11:30AM

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