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
Seth Weissman, Financing
Urban Standard wants to rescue property owners from high interest rates
Urban Standard wants to rescue property owners from high interest rates
From left: Michael Dell with 25 Water Street, Alex Sapir with 261 Madison Avenue and Marc Holiday with One Madison Avenue (Getty, Edge Funds, Sapir Organization, SL Green)
Office properties (yes, office!) got Manhattan’s biggest December loans
Office properties (yes, office!) got Manhattan’s biggest December loans
Salim Assa with 15 West 55th Street
Troubled Midtown rental saga headed for a foreclosure finale
Troubled Midtown rental saga headed for a foreclosure finale
Atlas Hospitality Brokerage president Alan Reay (Atlas Hospitality Brokerage)
Listen: Inside the looming distress across the hotel market
Listen: Inside the looming distress across the hotel market
Businessman arguing with buildings
The bickering bros: Jemals escalate battle over portfolio
The bickering bros: Jemals escalate battle over portfolio
Vornado Realty Trust chairman Steve Roth and 401 Seventh Avenue (Getty, LoopNet, Vornado Realty Trust)
Vornado eyeing NYC’s casino sweepstakes
Vornado eyeing NYC’s casino sweepstakes
A photo illustration of The Artisan Hotel at 1501 W Sahara Ave in Las Vegas (Getty, LoopNet)
Las Vegas to get its first cannabis-friendly hotel
Las Vegas to get its first cannabis-friendly hotel
A photo illustration of Cineworld's CEO Mooky “Moshe” Greidinger (Getty)
Regal Cinemas to close 39 U.S. theaters following bankruptcy
Regal Cinemas to close 39 U.S. theaters following bankruptcy
arrow_forward_ios

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

Loading...