PHOTOS: First look inside 10 Jay Street office conversion

SoHo House's co-working concept, SoHo Works, is leasing 50K sq.ft.

TRD New York /
Mar.March 09, 2019 03:00 PM

The office conversion at 10 Jay Street in Dumbo has a new look and at least one tenant confirmed: SoHo House’s co-working concept, SoHo Works.

The new Dumbo location will be the luxury private member’s first co-working outpost in New York City and its third space worldwide, according to Crain’s. SoHo Works is leasing 50,000 square feet at the 230,000 square foot property.

Developers Glacier Global Partners and Triangle Assets were originally setting out to convert the property in Brooklyn Bridge Park into condominiums before changing course as the demand for office space in the borough heated up.

When the developers made the decision in 2015, Dumbo had the highest average asking rents in the borough at $64.47 per square foot, according to CBRE. In the final quarter of 2018, average asking rents in the sub-market were at $60.62. In November, The Real Deal reported that office construction, leasing and lending in Brooklyn is showing signs of a slowdown. The 10-story office building’s asking rents reportedly range from $75 to $80 per square foot.

The development team previously expected to complete the building in 2017 and said they were targeting TAMI tenants. Earlier that year, they landed a $150 million bridge loan from San Francisco-based lender Acore Capital.

Despite the old sugar refinery’s landmark status, Eran Chen’s architecture firm ODA added a new glass curtain wall to the 10-story building’s waterfront facade. The design was meant to evoke sugar crystals. Check out the slideshow above to see the project’s first batch of photos. [Crain’s] — Erin Hudson

Related Articles

Renderings of The William Vale and Denizen Bushwick with a Tel Aviv Stock Exchange ticker

All Year eyes sale of William Vale to pay off bonds

Breather CEO Bryan Murphy (Credit: LinkedIn and iStock)

Breather bloodbath: Flex-office startup fires 17% of staff

Stephen Levin, REBNY's Jim Whelan and Brad Lander (Credit: Getty Images)

The bill that won’t die: Will commercial rent control finally pass?

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat