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New York

Rudin, Boston Properties land $250M loan at Navy Yard

WeWork will anchor the $410M Dock 72 office building

Rendering of Dock 72 and Michael Rudin (Credit: S9 Architecture and Getty Images)
Rendering of Dock 72 and Michael Rudin (Credit: S9 Architecture and Getty Images)

UPDATED: Jan. 24, 10:45 a.m.: Who says the market for construction finance is dead? Rudin Management and Boston Properties landed a $250 million loan for Dock 72, their tech-focused office building at the Brooklyn Navy Yard.

The developers secured financing for the $410 million project from J.P. Morgan Chase, M&T Bank Corp. and U.S. Bank, the Wall Street Journal reported. Rudin [TRDataCustom] and Boston Properties broke ground on the 16-story building at 652 Kent Avenue last year.

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The 675,000-square-foot building will be anchored by WeWork, which agreed to lease 222,000 square feet. Asking rents in the 17-story building will be between $60 and $70 per square foot, Rudin Management vice president Michael Rudin previously said.

The developers acquired a 99-year ground lease for the property in 2015. Dock 72 is part of the massive 4.5 million-square-foot redevelopment of the area.

Dock 72 is set to be complete in early 2018. [WSJ, 1st item] — E.B. Solomont

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Boston PropertiesBrooklyn Navy YardRudin Management