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

WeWork will anchor the $410M Dock 72 office building

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.

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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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

Tags

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

WeWork will anchor the $410M Dock 72 office building

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.

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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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

Tags