PHOTOS: First look inside 10 Jay Street office conversion
SoHo House's co-working concept, SoHo Works, is leasing 50K sq.ft.
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