Guggenheim renews 31K-sf lease at Brooklyn Army Terminal

Leasing is brisk at city-owned industrial complex

Brooklyn Army Terminal and the Guggenheim Museum (Getty, iStock)
Brooklyn Army Terminal and the Guggenheim Museum (Getty, iStock)

The Guggenheim Museum has renewed a 31,400-square-foot lease for its storage facility at the Brooklyn Army Terminal, Commercial Observer reported.

In addition to the museum’s renewal at Building B, IEH Corporation, a manufacturer of electronic parts for aerospace and military technologies, also inked a 20,400-square-foot renewal, along with eyeglass maker Lowercase NYC, which renewed 2,160 square feet at the same building at 140 58th Street, according to the New York City Economic Development Corporation, which handles leasing for the complex.

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The industrial sector has been one of the few bright spots in the current pandemic-driven economic downturn, and leasing activities at the city-owned industrial property, which is located not far from the Industry City complex, has also been brisk.

Recent new leases at the property include Cohen Mattresses, which took 1,725 square feet and fulfillment center Pick N Pack Hub with 4,820 square feet at Building B. Sample garment manufacturer Button Down Factory signed a new lease for 4,235 square feet in Building A.

In the small manufacturing hub Annex, Saleh & Dirani Architectural Models inked a 2,405-square-foot lease, while custom adaptive bicycle maker AdaptAbility took 2,237 square feet, and furniture maker Max Wang Studio took 1,127 square feet.

Rents for the complex are around $18 to $22 per square foot, according to the publication. [CO] — Akiko Matsuda