Madison Capital signs wellness company in Brooklyn office
Care/of to take 79K sf at Liberty Bklyn in mid-2022
Care/of is coming to Liberty Bklyn.
Madison Capital and Salmar Properties closed a 79,053-square-foot lease with the popular direct-to-consumer personalized wellness brand. The company’s move-in is slated for mid-2022.
Liberty Bklyn is a 1.3 million-square-foot industrial and office building in Sunset Park. Madison Capital manages the eight-story property, which includes a 3.2-acre rooftop farm and event space.
Care/of is relocating and consolidating its industrial operations from the Brooklyn Navy Yard and its offices in Manhattan to part of the sixth floor of Liberty Bklyn. The space will accommodate manufacturing, shipping, production, creative and administrative functions for the brand, which produces vitamins, supplements and powders.
James Ferrigno of Jones Lang LaSalle represented the company on the lease while Liberty Bklyn was represented by David Junik, Mark Caso, Steve Nadel and Nechama Liberow of Pinnacle Realty.
The building’s recent lease comes after Prose, a direct-to-consumer personalized hair care brand, expanded its footprint in the property from 27,681 square feet to 72,848 square feet.
The rise of remote work has put a damper on new office leases, but those seeking office space have illustrated a market-wide flight to quality.
CBRE data show 105 contracts were signed for spaces priced at or above $100 per square foot. The contract signings marked a 114 percent year-over-year jump and an 18 percent rise from a five-year average.
Tenants enticed by new developments and renovations drove the flight to quality before the onset of the pandemic, but office landlords have turned to pricey perks like state-of-the-art HVAC systems and other amenities in their plans to lure workers back.
The 10 priciest leases signed last year totaled $3.8 billion, a 20 percent increase from 2020 but still less than half of 2019’s total of $7.85 billion. The top lease went to MSG Entertainment at Vornado’s 2 Penn Plaza, with $951 million to be paid out over 20 years.