Former municipal space at 345 Adams Street in Downtown Brooklyn is nearly fully leased, thanks to two new deals at the building. The leases leave the retail space’s vacancy at just 1,000 square feet.
Muss Development bought the space—the first two floors—in 2007 and is undertaking a multi-million dollar capital campaign to convert the floors for retail use. A total of 35,785 square feet of retail space there was involved in the project, heralded by the city’s Economic Development Corp. as an important component of Downtown Brooklyn’s future.
The two leases are for Bright Horizons, a childcare facility, which took 15,000 square feet of space and Potbelly Sandwich Shop, which will open its tenth New York City location at the building in 2,500 square feet. Other restaurants at 345 Adams Street include Sugar and Plumm Purveyors of Yumm, Panera Bread and American BBQ and Beer Co.
NYCEDC president Seth Pinsky said that the signing of the new tenants “provides another positive sign for the area.” He added that it was an example of public-private partnerships helping to cause economic development in Brooklyn and the city as a whole.
Last year, the city announced United American Land as the developer for 49,000 square feet of retail at its 210 Joralemon Street building, as part of its efforts to spur retail development in the area.
“With Bright Horizons at 345 Adams Street we will see an incredible impact on so many of the area’s parents and their families,” Muss Development president Joshua Muss said of the two new leases. “We have nearly completed the fully realized vision we first had for 345 Adams Street more than five years ago, creating an environment that further encourages families to live, work and eat in Downtown Brooklyn.”
Muss Development was represented in the leases by Ariel Schuster and Brian Segal, from RKF. Peter Occhi and Michael Hoffman, from Cassidy Turley, represented Bright Horizons. Newmark Grubb Knight Frank Retail’s Benjamin Birnbaum represented Potbelly, along with Potbelly’s John Epifanio.