Lease Beat

Bike Share Sets Up Shop in Sunset Park

The NYC Bike Share program, branded Citi Bike, has set up its headquarters in a 39,200-square-foot space at 53rd Street and Third Avenue in Sunset Park, Brooklyn, it was announced today. Asking rent was less than $20 per square foot.

“It was a fairly quick search,” Alec Monaghan, senior vice president at CBRE, who represented the tenant, told The Commercial Observer. “We looked in Manhattan, but it became pretty immediate Brooklyn was going to be better in terms of price, product type and the acceptability of the road network.”

about the bike module 1 Bike Share Sets Up Shop in Sunset ParkThe 16,200-square-foot ground floor at the MWC Management Corp property will be utilized as operational space to fix bicycles. The 8,000-square-foot second floor will house the program’s call center and the 15,000-square –foot lower level will be used as parking space for vans which will transport bikes to stations around the city.

“It is unique that we were able to house that in one building,” Mr. Monaghan noted. Comparable space in Manhattan would have demanded rents double those of Brooklyn, he added.

The Department of Transportation named Alta Bicycle Share as the operator for New York’s bike share program in September 2011. In May of last year, the DOT announced the system would be branded Citi Bike, with Citibank serving as title sponsor. The program is expected to launch next month and stations are currently being installed throughout the city.

“The building was chosen as the central location for this broad New York City initiative because it’s the best economical use of space,” Mr. Monaghan added in a prepared statement. “The decision was mostly cost-driven and this particular building, constructed by Milco General Contracting Corp., was able to accommodate NYC Bike Share’s entire requirement.”

Mr. Monaghan and Bill Jordan, vice president, of CBRE represented the tenant. Michael Coleman of MWC Management represented the owner.

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