The city announced yesterday that it will sell two Civic Center buildings at 49-51 Chambers Street and 346 Broadway for nearly $250 million to Chetrit Group and The Peebles Corporation.
Chetrit – in the midst of a buying spree – and Peebles were selected following an RFP issued in April of last year as part of the Bloomberg administration’s plan to reduce underused government office space by 1.2 million square feet by 2014.
The developers plan to restore the buildings and redevelop them as as a mix of hotel, residential and community space.
Year in Real Estate
The city’s aging population, a drive for state-of-the-art facilities and strong hiring across the health care industry prompted unprecedented growth in leasing activity in the health care sector across the five boroughs in 2012.
Memorial Sloan-Kettering, Mt. Sinai, Montefiore Hospital and Inventa Health were among the dozens of hospitals and medical companies to announce bold new initiatives to expand their footprints in the city in 2012, and those developments are only a sign of what’s to come, brokers and analysts predict.
NYU’s Center for Urban Science and Progress will temporarily lease 26,000 square feet of space from Forest City Ratner at Downtown Brooklyn’s Metrotech Center, where it will host its inaugural class of 50 students this fall.
Construction has begun on the space at 1 Metrotech as the school awaits the completion of its new home at nearby 370 Jay Street, slated for completion in 2017.
The Metrotech space will include 83 offices and workstations for faculty and staff; collaborative spaces at the corners of the building; and at least three labs, according to NYU.
Tech company Stack Exchange has signed for 30,230 square feet of space at Swig Equities’ newly refinanced 110 William Street. The company is taking the entire 27th and 28th floors in the building, which is now 97 percent leased to tenants like the New York City Economic Development Corporation and WB Engineering & Consulting.
Jonathan Dean, a senior vice president and director of commercial leasing for Swig, represented the landlord in-house. Stack Exchange CEO Joel Spolsky wasn’t available to comment, but a rep for the landlord said that the tenant didn’t use an outside broker.