City to Sign $1M Per Year MetroTech Deal With Forest City
The city Human Resources Administration will maintain its current office presence on the sixth floor of Forest City Ratner Company‘s 1 MetroTech Center in Downtown Brooklyn through a new 10-year lease, under a proposed 27,000-square-foot agreement city officials will review next week.
The agency, which moved to the building from 10 MetroTech Center to make way for Forest City’s demolition and future residential project on that site, would pay the landlord $936,900 per year in rent from the lease’s commencement until Oct. 13, 2018 and then escalate the payments to $1,044,900 per year until Oct. 13, 2024, according to a public notice announcing the Dec. 22 hearing.
The City Planning Commission approved the Department of Citywide Administrative Services’ notice of intent on the matter on Sept. 3, according to minutes posted on the CPC website.
“At no cost to the city, the landlord has paid for the renovation, furnishing of the space and the moving costs for the HRA programs to relocate from 10 MetroTech Center to 1 MetroTech Center,” the CPC approval item says.
Officials at HRA and Forest City didn’t respond to requests for the names of any brokers involved or comments on the deal, which works out to $34.70 per square foot for the first four years and $38.70 per square foot in the subsequent six years.
Brooklyn Friends School commenced construction on an upper school campus in a 45,000-square-foot space in September at 1 MetroTech Center, which also houses 3-D printing company Makerbot.