Redeveloped Dumbo Building Gets Its First Tenant
Translation, an agency that specializes in building brands, has inked a lease at 10 Jay Street between Pearl and Jay Streets in the Dumbo neighborhood of Brooklyn. It will be the building’s first tenant.
The company will occupy 35,000 square feet on part of the third and fourth floors of the 230,000-square-foot building. It will be moving into its new space next January. The nine-story building, which is being redeveloped by Glacier Global Partners and Triangle Assets, overlooks the Brooklyn Bridge Park, the East River as well as Midtown and Downtown. The asking rent for the 15-year lease wasn’t immediately available.
In March 2015, the city’s Landmarks Preservation Commission approved plans for the property owners to redevelop 10 Jay Street, Commercial Observer reported at the time. The plan was to demolish the commercial building to construct a space with 46 residential condominium units and three retail spaces. The building has a façade of glass crystals juxtaposed with bricks and steel to give it a sugar factory look, Joseph Stavrach, the president and chief executive office of Triangle Assets, told CO.
Ben Friedland, Keith Caggiano, Zak Snider and Evan Fiddle of CBRE represented the owners while Lance Korman of Newmark Grubb Knight Frank represented the tenant. Korman did not immediately respond to a request for comment via a spokeswoman.
Translation, which has clients like State Farm and Apple (AAPL) Music, is currently on the 12th floor of 145 West 45th Street, between Avenue of the Americas and Seventh Avenue.
“Translation’s relocation from Midtown is indicative of the growing popularity of Dumbo amongst creative tenants and the millennial population,” Friedland said in prepared remarks. “It’s a fantastic offering and Translation had the foresight to get involved early.”