Energy Consultant Nabs Office Space at Acadia’s Sheepshead Bay Site on Nostrand
Lauren Elkies Schram July 8, 2016, 10 a.m.
Aurora Energy Advisors, a full-service energy management and consulting firm, is relocating in late-fall to one of five buildings Acadia Realty Trust owns on Nostrand Avenue between Avenues Y and Z in Sheepshead Bay, Brooklyn, Commercial Observer has learned.
Aurora has leased 5,700 square feet on the entire second floor at 3848 Nostrand Avenue, according to CPEX Real Estate‘s Richard Novak, who represented Acadia in the transaction along with colleague Rosanna Tapang. David West of Integrity Real Estate Partners represented Aurora.
The asking rent was $35 per square foot in the seven-year deal with two five-year options, Novak said. Aurora will have its own lobby with a private elevator.
This is the eighth office lease the CPEX brokers have closed at the property, with addresses 3780-3858 Nostrand Avenue and spanning 70,514 square feet. Three office spaces remain available at 3820 Nostrand Avenue—one is 1,390 square feet and the other two are between 1,700 and 1,750 square feet.
“We’ve had good traction with solid tenants,” Novak said, noting that the duo is achieving as much as $37 a foot over the 18 months it has been marketing the 11 office spaces.
Tenants in the one- and two-story buildings include Metropolitan Real Estate Tax & Wealth Management, Starealty Estate and a physical therapy group.
The building, which have retail at the base, include roughly 60 parking spots at grade, available on a first-come, first-served basis as well as 70 spaces underground.
Acadia bought the five buildings for $18.5 million in 2012 and then launched a $3.7 million capital improvements campaign, Real Estate Weekly previously reported, which included renovating the façade, retail space and vacant office suites.