NYC DOE Extends 64K-SF Office Lease at Muss’ Brooklyn Renaissance Plaza
By Rey Mashayekhi November 16, 2017 3:27 pmreprints
The New York City Department of Education (DOE) is staying put at Muss Development’s Brooklyn Renaissance Plaza after agreeing to renew its 64,340 square feet of space at the Downtown Brooklyn mixed-use property, Commercial Observer has learned.
The DOE signed a 15-year deal to extend its lease on the 28th and 29th floors of the 32-story office tower at 335 Adams Street, which is part of a 1.4-million-square-foot complex that includes the 667-room New York Marriott at the Brooklyn Bridge hotel and a 1,100-car underground garage, Muss said in a press release announcing the transaction.
The Queens-based real estate investment and development firm did not provide asking rent in the deal. The DOE’s existing lease at 335 Adams Street, which it has occupied since 2001, was due to expire in October 2018, according to CoStar Group data. Sources with knowledge of the renewal, which was signed in September, confirmed that the DOE’s new lease will commence in November 2018.
Ross Spitalnick represented Muss in-house in the deal, while representatives for the DOE did not immediately return requests for comment. Other tenants at Brooklyn Renaissance Plaza include the Kings County District Attorney’s office and the New York City Employees’ Retirement System.
Muss also announced lease transactions at several of its Queens properties. Among the most notable, the New York City Department of Citywide Administrative Services (DCAS) agreed to a 20-year, 16,927-square-foot lease on behalf of the New York Police Department at Muss’ Forest Hills Tower at 118-35 Queens Boulevard in Forest Hills, the landlord said.
The NYPD will occupy the ground floor of the 17-story, 375,000-square-foot office building between 78th Avenue and 78th Crescent, which according to Muss has undergone an “extensive” capital improvements program and is close to full occupancy “with only two full floors currently available for lease.”
Asking rent in the transaction, which was signed last month, was in the high $30s per square foot. Bill Korchak of JLL represented Muss in the deal, while CBRE represented DCAS. Representatives for DCAS, JLL and CBRE did not immediately provide comment on the transaction.
DCAS was involved in another sizable lease announced by the landlord—a 10-year, 15,783-square-foot expansion at Muss’ Queens Tower, at 88-11 165th Street in Jamaica, which was agreed last month on behalf of the New York City Human Resources Administration (HRA). The HRA will take the eighth floor of the 10-story, 170,000-square-foot property between 88th and 89th Avenues, where various city agencies now occupy nearly 108,000 square feet in total.
Asking rent in the transaction was not provided. Bill Bergman represented Muss in-house in the Queens Tower deal, while representatives for DCAS did not immediately provide comment.
“We’ve seen a surge of activity in office leasing within the past few months,” Muss principal Jason Muss said in a statement announcing the deals. “These buildings are all in prime locations with tremendous access to transportation and local amenities. Tenants across all business sectors want to be in well-located properties that provide connectivity to the entire [New York metropolitan] region.”