Home Care Provider Inks 59K-SF Deal Near Atlantic Terminal in BK
By Rebecca Baird-Remba February 11, 2019 5:48 pm
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Home health care provider ResCare Workforce Services has nailed down a 59,000-square-foot lease at RXR Realty’s 470 Vanderbilt Avenue in Fort Greene, Brooklyn, Commercial Observer can first report.
The Kentucky-based nursing services company will consolidate several of its New York City locations into one space on the entire seventh, eighth and 10th floors of the 10-story building between Fulton and Atlantic Avenues, on the border between Fort Greene, Clinton Hill and Prospect Heights, according to an RXR spokesman. Asking rent in the 10-year deal was $39 a square foot. ResCare plans to move from various outposts in the Bronx, Manhattan and Brooklyn into its new home sometime in the late spring or early summer.
The transaction fills the last of the remaining office space in the 650,000-square-foot building, which occupies three acres on an entire block near Atlantic Terminal and the Barclays Center. However, the property still has 15,000 square feet of vacant ground-floor retail space.
RXR’s Daniel Birney and Alexandra Budd handled the deal for the landlord in-house. David Hollander, Brad Auerbach and Eric Steiner of CBRE represented the tenant and didn’t respond to a request for comment via a spokeswoman.
In a statement, William Elder, the managing director of RXR’s New York City division, attributed the building’s lease-up to “the hard work put in by the RXR and broker teams, and a reflection of our growing commitment to Brooklyn.”
ResCare will join other service agencies like the New York City Human Resource Administration, the city’s Department of Social Services, the New York City Housing Authority and the League Education & Treatment Center, which serves people with psychiatric and developmental disabilities.
RXR purchased the master lease for the building from GFI Development and Starwood Capital for $194.5 million in 2014, The Real Deal reported at the time. The developer then spent $74 million replacing the mechanical, electrical, plumbing and elevator systems and updating the lobby in the former industrial property.
