Porsche, Volvo Ink Leases at Brooklyn’s Industry City Campus
By Celia Young July 15, 2021 5:14 pm
reprints
Leasing at Industry City is getting fast and furious.
Car brands Porsche and Volvo signed two 10-year leases to take 40,000 square feet and 20,000 square feet of space, respectively, at the 6 million-square-foot Brooklyn campus.
Asking rents at the 16 building, Sunset Park campus — owned by developers Belvedere Capital, Jamestown and Angelo Gordon & Co. — usually range from $15 to $40 per square foot.
“We are excited to offer a new type of car service to New Yorkers; one where you can enjoy the afternoon on campus while you’re awaiting an oil change, or simply check out the latest models,” Jim Somoza, director of development at Industry City, said in a statement.
In the race to open their new spaces, Volvo is coming in first. The Swedish automobile manufacturer will take about 20,000 square feet for a showroom and service center expected to open in September at 148 39th Street in Building 19.
German automobile maker Porsche plans to open in January, with a 10,000-square-foot showroom at 148 39th Street in Building 19 and 30,000-square-foot service center at 4002 First Avenue in Building 26.
The two auto manufacturers will join the Brooklyn Chamber of Commerce, post-production firm KMH Audio-Video Integration, and payment application company Square at the Brooklyn waterfront campus at 274 36th Street.
The Brooklyn Chamber of Commerce relocated to 10,200 square feet at Industry City this month after more than a century in Downtown Brooklyn. A few days later, Industry City announced another new tenant, direct-to-consumer furniture rental company Feather, which leased 33,000 square feet at the campus.
Industry City’s Somoza handled the deals for the campus. Both Porsche and Volvo were represented by RIPCO Real Estate’s Esther Bukai. Bukai declined to comment on the deal.
Celia Young can be reached at cyoung@commercialobserver.com.
Update: This story has been updated to include the length of both leases and the addresses of each showroom.
