Blue Panda Signs 10K-SF Lease for Flex Office Space in Williamsburg

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A flex office space provider is expanding its offerings in North Brooklyn with a lease in Williamsburg, Commercial Observer has learned.

Blue Panda Office Spaces signed a 10-year, 10,000-square-foot lease to open its fifth location at Nassimi Realty’s 134 Broadway where it will cater to health care clients, according to the landlord broker, Newmark (NMRK).

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Asking rent for the space was $55 per square foot, Newmark said.

“This transaction reflects the continued shift of the North and South Williamsburg border, which has been largely driven by the success of projects like 10 Grand Street, the Domino Sugar Refinery, the Moxy hotel and others,” Kevin Nassimi, a principal of Nassimi Realty, said in a statement. “134 Broadway is an ideal location, offering Blue Panda Office Spaces the opportunity to expand its footprint in one of Brooklyn’s most vibrant neighborhoods.”

Newmark’s Ryan Gessin and William Grover negotiated on behalf of the landlord while Harrison Balisky of Olmsted Realty handled the deal for Blue Panda.

“This section of Broadway in South Williamsburg continues to see an increase in boutique office growth and demand, spurred on mainly from the rapid residential density that has been added nearby in recent years,” Balisky said in a statement. “Three developments in particular along the waterfront, only a few blocks away from 134 Broadway, have added roughly 4,500 residential units alone. All this added density was a major factor for Blue Panda Office Spaces choosing to expand here as they continue to experience increased demand for their spaces.”

Blue Panda’s other locations are all in North Brooklyn at 109 North 12th Street, 58 North Ninth Street, 378 Union Avenue and 231 Norman Avenue.

“At Blue Panda Office Spaces, we’ve seen incredibly strong demand for our private offices. In fact, we have had a wait list of people looking for a private office with us for months,” Blue Panda founder Paula Madrid said in a statement. “For months, we knew it was time to expand and were determined to find a space that matched our high standards.”

The six-story building at the intersection of Broadway and Bedford Avenue was built in 1901 and is also leased to Francie, a restaurant that in December earned a Michelin star for the fourth consecutive year.

Mark Hallum can be reached at mhallum@commercialobserver.com.