NYC Employee Retirement System Renews 35K SF at The Factory in LIC
By Emily Davis May 15, 2026 12:09 pm
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New York City’s Employee Retirement System (NYCRS) is keeping its office space in Long Island City, Queens.
The pension provider signed a one-year deal to renew its 35,000-square-foot lease at The Factory office complex, Commercial Observer has learned. NYCRS, currently the largest municipal public employee pension system in the country, occupies the 10th floor of the sprawling, industrial complex at 30-30 47th Avenue.
The 10-story Factory spans 1.2 million square feet along 47th Avenue. Built in the 1920s to house a Macy’s furniture warehouse, the industrial building is now owned and operated as an office complex by a joint venture involving Atlas Capital Group, Partners Group and Invesco Real Estate.
Newmark’s Brian Waterman, Jordan Gosin and Alex Rosenblum represented ownership in the negotiations with NYCRS, as well as for several other large new lease deals in the building. NYCRS did not work with an outside brokerage.
“This latest leasing activity reinforces The Factory’s appeal as companies prioritize well-located, amenity-rich environments,” Waterman said in a statement. “Demand remains strong from a diverse tenant base drawn to the building’s flexibility and position within one of New York’s most dynamic submarkets.”
In another recent deal at The Factory, the City University of New York (CUNY) inked a 24,000-square-foot lease on the fifth floor.
CUNY’s new space resides alongside another newcomer to the building, the Neustadt Collection of Tiffany Glass. The nonprofit houses and exhibits a vast collection of works by Louis C. Tiffany, including more than 250,000 pieces of original Tiffany glass. Its offices now reside across 11,500 square feet on the fifth floor. MBRE Advisors represented the tenant.
The Factory cinched another lease renewal from United Healthcare Group, which re-signed for its 19,000-square-foot space on the fourth floor. The complex also secured a new 3,200-square-foot office lease from HVAC brand Tosot.
It is unclear whether CUNY, United Healthcare Group, the Neustadt Gallery or Tosot had outside representation in the lease deals. Spokespeople for the four tenants did not immediately respond to requests for comment.
Asking rents for the space ranged from the high $30s to low $40s per square foot and varied across the floors, according to a source.
Other tenants in the office complex include the city’s School Construction Authority, toy company Cardinal Industries, contracting firm TEI Group, promotional products distributor Halo Branded Solutions and apparel brand Ralph Lauren. Department store chain Macy’s and the New York City Department of Citywide Administrative Services are also major tenants in the building.
Emily Davis can be reached at edavis@commercialobserver.com.
