Another submission from our masked commercial correspondent…Continuing to be frustrated in their attempt to lease large blocks of space at their MetroTech 3 & 4 properties, we can only hope JP Morgan Chase backfills with their own people some day. Meanwhile, next door at MetroTech 2, the NYC Dept. of Information Technology is taking 85,000 RSF, very good news for Forest City Ratner and the biggest lease to date in BK this year. DoIT had been considering MetroTech for nearly two years as part of NYC’s wise effort to save money by taking space in these down market times. Deal rates under wraps but bets are on near bubkes numbers…DUMBO continues to be ‘available’, with over seventy spaces on the market by the three large commercial owners. While larger spaces are dormant, small spaces are still rocking, especially in Two Trees buildings. Effective rents in the low twenties…We hear the State of New York, due to its financial crisis, is threatening to leave long occupied and multi-renewed spaces at lease expiration if landlords don’t cut rents right now.
Prior Commercial Klutch Posts [Brownstoner]