We were under the impression that the deal for the Human Resources Administration to take space at 470 Vanderbilt Avenue had been finalized last year, but, according to the Times, it was only inked last month. The HRA is taking 400,000 square feet of space in the building and is expected to move in next winter; the deal is the largest lease in Brooklyn this year. The lease is presented as a win-win-win for the city, developer and neighborhood (though not everyone in the neighborhood would agree with that take). The HRA will save $7 million a year in rent by consolidating its various offices into the new location. Meanwhile, it’s expected to boost other businesses in the area: “With some 1,800 full-time employees and 1,500 daily visitors, the Human Resources Administration ‘will mean more patrons for our businesses and an increase in foot traffic for the neighborhoods,’ said Phillip Kellogg, the manager of the Fulton Area Business Alliance.” The building is now almost completely leased, so landlord GFI Development is starting to focus on getting financing for the 350-unit rental it intends to build next to 470 Vanderbilt.
Unconventional Financing Helps Deal for Brooklyn Space [NY Times]
HRA Getting Lease at 470 Vanderbilt [Brownstoner]
HRA Bows to Pressure at 470 Vanderbilt [Brownstoner]
HRA Plans Catch Flack at CB2 [Brownstoner] GMAP


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