Why It Makes Sense to Lease Office Space in Dumbo Now

Sponsored By Two Trees

Two Trees has transformed Dumbo into a thriving creative and tech hub.

Created By Brownstoner

When the economy opens up, where do you want to work — and how do you want to get there?

That’s a top-of-mind question for thousands of people who used to go into Manhattan every day — and their bosses.

Real estate development firm Two Trees is confident its portfolio of commercial office space in Dumbo will be hard to beat for businesses reconsidering their leasing options for office space — for pricing and amenities.

For starters, their properties — 45 Main Street, 55 Washington Street and 20 Jay Street — have large landscaped roof gardens designed by Field Operations, the landscape architects behind the Highline, with Wi-Fi and power outlets. There are conference rooms, nursing rooms and concierges — all just a stone’s throw away from the East River and Brooklyn Bridge Park.

Spaces have oversized operable windows, high ceilings and original hardwood floors. And then there’s the light and the views.

If the amenities and price aren’t enough of a draw, there are also government-funded financial incentives that sweeten the pot and encourage Manhattan-based businesses to move their offices to Brooklyn.

By taking advantage of the Relocation Employment Assistance Program (REAP), businesses can save $3,000 for each full-time employee, annually. For example: A Manhattan-based company relocates their office with 30 full-time employees to Dumbo. The asking price for the 5,000-square-foot office is $52 per square foot — $260,000 in rent a year. After submitting an annual NYC tax filing, they receive a REAP benefit check from the city for $90,000 ($3,000 x 30), which reduces the rent from $52 per square foot to $34 and their annual rent from $260,000 to $170,000.

In addition, Brooklyn office tenants are exempt from the NYC Commercial Rent Tax (CRT), while the Industrial & Commercial Abatement Program (ICAP) reduces property tax obligations for up to 25 years.

Beyond the office, Brooklyn Bridge Park offers 85 acres of East River waterfront. Bike and running paths connect the Dumbo waterfront to surrounding Brooklyn neighborhoods and bridges to Manhattan. All Two Trees Dumbo office buildings have bike storage, of course, and in-building garage parking. The ferry and A/C and F subways are nearby.

Dumbo has long been a draw for innovative and creative employers. Bjarke Ingels Group, HUGE, VICE, Virtue, United Technologies, Mustache and Red Antler are just a few of the 700 leading companies that have called the neighborhood home. The combination of commercial, residential and retail make Dumbo one of the most desirable neighborhoods in Brooklyn to work and live.

With a portfolio of office spaces ranging from 500 to 50,000 square feet, Two Trees works with tenants to fully customize floor plans and can accommodate companies through any stage of growth. Flexible leasing arrangements and penalty-free expansions — including up to five months free rent — are on offer. If there ever were a time to reconsider the commute and in-office experience, it is now.

For more information, go to the Two Trees website.

[Photos via Two Trees]