Real Estate Weekly
Image default
Deals & Dealmakers Featured

DOT taking 192,000 s/f at HUB LIC

NYC Department of Transportation is taking 192,080 s/f of industrial space at HUB LIC as new Commissioner Hank Gutman gets to work on the city’s ambitious transportation agenda.

Metropolitan Realty Associates (MRA), which owns the four-story, 345,000-square-foot property in partnership with Nuveen Real Estate, announced that the DOT will occupy office and warehouse space across a portion of the 1st floor and the entire 2nd floor, along with half of the one-acre parking lot of the property located at 47-25 34th Street in Long Island City.

JOE FARKAS

“We are thrilled to welcome the DOT to HUB LIC and look forward to working with Commissioner Gutman and his team as they help drive New York’s COVID recovery with a progressive program of transportation upgrades that will create more space for New Yorkers and better options for walking, cycling and commuting,” said Joe Farkas, CEO and founder of MRA.

The deal brings occupancy at the building to 72 percent. Tenants include Polo Ralph Lauren, Gracie, Metropolitan Office Supply, and TEC Systems.

MRA purchased the industrial loft building in 2016, in partnership with Nuveen Real Estate, following its successful repositioning of similar properties throughout New York City and Long Island.

With interest keen from industrial tenants requiring large floorplates, high ceilings and multiple loading positions, with available parking and accessibility, MRA identified the DOT as a likely user based on its current proximity to HUB LIC. 

“Demand for flexible industrial space is at an all-time high,” said Farkas. “We recognized the building’s potential for tenants seeking a well-located property adjacent to mass transit and accessible to major highways. HUB LIC has very large floorplates, high ceilings of 17 to 21 feet, strong floor loads, and multiple loading docks and drive-in bays combined with abundant on-site car parking, which are ideal features for a tenant like the Department of Transportation.”

Newmark’s Scott Klau, Nick Berger and Ryan Gessin are leasing agents for the building. Jon Morrell, Yun Park and John Reinertsen of CBRE represented the City of New York and the DOT.

Currently, 65,000 s/f is available for lease on the third floor at HUB LIC, featuring private truck loading with a dedicated ramp, freight elevator service, 18-foot ceiling heights, a continual window line and the ability to provide a private “building within a building” opportunity from the 34th Street lobby.

(Visited 1 times, 1 visits today)

Related posts

WHO’S NEWS: Latest appointments, promotions

REW

JLL thinking inside the box when it comes to new office normal

REW

New CEO takes reins at Mack-Cali

REW