Lincoln Property Co. and Alcion Ventures, Limited Partnership have unveiled their plans to turn a former Bushwick coffee warehouse into TAMI-specific office space.
Dallas-based Lincoln Property Co. and Boston-based Alcion Ventures said the former Ehlers Coffee headquarters at 455 Jefferson Street will be re-named The Jefferson and redeveloped as 125,000 s/f of creative office space.
Located on the L line near the Jefferson Street subway station, The Jefferson has 21,500 s/f, 12-14 ft. seiling heights, Manhattan views and a private rooftop.
“The Jefferson is a once in a generation opportunity for TAMI tenants searching for an exceptional Brooklyn branding opportunity,” said Jim Stein, senior vice president of Lincoln’s New York office, who represented the buyer and, along with Tom Murray, will serve as the building’s leasing agent.
“Bushwick, and particularly this neighborhood, is a vibrant area filled with new bars, restaurants, cafes, live music venues and world renowned street art.
“The New York tech industry is still in its first phase and will continue to grow. Given that many TAMI professionals now live in Brooklyn, managers will have a competitive advantage in attracting sought-after employees by offering the convenience of working near their homes versus commuting to Manhattan.”
The movement of young professionals relocating to Brooklyn has helped increase the borough’s new energetic cultural core. However, the availability of creative office space is still very limited, and Brooklyn is estimated to have office vacancy of less than 3.5%.
“Office rents in Midtown South, longtime home to New York’s creative tenancy, have substantially increased since 2010” said Mark Potter, Partner of Alcion Ventures.
“TAMI tenants searching for suitable Manhattan office space are often faced with few choices and substandard building conditions. The Jefferson, will offer tenants fully renovated creative office space.”
Tom Murray pointed out that eligible tenants can reducing their occupancy costs by as much as $10 to $15 per square foot through incentive programs like the Relocation and Employment Assistance Program (REAP).
John Cappellano of Lincoln will oversee the renovation of 455 Jefferson St. which will include all new mechanical systems, windows, elevators, lobby, bathrooms and retail. Thomas Leeser has been chosen as building architect and Carrickmore will be the
contractor.
The Lincoln-Alcion team has completed similar renovation projects and repositioned the Desmond, an 82,000-square-foot former department store near the Staples Center in Los Angeles.
Jared Horowitz, Executive Managing Director of Newmark Grubb Knight Frank, represented seller Black Street (2010) LLC.
Financing for the project is provided by Mack Real Estate Credit Strategies.
