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Deals & Dealmakers

Incentives tempt agency to DUMBO

Current Real Estate Advisors announced that thelab, a global creative branding agency, signed a 42,452 s/f 15-year lease at 175 Pearl Street, in Dumbo.

Thelab, a subsidiary of the Australian-based Wellcom Group, is relocating from Chelsea leveraging incentives from The City to relocate to Brooklyn.

The office space has skyline views and consists of more than half of the seventh floor, the entire eighth floor and includes a brand new floating penthouse with private landscaped outdoor space. 175 Pearl was recently converted into Class A creative office building by Normandy Real Estate Partners.

Current Real Estate Advisors represented thelab, while Neil King’s team at CBRE represented the landlord, Normandy Real Estate Partners.

The asking rents were $65 per rentable square foot and the lease term is 15 years.

“As one of the larger office transactions in Dumbo in recent memory, the transaction also demonstrates part of the migration that is happening as companies look to take advantage of tax benefits offered by the city,” said Adam Henick, co-founder of Current Real Estate Advisors.

“Dumbo is one of the most dynamic New York neighborhoods attracting some of the world’s best talent and we’re thrilled that thelab will enjoy this incredible location nearby popular restaurants, shops and more.”

Thelab benefited from the Relocation and Employment Assistance Program (REAP), in which NYC offers tax credits to employers who relocate to improved or renovated commercial spaces above 96th Street or to the boroughs. The company was previously located at 637 West 27th Street in Chelsea.

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