Real Estate Weekly
Image default
Featured Office Market

Production company ditches SoHo for 30,000 sf in Industry City

A Los Angeles-based production company is abandoning its SoHo digs for 30,000 s/f of studio and office space in Industry City.

Buck, which also has offices in Sydney, Australia, will move its 50 employees from its current, 11,000 s/f office at 31 Howard Street to the top two floors of Building 5 in the Sunset Park, Brooklyn complex this fall.

The company plans to build a stop-motion animation studio and use its additional space to add more employees starting next year.

“We wanted to be in Brooklyn, in a place that inspires our employees and excites our clients – everyone from Google to Instagram, Apple to Nike,” Orion Tait, Buck’s executive creative director and principal, said. “Industry City delivers on that front, while also making us accessible to our employee base and giving us the flexibility to continue to grow.”

Buck was represented on the deal by Ken Fishel and Jessica Jaber of Legacy Real Estate. Industry City was represented by Kathe Chase and Jeff Fein of of its internal leasing team. Rents at the 16-building, 6 million-s/f waterfront campus range from $15 to $40 per square foot.

Redeveloped by Belvedere Capital and Jamestown in 2013, Industry City has positioned itself as an innovation center in the city. Companies that relocate there are eligible for tax breaks from the state, which can offer savings of $10 to $20 a year throughout the life of their leases.

The joint venture has leased 3 million s/f to the complex in the past five years, including 1 million s/f to industrial tenants.

Industry City has also proved attractive to other creative and media-focused companies such as AbelCine, an equipment rental house; Aerobo, a drone-footage specialist; FilmRise, a distribution operation, and Conde Nast, a publishing company that houses its video production arm in the Brooklyn complex.

“We specialize in representing creative and design oriented companies, and find that most of our Manhattan based clients are now considering Brooklyn when evaluating their relocation options,” said Ken Fishel, president at Legacy Real Estate. “Our clients are attracted to the new amenity-rich developments and high-standard creative buildouts, and lower price points.”

(Visited 1 times, 1 visits today)

Related posts

Two Exemplary NYC Buildings Win BOMA International TOBY® Award


How Rising Interest Rates Will Impact Cap Rates

James Nelson

Hines Sets Net Zero Goal Across All Buildings By 2040 Without Buying Offsets