{"id":1004117244,"date":"2015-04-09T06:29:59","date_gmt":"2015-04-09T14:29:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004117244"},"modified":"2022-12-07T04:01:25","modified_gmt":"2022-12-07T12:01:25","slug":"heritage-equity-to-build-first-brooklyn-spec-office-building-in-40-years","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/heritage-equity-to-build-first-brooklyn-spec-office-building-in-40-years\/","title":{"rendered":"Heritage Equity to Build First Brooklyn Spec Office Building in 40 Years"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/i><\/p>\n

\"David<\/a>

David Falk, NGKF<\/p><\/div>\n

It hasn\u2019t happened in four decades in Brooklyn, N.Y., but it will now. Heritage Equity Partners has announced plans to develop The Williamsburg Generator, the first speculative office building to sprout up in the city since the 1970s. The project will add 400,000 square feet of Class A office space to the North Williamsburg neighborhood.<\/p>\n

\u201cRight now the whole Williamsburg area–and you can include a few other areas like the Brooklyn Waterfront–there really is very little office product there,\u201d David Falk, president, New York Tri-State Region, with commercial real estate services firm Newmark Grubb Knight Frank, told Commercial Property Executive<\/i>. \u201cSo what\u2019s happened is you walk in Williamsburg and you see the transformation of really exciting residential that\u2019s opened up over the last five to seven years; you walk around and you see restaurants, you see retail, you see a lot of progressive looking residential buildings.\u201d But what you don\u2019t see, he added, is new office space.<\/p>\n

\"Williamsburg<\/a>The Williamsburg Generator will occupy a full square-block on land purchased by Heritage and the Rabsky Group in 2012. Designed by the architectural firms Gensler and HWKN, the building will feature ground level retail and restaurant space and a flexible layout of office square footage envisioned to accommodate users ranging from small new companies to larger occupants. The tenant focus: TAMI, or the technology\/media\/advertising and information sector.<\/p>\n

Heritage has tapped NGKF to spearhead the leasing of the office space, with an eye toward reeling in users in the technology and creative industries. Brooklyn has fast become a highly-desirable multi-family market<\/a>–a trendy alternative to Manhattan and its sky-high apartment rents–so, as Falk noted, an increasing number of residents in the area work at technology and media companies in Manhattan, and these companies are taking note of where the talent resides.<\/p>\n

\u201cSo a lot of companies have said, I\u2019d like to see if there\u2019s anything available there, and there hasn\u2019t been anything. Nothing,\u201d Falk said. \u201cWhen I say nothing, in Williamsburg, you\u2019d had to have taken a warehouse and convert it–that would have been an office building.\u201d<\/p>\n

Another factor that NGKF expects will work in The Williamsburg Generator\u2019s favor with the TAMI crowd is its large floor plates of approximately 45,000 square feet. The tech\/media crowd, Falk asserted, wants to work in a horizontal environment. \u201cIn Manhattan, the more popular buildings that have floor plates of 40,000 to 50,000 square feet are pretty much all leased up, so if someone wants a big floor plate, they start scratching their head,\u201d he said. \u201c[The Williamsburg Generator] is going to have high ceilings, big floor plates and a significant amount of glass, and those are the components that these companies have been looking for. Our thought process building it is one large tenant, some medium-size tenants and some small tenants, which will basically meet the demand of all the various-size tenants that may be considering opening up in Williamsburg.\u201d<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

It hasn\u2019t happened in four decades in Brooklyn, N.Y., but it will now. <\/p>\n","protected":false},"author":969,"featured_media":1004117247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,11,21742,10,21747],"tags":[],"class_list":["post-1004117244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-midatlantic","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nHeritage Equity to Build First Brooklyn Spec Office Building in 40 Years - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/heritage-equity-to-build-first-brooklyn-spec-office-building-in-40-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Heritage Equity to Build First Brooklyn Spec Office Building in 40 Years\" \/>\n<meta property=\"og:description\" content=\"It hasn\u2019t happened in four decades in Brooklyn, N.Y., but it will now.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/heritage-equity-to-build-first-brooklyn-spec-office-building-in-40-years\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-04-09T14:29:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T12:01:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/David-Falk-NGKF.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"395\" \/>\n\t<meta property=\"og:image:height\" content=\"336\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/heritage-equity-to-build-first-brooklyn-spec-office-building-in-40-years\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/heritage-equity-to-build-first-brooklyn-spec-office-building-in-40-years\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Heritage Equity to Build First Brooklyn Spec Office Building in 40 Years\",\"datePublished\":\"2015-04-09T14:29:59+00:00\",\"dateModified\":\"2022-12-07T12:01:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/heritage-equity-to-build-first-brooklyn-spec-office-building-in-40-years\\\/\"},\"wordCount\":517,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/heritage-equity-to-build-first-brooklyn-spec-office-building-in-40-years\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/04\\\/David-Falk-NGKF.jpg\",\"articleSection\":[\"Development\",\"Mid-Atlantic\",\"News\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/heritage-equity-to-build-first-brooklyn-spec-office-building-in-40-years\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/heritage-equity-to-build-first-brooklyn-spec-office-building-in-40-years\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/heritage-equity-to-build-first-brooklyn-spec-office-building-in-40-years\\\/\",\"name\":\"Heritage Equity to Build First Brooklyn Spec Office Building in 40 Years - 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