{"id":1004751664,"date":"2025-03-21T04:39:36","date_gmt":"2025-03-21T12:39:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004751664"},"modified":"2025-03-21T04:39:38","modified_gmt":"2025-03-21T12:39:38","slug":"tishman-speyer-secures-150-ksf-brooklyn-tenant","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tishman-speyer-secures-150-ksf-brooklyn-tenant\/","title":{"rendered":"Tishman Speyer Secures 150 KSF Brooklyn Tenant"},"content":{"rendered":"\n

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\"Exterior<\/a>
Tishman Speyer constructed The Wheeler on top of a historic Art Deco building. Image courtesy of Tishman Speyer<\/em><\/figcaption><\/figure><\/div>\n\n\n

Tishman Speyer has signed a 150,000-square-foot lease deal at The Wheeler, an 844,378-square-foot office tower in Brooklyn, N.Y. Brooklyn Prospect Charter School agreed to occupy the space for 35 years. Newmark negotiated on behalf of the tenant, while CBRE alongside a Tishman Speyer-inhouse representative led the proceedings for the owner.<\/p>\n\n\n\n

The new tenant will occupy floors nine through 11, establishing a new high school campus. Its new space will feature more than 25,000 square feet of outdoor space, a lobby entrance and a gymnasium with a basketball court.<\/p>\n\n\n\n

Brooklyn Prospect is not the only educational institution at The Wheeler. St. Francis College moved its entire campus within the premises, occupying floors five through seven for a total of 255,000 square feet.<\/p>\n\n\n\n

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READ ALSO<\/strong>: Top 100 Office Leases of 2024 Point to Stabilization<\/a><\/p>\n\n\n\n

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Tishman erected The Wheeler atop a historic Art Deco building that contains a Macy\u2019s department store. Construction wrapped up in 2020, adding 14 stories to the existing structure. Floorplates at the LEED Gold-certified property range between 34,000 and 60,000 square feet.<\/p>\n\n\n\n

Bank OZK financed the construction with a $194 million note in 2017, while Starwood Capital Group refinanced the debt with a $164.2 million loan in 2021 and another one amounting to $301 million in 2024, CommercialEdge data shows.<\/p>\n\n\n\n

The Wheeler is at 181 Livingston St. and 422 Fulton St. It is within walking distance of Brooklyn\u2019s central business district<\/a> and also proximate to a plethora of public transit options and parks.<\/p>\n\n\n\n

Newmark Executive Managing Directors Ross Kaplan and Justin DiMare spearheaded the negotiations on behalf of Brooklyn Prospect. Tishman Speyer Managing Director Megan Sheehan, together with a CBRE team including CEO Mary Ann Tighe and Executive Vice President Gerry Miovski, among others, represented the owner.<\/p>\n\n\n\n

Brooklyn office vacancy tightens despite tepid demand<\/h2>\n\n\n\n

Brooklyn Prospect\u2019s lease topped the borough\u2019s entire fourth-quarter office leasing activity, which according to a report by Colliers clocked in at 140,000 square feet. That figure stood below the five-year quarterly average of 300,000 square feet.<\/p>\n\n\n\n

While Brooklyn office leasing dropped 30.8 percent year-over-year to 1.3 million square feet in 2024, the borough\u2019s availability rate stood at 21.4 percent as of December, marking a 140-basis-point yearly improvement, the report also revealed.<\/p>\n","protected":false},"excerpt":{"rendered":"

An educational institution agreed to occupy the space.<\/p>\n","protected":false},"author":3471,"featured_media":1004751666,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[32789,50999,33224],"class_list":["post-1004751664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-cbre","tag-newmark","tag-tishman-speyer"],"acf":[],"yoast_head":"\nTishman Speyer Secures 150 KSF Brooklyn Tenant - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Tishman Speyer signed a 150,000-square-foot office lease at The Wheeler in Brooklyn, N.Y. 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