By: David Ben Hooren
Dock 72, Brooklyn’s largest ground-up office project in more than 10 years, has opened at the Brooklyn Navy Yard.
Thus far, it has one tenant signed to a lease: WeWork.
The project’s co-developer William Rudin told Realty Check that he is “confident in our product and we are confident that WeWork is going to work through its short-term issues.”
Joint-venture developers Rudin Management and Boston Properties “got the project out of the ground four years ago on the strength of WeWork’s anchor-tenant lease — a 20-year deal for the six lowest floors of 16, or nearly one-third of the 675,000-square-foot property’s floor area,” reported the New York Post.
“Although WeWork is the city’s largest commercial tenant with more than 5.5 million square feet in Manhattan alone, more eyes are on the $410 million Navy Yard project than anywhere else. That’s because only Dock 72 is brand new, and because of the close relationship between WeWork and the two developers, both of which were early investors in WeWork,” the Post piece continued.
What will be is key to understanding the project. “Where some saw a vacant pier at the Brooklyn Navy Yard, CEO & Co-Chairman of the Rudin Management Company Bill Rudin saw a future hub for the city’s growing tech industry,” his company noted on its web site.
“That’s what the world is about today. Attracting and retaining employees, keeping them happy, and competing against large companies like Google and Facebook,” said Rudin. “Probably four to five-thousand, maybe six-thousand thousand jobs will be here in the building.”
Dock 72 is a 675,000 square foot building, under construction since 2016. When done, it will feature traditional offerings such as office space and conference rooms, along with unique amenities like a full service fitness center, a food hall complete with juice and latte bars, a ground level basketball court and rooftop terrace and spectacular views of Lower Manhattan. “The whole idea is for people to come here and not want to leave,” Rudin said.
WeWork claimed six stories on the river-facing side of the building. The rest of the space is still open, but Rudin says he’s confident more leases will follow.
“Today, every company is a technology company. A bank has tech divisions, fin-tech, health care, so it’s a broad range of prospective tenants that we’re talking to,” Rudin said in the release. “This isn’t Bill Rudin’s first rodeo. He comes from a dynasty of New York City developers that started with a single brownstone building in 1905.”
Today, the family-run company manages dozens of commercial and residential properties around Manhattan. But Dock 72 – which is being co-developed by Boston Properties – is a step outside their wheelhouse.
“To go across the river into Brooklyn was a challenge, but it really energized us,” Rudin said.