Rudin Management and Boston Properties found another tenant to help right the ship in the Brooklyn Navy Yard.
Private college Pratt Institute signed a lease for nearly 63,000 square feet at Dock 72, the New York Post reported. The school’s graduate facilities for fine arts and photography will occupy the entire third floor.
Pratt is relocating those programs from 630 Flushing Avenue in Bedford-Stuyvesant. The college intends to make the move in the fall, adding to 20,000 square feet it already has for a research facility at Brooklyn Navy Yard.
It’s unclear who brokered the lease or how much Pratt is paying for the space. Prior to the pandemic, asking rents in the building ranged from the mid-$50s to the high-$60s per square foot, according to CBRE data.
A previous sizable lease at Dock 72 came two years ago, when design firm Huge signed a lease for 71,000 square feet that included the top two office floors of the property.
But the leasing waters have been choppy for Rudin and BXP. In 2022, Vice Media decided to stay in Williamsburg, rather than relocate to four or five floors it had been eyeing at the 16-story, 675,000-square-foot office building.
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No regrets on WeWork bets
The office building opened in 2019 with WeWork as an anchor tenant. The co-working company signed on to occupy a third of Brooklyn’s first ground-up office building development in a decade, providing programming to fellow tenants.
BXP said in a November earnings call, shortly after WeWork filed for bankruptcy, the co-working company had stopped paying rent on its 200,000-square-foot space. The company continues to operate at the building, according to the developers, while it looks to shed leases elsewhere in New York City and across the country.
— Holden Walter-Warner