Over the past few years, Bushwick has become home to a glut of shiny new office spaces. And we’re over here scratching our heads because there can’t possibly be enough arts and media organizations ready to jump into these pricey converted warehouses.
Well, New York City has solved part of the puzzle by renting out the entirety of 95 Evergreen Ave. for its Brooklyn Human Resources Administration offices.
Commercial Observer reports that the city signed a 20 year lease with an option to renew for an additional five. They’ll pay Savanna and Hornig Capital Partners $6.9 million a year for the first five years.
According to Thomas Farrell, a managing director at Savanna, the move into the five story, 158,150-square-foot space will allow the city to consolidate three Brooklyn offices into one.
But the move won’t be immediate, of course. The landlords will be building out the space and further transforming the former Joseph Schlitz Brewing Company into an office appropriate for the rather boring but necessary work of the agency. The city caps the amount it will spend on this process at $20.5 million.
The entire deal was rumored last year, but now we know for certain that Bushwick is an attractive location for at least one city agency. Are more to follow suit?
Featured image courtesy of 95evergreen.com.