New Navy Yard building to support creative, tech industries
Building Will House 4,000 Jobs
A joint initiative of Boston Properties, Inc. (NYSE: BXP), Rudin Development and WeWork, in conjunction with the Brooklyn Navy Yard Development Corporation (BNYDC), is developing a new 675,000-square-foot building at the Brooklyn Navy Yard to cater to the rapidly emerging technology and creative industries in Brooklyn.
The $380 million building, named Dock 72 at the Brooklyn Navy Yard, will be one of the largest New York City commercial buildings to be built outside of Manhattan in decades. The new project comes just weeks after the de Blasio administration announced the $140 million redevelopment of Admirals Row and follows the conversion of Building 77 into a 1 million-square-foot innovation and manufacturing hub. Collectively, these new additions to the Navy Yard represent a massive expansion that will increase Brooklyn’s competitiveness and spur thousands of new jobs.
WeWork — a company that provides space, community and services to a range of nonprofits, technology, art and design, e-commerce and fashion businesses — will anchor the new building with a 222,000-square-foot lease.
When fully occupied, the building will house 4,000 jobs. According to the agreement between the development team and BNYDC, all tenants in the building will pay a living wage to their employees, making it the first new development in Brooklyn with such a commitment. To ensure local residents benefit from the opportunities to be created, tenants will partner with the Brooklyn Navy Yard Employment Center to match nearby residents with job opportunities. BNYDC and the developers have also agreed to significantly expand BNYDC’s existing internship program. The developers will set aggressive goals for Minority and Women Business Development hiring and contracting.