Newmark continues its office leasing momentum with the renewal of tenants at The Factory in Long Island City
Newmark announces that it recently closed several rental transactions totaling nearly 66,000 square feet at The Factory LIC, a 1.1 million square foot creative loft office building in Long Island City, New York. Newmark Executive Vice President Brian Waterman, Vice President Howard Kesseler, Senior Managing Director Jordan Gosin and Associate Director Alex Rosenblum act as exclusive leasing advisors for the property and represent the owner of the asset, a joint venture between Atlas Capital Group, Partners Group, acting on behalf of its clients, and Invesco Real Estate, on the transactions.
Tenant commitments include renewal by the New York City Employees’ Retirement System of its 30,559 square foot space at 10e floor and the renewal and expansion of La Maison du Chocolat by 12,828 square feet. The chocolatier expanded its space by 4,902 square feet and expanded to 7,926 square feet in the building. Additional property renewals include Bombardier at 8,059 square feet on the 4e floor, 20th Television at 8,353 square feet and Broadway Stages at 6,450 square feet on the ground floor.
“The Factory LIC is truly a one-of-a-kind workplace that has attracted a diverse mix of successful creative tenants to this location, as evidenced by recent renewal and expansion transactions,” Waterman said. “We are pleased to have maintained leasing velocity for the project throughout the COVID-19 disruptions, leasing nearly 250,000 square feet since the start of the pandemic.”
Built in 1926 and originally used by Macy’s as a furniture warehouse, The Factory is one of Long Island City’s most desirable workspaces. The property has completed a historically sensitive renovation creating large flexible full floors and ready-to-use converted lofts. Exceptionally high ceilings and brand new fully opening windows on every floor provide unparalleled views of the Manhattan skyline. The project is aimed at forward-thinking companies looking for unique and inspiring workspaces. Project amenities include indoor parking available, 24-hour access and security, multiple freight elevators, shuttle service to Metro and LIRR, newly renovated lobby, brand new lounge, food market with several dining options, a fitness center, secure bike storage, tenant-controlled air conditioning and a rooftop slated for delivery in 2023.
The Factory is at the epicenter of what is quickly becoming New York’s most exciting neighborhood. With quick and easy access to Manhattan, Brooklyn and Queens, the building is located in the middle of New York’s best business, culture and entertainment. Long Island City offers an emerging commercial district and established museums, non-profit organizations and parks dedicated to the arts. The factory-provided shuttle service offers a three-minute ride to the LIRR station at Hunters Point Avenue and a seven-minute shuttle ride to the Court Square station, with access to subway lines E, G , M and 7.
In the first quarter of 2022, Long Island City’s overall availability rate fell 60 basis points quarter-over-quarter to 26.8%, according to Newmark Research. This is the third consecutive quarter in which availability has declined. The decline in availability was even more significant in The Factory District submarket, which saw a decline of 160 basis points. Rental velocity for the first quarter of 2022 totaled 374,549 square feet, an improvement of 189.6% over the fourth quarter of 2021. Average asking rents in Long Island City ended the quarter at $54.17 per square foot , a 4.5% increase and the largest quarterly percentage increase over the past six quarters.
(Visited 1 time, 19 visits today)