Normandy Lends Temporary Bushwick Space To USPS, Delays Industrial-To-Office Conversion
Normandy Real Estate Partners is putting plans for an industrial-to-office conversion in Bushwick on hold, at least for the holidays.
The New Jersey-based firm has agreed to lease 100K SF of its 130K SF space at 333 Johnson Ave. to the U.S. Postal Service through February as the USPS handles the holiday parcel delivery rush, The Real Deal reports.
Normandy and its partners, Royalton Capital and Princeton Holdings, purchased the building in 2015 with the goal to convert it into creative office space. The group, like several other developers with the same idea in Bushwick, has failed to find a tenant for that planned use according to TRD, and attempted to sell the site for $60M in 2016 with no luck.
Though representatives from Normandy still say the office conversion is in the company's plans, principal Travis Feehan said he wants to take advantage of the demand for distribution space in Brooklyn, at least during the busiest time in the year.
One possible cause for the lack of interest in creative office space in Bushwick is the pending shutdown of the L train, which will severely hamper the ability of employees to get to and from Manhattan.
