This Morning's Tech Triangle Update
There's almost no space left in the Tech Triangle besides the 700k SF available at the Dumbo Heights campus, reports Invesco senior director Todd Bassen, whose firm is part of the investment group (including Kushner Cos, RFR and LIVWRK) that purchased the 1M SF former Watchtower complex from the Jehovah's Witnesses last year. 300k SF of leases (mostly TAMI firms, including anchor Etsy) have closed, and Todd says they're now trading paper with another large tenant. "The bones of a building are important, but we try to get ahead of where the tenants want to be," he told the crowd at Bisnow's 5th annual NYC Construction & Development Summit this morning at The Roosevelt Hotel. Last month, his firm also purchased the minority stake in Long Island City's 1M SF Factory Building, owned by Atlas Capital, which Crain's reported could be worth as much as $175M.
