A joint venture between affiliates of Boston Properties and Rudin Development has closed on a $250 million construction loan for Dock 72. Located at the Brooklyn Navy Yard, the project encompasses a 16-story, 675,000 square-foot creative office development. WeWork will anchor the new building with a 222,000 sqf lease in addition to acting as co-developer and curator of the amenity spaces, which include a health and wellness center, specialty food and beverage offerings and a rooftop conference center. The investor broke ground in May 2016 in order for the project to be ready for tenant fit-out in late 2017 and completed in early 2018. Funding was secured from J.P. Morgan, M&T Bank and U.S. Bank.
“Representing an investment of nearly $400 million, Dock 72 is already having a strong impact on the area’s economy, putting hundreds of people to work in what will be a truly iconic addition to the Brooklyn Navy Yard. In the long term, the building’s tenants will bring thousands of good-paying jobs to the Yard,” said Brooklyn Navy Yard Development Corporation President and CEO David Ehrenberg. “Achieving this important milestone affirms the private sector’s confidence in both Dock 72 and in the Yard itself.”
