Translation LLC signs a lease at 10 Jay Street in Dumbo, Brooklyn, an iconic building being redeveloped by Glacier Global Partners and Triangle Assets. The 230,000-sq.-ft. building will have a brand-new steel and glass façade facing the East River with spectacular views overlooking Brooklyn Bridge Park, downtown and midtown Manhattan. The redevelopment juxtaposes a modern look while honoring its rich history with a restoration of its three façades, brick columns and terra cotta glazed barrel vault ceilings.
Translation is relocating to 10 Jay from 145 West 45th Street in Manhattan and will be taking 35,000 sq. ft. on the 3rd and 4th floors of the building, with an anticipated move date of January 2017. CBRE’s Ben Friedland, Keith Caggiano, Zak Snider and Evan Fiddle represented 10 Jay Street Ownership. Translation was represented by Lance Korman of Newmark Knight Frank.
The redevelopment of 10 Jay is expected to be completed by the end of 2016. Certain floors will be ready for delivery starting in October of this year. When finished, 10 Jay will feature a brand-new lobby, new high-speed elevators, bicycle room, crystal façade facing the water, state-of-the-art building systems, and ground floor retail stores with an approximate 1,500-sq.-ft. terrace on the park overlooking the East River.
“Translation had the foresight to see the iconic nature of 10 Jay Street and we’re thrilled to welcome them as our first tenant in the re-developed building” said Yaniv Blumenfeld of Glacier Global Partners. “We’re pleased to welcome Translation to our building” added Joseph Stavrach.
“Translation’s relocation from Midtown is indicative of the growing popularity of DUMBO amongst creative tenants and the millennial population” said Ben Friedland, Executive Vice President. “The building overlooks Brooklyn Bridge Park, the East River and both midtown and downtown Manhattan. It’s a fantastic offering and Translation had the foresight to get involved early.” He also said they currently have proposals in for roughly half of the remaining space and given the building’s unique location and attributes that the remaining space will lease-up quickly.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
