Business Services Industry
Brooklyn bustles with trophy tenants; Downtown has appeal, though Bear Stearns reconsiders.(Special Report: Commercial Real Estate)
Crain's New York Business, October, 2002 by Quittner, Jeremy
Byline: jeremy quittner When Bear Stearns Cos. announced this summer that it is shopping around for digs cheaper than MetroTech, its downtown Brooklyn home for the past decade, the landlord had reason to be concerned. With 1,500 workers in 320,000 square feet of space, Bear Stearns is one of the biggest tenants at the sprawling office development, which comprises about 8 million square feet of prime office space.
At issue is the rent. In renegotiating Bear Stearns' lease, MetroTech landlord Forest City Ratner Cos. came to the table with an undisclosed offer; the securities firm rejected that deal and is continuing to look around. Plymouth Partners Ltd., a tenant representation firm, estimates that Bear Stearns was paying in the high $20s to low $30s per...
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