Bank takes 317,000 SF in office tower

Real Estate Weekly, Oct 30, 2002

In a deal timed perfectly for both landlord and tenant, Bank of New York (BNY) has committed to occupy 317,000 SF in Atlantic Terminal Office Tower, Forest City Ratner Companies new 400,000-SF office building soon to-be-constructed atop Atlantic Center Terminal Retail Complex, a 375,000-SF mall now under development in Downtown Brooklyn.

The deal was arranged by Insignia/ESG, namely Robert Alexander, Howard Fiddle, Christopher Havens, Roni Horenstein, Gary Kamentsky, Doug Lehman, Robert Stillman, and Mary Ann Tighe.

" BNY wanted to stay in New York City and given Brooklyn's proximity to Downtown and its excellent transportation options, a brand new Class-A building in the borough made absolute sense," said Alexander.

After 9/11 and the loss of its operations at One Wall Street, 100 Church St., and 101 Barclay, BNY dispersed employees into temporary space throughout New York City. "BNY then made a corporate decision to diversify the locations of its workforce and subsequently began an exhaustive search of the NY Metro markets for alternative premises," said Stillman. "At the same time, Forest City Ratner Companies was keen to find a tenant to anchor and pre-lease the 10-story new commercial building it plans to construct above its retail mall."

"The timing dovetailed beautifully," said Fiddle who added that the 24/7 new building will house day-to-day employees numbering approximately 1,500. "Forest City really wanted to add an office component to its retail project and Bank of New York needed to set up offices as close to Downtown as possible, yet far enough away to bifurcate its operations. Our client is delighted that such a creditworthy client as BNY has committed to anchor the complex."

Atlantic Terminal Office Tower will be constructed on a fast track 15-month schedule and is expected to be completed in the first quarter of 2004.

Bruce Ratner, president and chief executive officer of Forest City Ratner Companies, said, "We are honored that an institution with such a long and successful history as the Bank of New York has selected Atlantic Terminal Office Building for its base of operations in Brooklyn. Its confidence in the future of this complex is gratifying and a welcome sign that Downtown Brooklyn remains a preeminent business district in New York City."