$5M renovation underway to fix up DUMBO offices.

A $5 million renovation is now under way to transform two loft-style office buildings in the burgeoning neighborhood of DUMBO (Down Under the Manhattan Bridge Overpass) into vibrant, modern commercial properties -- to match the surrounding neighborhood. The properties, 55 Washington Street and 45 Main Street, make up nearly 1 million SF of space in the Brooklyn neighborhood of DUMBO, and the renovations will be completed by the spring. David Walentas, president of Two Trees Management Company, and Barry Gosin, vice-chair and CEO of Newmark & Company Real Estate, Inc., the exclusive leasing agent for DUMBO, made this announcement.

"We have dedicated $5 million to these properties because we want to deliver the hi-tech, loft-style space that businesses crave, and package it within one of New York's most exciting neighborhoods," Walentas, the developer, said. "Luxury residences, fantastic retail and amenities, and miles of waterfrontpark are all just steps away - and now we have prime office space boasting every modern convenience and technological advance, all just one subway stop from Manhattan."

"One of the most impressive features of DUMBO," says Gosin, "is the availability of numerous benefits, economic incentives and tax breaks to reduce net effective rents by as much as $15 per square foot, making DUMBO's space an incredible bargain at under $10 per square foot."

45 Main Street and 55 Washington Street currently offer approximately 150,000 SF of space available for immediate occupancy, with floor sizes as large as 50,000 SF; in addition, another 40,000 SF of pre-built space divisible into units ranging from 1,050 to 5,500 SF is available. Both buildings are undergoing comprehensive renovations, including new stainless steel and terrazzo lobbies, "state-of-the-art" high-speed elevators, underground parking garages, huge operable windows, and elegant bathrooms, corridors, roofs, and radiators.

The properties are also being reconstructed with new HVAC systems; with 1,000 tons of condenser water and new cooling towers, upgraded electrical infrastructure to meet the needs of any technology tenant, and a comprehensive telecommunications menu featuring an array of providers, including Winstar, Eureka-Gillette Global Networks, Verizon and Onsite Access.

"Brooklyn hasn't seen product like this since the development of MetroTech. Our office space melds every modern amenity and necessity with historic architecture and a vibrant, energetic neighborhood that is as well known for its artists as it is for its magnificent views," Walentas said "Having sold out our luxury condominiums and rented our other residences, we are delighted to turn our attention to the creation of exceptional office space, spear-heading a renovation and capital improvement program that will make 45 Main and 55 Washington the finest office opportunities in the market."

City and State contributions of more than $150 Million will be spent to improve the neighborhood's waterfront parks and streets. Other DUMBO amenities include new retail tenants, from restaurateurs and chocolatiers to wine merchants, delis and pizzerias.

Companies interested in 45 Main and 55 Washington would join an impressive roster of new tenants, including HUGE, LLC, Flatiron Solutions, Inc., Eyebeam Atelier, Bliss Spas, Element.com, Four Eyes Productions, Planet Sweep and Modern Humorist.com. In aggregate, more than 250,000 SF of leases have been signed in DUMBO since the neighborhood was designated as a "hi-tech" district through the New York City Economic Development Corporation's "Digital NYC" program.

"DUMBO is the hottest new neighborhood for companies that can appreciate the combination of great space, modern amenities and services, exceptional environment and far below market rents," said Newmark's Gosin. "We expect this space -- especially the pre-built suites -- to fly."