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BROOKLYN UNION ANNOUNCES SALE OF FORMER HEADQUARTERS

 BROOKLYN, N.Y., May 21 /PRNewswire/ -- Business development in downtown Brooklyn took another step forward with the announcement today that The Brooklyn Union Gas Company (NYSE: BU) has a buyer for its former headquarters, which is located at 195 Montague Street in Brooklyn Heights.
 The 14-story building will be sold to a private developer, Mr. Abraham Leser, who has already secured a major tenant to occupy 40 percent of the building's 240,000 square feet of office space. Brooklyn Union will lease one floor, which will be used for training purposes.
 The parties involved in the sale went to contract yesterday, with the closing scheduled for early fall. Cushman and Wakefield is the exclusive agent for the sale of the building.
 "We are delighted," said Anthony DiBrita, Brooklyn Union senior vice president, "that the sale of the 195 Montague Street office building is going forward and will help realize our vision of downtown Brooklyn as a major business area. Mr. Leser's commitment to invest in downtown Brooklyn is another catalyst for continuing development and jobs in the community."
 "Downtown Brooklyn is one of the most important business areas in New York City," said Howard Golden, the borough president of Brooklyn. "The sale of 195 Montague Street is yet another vote of confidence in the economic future of downtown Brooklyn, and will help attract new business."
 Downtown Brooklyn at a Glance
 Brooklyn Union has taken a preeminent role in developing downtown Brooklyn. The vitality of the area is most evident in the MetroTech complex, a $1 billion commercial, academic, and high technology center on a 10-block, 16-acre site in downtown Brooklyn, of which Brooklyn Union was the original anchor tenant. MetroTech has resulted in the construction of over 5 million square feet of new commercial space and the renovation and expansion of New York Telephone Company and Polytechnic University facilities. An additional 3 million square feet of new office space is planned for future construction. More than 18,000 employees work in the MetroTech business area for companies such as Brooklyn Union, The Securities Industry Automation Corporation, Bear Stearns & Co. Inc., and Chase Financial Services. Approximately 135 small businesses operate in the area, which is also served by three educational institutions, including Polytechnic University, Long Island University, and New York Technical College.
 Brooklyn Union completed its move into new general headquarters, One MetroTech Center, in February 1992. The company supplies natural gas to 1.1 million customers in the New York City boroughs of Brooklyn, Queens and Staten Island.
 -0- 5/21/93
 /CONTACT: Brooklyn Union Gas public relations, 718-403-2503/
 (BU)


CO: The Brooklyn Union Gas Company ST: New York IN: UTI SU:

TS-SH -- NY007 -- 1090 05/21/93 08:57 EDT
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Publication:PR Newswire
Date:May 21, 1993
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