A fast-growing startup will be moving into a former telecom hotel at 470 Vanderbilt Ave. in downtown Brooklyn.
Long Island City, Queens-based Aereo, whose technology allows consumers to watch broadcast television on Web-enabled devices, has signed a five-year lease for 19,300 square feet at 470 Vanderbilt Ave., between Fulton Street and Atlantic Avenue. The lease brings the property to roughly 91% occupancy, according to Louis Moskowitz of GFI Realty Services, which represented landlord GFI Development Co. The asking rent was $33 per square foot.
Aereo was looking for a large loft-like space with light and air, Mr. Moskowitz said. They saw the space and were set on it. The entire negotiation was smooth.
Aereo, which launched its service in New York City on March 14 and is backed by media mogul Barry Diller, declined to comment. Gary Kamenetsky, a broker at CBRE Group Inc., represented Aereo. Mr. Moskowitz said the firm will be moving into its new home, the entire 9th floor, in a few weeks.
GFI Development began repositioning the long-vacant 660,000-square-foot telecom hotel into an office building about four years ago, has now completed that effort. Originally, the building was a tire factory, and it later became a school.
Last year, the citys Human Resources Administration became the largest tenant in the property, signing a 20-year lease for 400,000 square feet in what was the biggest deal of the year in Brooklyn. Other tenants include The League of Education and Treatment Center. There are still 55,000 square feet available for lease at the top of the building.
The real estate market had gone through some challenging times, and we weathered it, said Mr. Moskowitz, adding that he did not start marketing Aereos space until last year. The property, which takes up an entire city block, is just down Atlantic Avenue from the future home of the Nets basketball team, Barclays Center, which is part of the vast Atlantic Yards development. At 470 Vanderbilt Ave., Aereo will have its own lobby and elevator bank.
GFI Capital is the parent company of GFI Realty Services and GFI Development Co.
