Dock 72 Developers Line Up Big Financing

Dock 72 is a 16-story, 675,000-square-foot office complex at the Brooklyn Navy Yard. Credit: S9 Architecture

NEW YORK CITY—A joint venture between Boston Properties and Rudin Development has closed on a $250 million construction loan for Dock 72, the 16-story, 675,000-square-foot creative office development at the Brooklyn Navy Yard.  The financing was led by J.P. Morgan, M&T Bank and U.S. Bank. Further terms of the transaction were not disclosed.

With Dock 72, the joint venture is undertaking one of the largest New York City commercial buildings to be constructed outside of Manhattan in decades. WeWork is slated to anchor the new building with a 222,000 square-foot lease in addition to acting as co-developer and curator of the amenity spaces, which include a health and wellness center, specialty food and beverage offerings and a rooftop conference center. The joint venture broke ground in May 2016 and the project will be ready for tenant fit-out in late 2017 and will be completed in early 2018.