KeySpan has approximately 1,000 employees at its executive and administrative offices in the site, leasing more than one-third of the available commercial space. Two years ago, the building's other major tenant, Bear Stearns, signed a 20-year renewal for its 275,000 sf of space in a deal reported to be valued at $230 million. Scott Panzer of Newmark represented KeySpan. No financial information was released. "It was a complicated transaction that provides Forest City with a long term commitment from a credit tenant and affords KeySpan a strong economic benefit for its future operations," Panzer says.
Bruce Ratner, president and CEO of Forest City Ratner Cos., which developed the complex, says that KeySpan's early commitment to MetroTech Center really helped the project along. "When KeySpan signed its initial lease in 1988, we were still four years away from opening our first building at MetroTech. Today, we are just months away from opening the final building, 12 MetroTech Center. The complex's eight new and three renovated buildings cluster around a central, 3.3-acre landscaped commons.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
