NEW YORK CITY-The Downtown Brooklyn Partnership is offering to pay landlords with underutilized space above storefronts near the Fulton Mall to convert the space to office use.
The partnership has approached about six building owners in the Fulton Mall area with proposals to lease their underutilized spaces, renovate them and sublease them to start-up companies, according to the Wall Street Journal. The partnership is looking to free up 10,000 square feet of space along Fulton, Jay and Livingston streets.
The "master lessee" program is aimed at trying to ease the area's shortage of offices. Downtown Brooklyn's office vacancy rate fell to 7.8% in the second quarter of this year from 12.4% in the second quarter of 2012, according to Newmark Grubb Knight Frank. See story in the Wall Street Journal.
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