The New York City Department of Environmental Protection has signed a lease relocation deal to snag 155,000 square feet at 24-02 49th Avenue in Long Island City.
The term is for 20 years, according to a report from the Commercial Observer. CBRE represented both the tenant and the landlord, Innovo Property Group, with the brokerages' David Stockel and John Isaacs acting on behalf of the DEP.
The local government agency initially filed an application in September 2023 to take 180,885 square feet at the property, according to the City Planning Commission. But now it will settle for 155,000 square feet and relocate from 59-17 Junction Boulevard in Flushing.
In a DEP report from August 2023, the DEP previously said that "the laboratory facility location [was] too small to fully accommodate DEP's existing staff, new equipment, and storage space needs for laboratory supplies."
Both Innovo and Nan Fung Group partnered to acquire 24-02 49th Avenue in 2016. The joint venture completed a $438 million recapitalization of the 830,000 square foot property in 2019. The building is a mixed-use asset, featuring 590,000 square feet of office and industrial space, 220,000 square feet of life science space and 27 loading docks. The New York City Housing Authority operates space on the bottom four floors of the property under a 30-year lease.
In Northwest Queens, the average asking rent was $24.56 per square foot in the fourth quarter, according to data from CoStar, as cited by the CO.
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