Madison Capital JV Inks Lease at 1.3 MSF Brooklyn Property

Liberty Bklyn. Image courtesy of CommercialEdge

Retail and e-commerce fulfillment company Ship Essential has signed a 20,070-square-foot lease at Liberty Bklyn, a 1.3-million-square-foot mixed-use property in the Brooklyn’s Sunset Park neighborhood. Pinnacle Realty brokered the deal on behalf of the landlords, Madison Capital and Salmar Properties.

In May, Ship Essential will relocate to the fifth floor of Liberty Bklyn from 120 Duane St. in Tribeca. The new space already has the necessary infrastructure for the company’s operations, including electrical, HVAC, offices and a large racking system.

According to a recent JLL report, leasing momentum from a record-hitting 2022 carried over into the first quarter of this year, even in the face of ongoing macroeconomic uncertainties. The report shows that leasing velocity amounted to 559,337 square feet for New York City’s outer boroughs, with 64.9 percent concentrated in Brooklyn alone.

Features of the revamped Liberty Bklyn

Located at 850 Third Ave., Liberty Bklyn originally came online in 1920 as a U.S. Naval storage facility. The property was recently repurposed for industrial and office use through a $130 million development program. Some of the new features include a 3.2-acre rooftop farm operated by Brooklyn Grange, a 386-spot parking lot, a ground-floor loading zone of 60,000 square feet, on-site dining, as well as reinforced floor loads that can range from 200 to 500 pounds per square foot.

Additionally, the building features energy-efficient windows, new electrical and HVAC systems, backup generators and a redundant fiber optic infrastructure. Liberty Bklyn’s location within the Sunset Park hub for technology, logistics, and other industrial and commercial uses addresses the ongoing flight-to-quality trend among tenants looking to relocate or expand their current presence. The property also includes 221,896 square feet of retail.

Since November 2022, leasing at Liberty Bklyn has surpassed 100,000 square feet. Available units range in size from 7,200 to 183,000 square feet, with flexible spaces also available to tenants. The building features three separate lobbies and 18 elevators, which are suited to accommodate industrial operations. According to CommercialEdge data, Vestiaire Collective, Kleinberg Electric, World Market and IDL Communications & Electric also have leases at the property.