Tishman Speyer Secures 150 KSF Brooklyn Tenant

March 21, 2025

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An educational institution agreed to occupy the space.

Exterior shot of The Wheeler, an office building in Brooklyn, N.Y. — Tishman Speyer constructed The Wheeler on top of a historic Art Deco building. *Image courtesy of Tishman Speyer*

Tishman Speyer has signed a 150,000-square-foot lease deal at The Wheeler, an 844,378-square-foot office tower in Brooklyn, N.Y. Brooklyn Prospect Charter School agreed to occupy the space for 35 years. Newmark negotiated on behalf of the tenant, while CBRE alongside a Tishman Speyer-inhouse representative led the proceedings for the owner.

The new tenant will occupy floors nine through 11, establishing a new high school campus. Its new space will feature more than 25,000 square feet of outdoor space, a lobby entrance and a gymnasium with a basketball court.

Brooklyn Prospect is not the only educational institution at The Wheeler. St. Francis College moved its entire campus within the premises, occupying floors five through seven for a total of 255,000 square feet.

Tishman erected The Wheeler atop a historic Art Deco building that contains a Macy’s department store. Construction wrapped up in 2020, adding 14 stories to the existing structure. Floorplates at the LEED Gold-certified property range between 34,000 and 60,000 square feet.

Bank OZK financed the construction with a $194 million note in 2017, while Starwood Capital Group refinanced the debt with a $164.2 million loan in 2021 and another one amounting to $301 million in 2024, CommercialEdge data shows.

The Wheeler is at 181 Livingston St. and 422 Fulton St. It is within walking distance of Brooklyn’s central business district and also proximate to a plethora of public transit options and parks.

Newmark Executive Managing Directors Ross Kaplan and Justin DiMare spearheaded the negotiations on behalf of Brooklyn Prospect. Tishman Speyer Managing Director Megan Sheehan, together with a CBRE team including CEO Mary Ann Tighe and Executive Vice President Gerry Miovski, among others, represented the owner.

Brooklyn office vacancy tightens despite tepid demand

Brooklyn Prospect’s lease topped the borough’s entire fourth-quarter office leasing activity, which according to a report by Colliers clocked in at 140,000 square feet. That figure stood below the five-year quarterly average of 300,000 square feet.

While Brooklyn office leasing dropped 30.8 percent year-over-year to 1.3 million square feet in 2024, the borough’s availability rate stood at 21.4 percent as of December, marking a 140-basis-point yearly improvement, the report also revealed.