"The Refinery was only about a quarter leased and, as of last summer, had gotten the total up to just over half, about 60 percent."
"There are 56 tenants currently in the building, with the 'sweet spot' lease coming in around 2,500 square feet."
"A bigger, sexier tenant would have done great things for Brooklyn and us, but we're also happy with a diversity of small tenants."
"In 2022, over 1.5 million square feet of office space was under construction in the borough."
The Refinery, a 450,000 square foot office building in Brooklyn, has achieved 90% leasing nearly four years after opening. Initially, Two Trees aimed for a large anchor tenant but ended up with 56 smaller tenants, with the average lease size around 2,500 square feet. The retail space is fully leased, and while the original vision included larger corporate tenants, the diversity of smaller tenants has proven successful. The commercial real estate market in Brooklyn has seen significant construction activity, with over 1.5 million square feet underway in 2022.
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