Tishman Speyer announced yesterday its plans to develop The Wheeler, a new 620,000-square-foot creative office campus in Downtown Brooklyn.
A partnership with Macy’s, Tishman Speyer acquired the top five floors of the department store’s historic art deco building in 2015. Macy’s will consolidate its sales floors to the lower four levels at 422 Fulton Street, while the real estate development firm integrates the upper five levels into a new ten-story development it is erecting atop an adjacent four-story structure that was built by Andrew Wheeler in the 1870s.
Tishman Speyer’s first project in Brooklyn, The Wheeler will feature 16-foot ceilings on each floor, an acre of outdoor space spread throughout various terrace gardens and roof decks, and views of the Brooklyn Bridge, New York Harbor, the Statue of Liberty, and Lower Manhattan.
Though none are lined up yet, according to the New York Times, tenants can begin moving into their new offices in mid-2019. The NY Times states that Downtown Brooklyn currently has 17 million square feet of office space, with a mere 3.1 percent vacancy rate, so this new development will help fill the demand in the area.
How do you think The Wheeler integrates new construction with the historic architecture?