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Dock 72 leasing is slow even as Boston Properties posts record results - Business Insider

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Leasing at Boston Properties' massive WeWork-anchored Dock 72 building in Brooklyn has stalled

This story requires our BI Prime membership. To read the full article,Boston Properties turned in a record performance on a key metric for the fourth quarter. But while business was good generally, one big, flashy building that has ties to WeWork has been slow to fill.

Earnings releases showed that Dock 72, Boston Properties' collaboration with Rudin Management in the Brooklyn Navy Yard, is only a third leased up, flat from where it was in the third quarter of 2019. Building ownership is split 50/50 between Rudin and Boston Properties. In a conversation with Business Insider after the earnings call, Bill Rudin, chief executive and co-chairman of Rudin Management, said that he believes that the food hall and other amenities will draw more tenants in.

Brooklyn's ability to attract young professionals indicates that it could be a strong office market, but Dock 72 is the first ground-up office development in Brooklyn since Metrotech in the 1980s. reported in early December that WeWork's coworking space was 40% leased, up only 10% from the October opening.

 

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