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34-Story One Willoughby Square Plans to Grow in Brooklyn, New York

07/27/2018
A full-service global provider of capital solutions for real estate investors, JLL Capital Markets reported it arranged a $235 million construction loan for developers of One Willoughby Square, a to-be-built 34-story Class A office tower in downtown Brooklyn, New York.

One Willoughby Square will be the first ground-up office development in downtown Brooklyn for decades and is being developed by New York-based JEMB Realty, JLL officials said.

The office tower will rise 560 feet above the future Willoughby Park, a one-acre public green space atop a fully automated 700-space underground parking garage in the heart of Brooklyn's Tech Triangle. The building will offer tenants loft-like, column-free floor plates with high ceilings and abundant natural light along with 360-degree panoramic views through 10-foot windows.

Approximately 27 percent of the 462,656 square feet of leasable office space is already leased to two tenants: NYC School Construction Authority and FXCollaborative, the world-renowned architectural firm and the executive architect of One Willoughby Square.

"The lending community was impressed by the experienced sponsorship of this project as well as its quality design, location and preleasing," said Managing Director Keith Kurland. "Clearly, One Willoughby is destined to become Brooklyn's most distinctive and sought-after office address."

Brooklyn's growing reputation as a magnet for tech, advertising, media and information businesses is attracting significant real estate capital to the market, which is spurring new development, officials noted. The building's appeal is enhanced by its proximity to public transit and new housing, JLL Capital officials noted. There are 13 subway lines within a 12-minute walk of One Willoughby Square, making it an attractive location for companies with workers commuting from Brooklyn, Manhattan and Queens. In addition, a residential building boom in Brooklyn is adding 20,000 new and planned units within walking distance.

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