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City Renews Lease for 342K SF with Clipper Realty
The city’s Department of Citywide Administrative Services has renewed its full-building lease at Clipper Realty’s 250 Livingston St. in Brooklyn. The 10-year lease encompasses 342,496 re-measured square feet.
Under terms of the lease, Clipper will be making certain alterations and improvements to 250 Livingston. We have enjoyed a strong, multi-decade working relationship with the City and look forward to building on that partnership in the years ahead,” said David Bistricer, co-chairman and CEO at Clipper.
The new lease will have a 10-year term beginning with the expiration of the current leases in August 2020. It combines the two existing leases into one; the city will hold one-time termination options at the end of the fifth year and the seventh year.
Clipper expects the new lease to initially add approximately $5 million to 250 Livingston’s NOI, net of adjustments based on current expense levels.
For comments, questions or concerns, please contact Paul Bubny
- ◦Lease
