With The Wheeler, TIshman Speyer is creating a 620,000-square-foot vertical office campus.
NEW YORK CITY—Tishman Speyer CEO Rob Speyer has unveiled the firm’s plans and timetable for the development of The Wheeler, a 10-story creative office hub to rise above Macy’s historic department store in Downtown Brooklyn.
With The Wheeler—a name inspired by 19th century Brooklyn developer Andrew Wheeler—the developer is creating a 620,000 square-foot vertical office campus spread across 10 expansive floors. It will feature Brooklyn’s largest floorplate, 16-foot ceilings on each floor, an acre of outdoor space across a series of gardened terraces and roof decks, a dedicated amenity floor, and sweeping views of Lower Manhattan, Brooklyn Bridge, Statue of Liberty and New York harbor. The Wheeler will be ready for occupancy in mid-2019.
This new is made possible through an innovative redevelopment partnership between Macy’s and Tishman Speyer.
“For Tishman Speyer’s first-ever project in Brooklyn, we are creating an environment that is every bit as innovative, energetic and dynamic as the borough itself,” says Speyer. “The Wheeler will celebrate its special location at the epicenter of Brooklyn and feed off the vitality of the iconic brownstone neighborhoods, open spaces, cultural venues and creative communities that surround it on all sides.”
Serving as project developer and operating partner for The Wheeler, Tishman Speyer is being joined by partner HNA Group, a China-based global investor. HNA is also an investment partner with Tishman Speyer on the firm’s two planned Hudson Yards development projects. Construction financing, which was arranged by HFF, is being provided by Bank of the Ozarks.
Through the partnership between Macy’s and Tishman Speyer, Macy’s will continue to own and operate the first four shopping floors and the lower level of two interconnected buildings—a nine-story art deco building built in 1930 and an adjacent four-story, cast-iron structure that was built by Andrew Wheeler in the 1870s.
Tishman Speyer’s new office floors on top of the 1870s Wheeler building are expected to seamlessly integrate into the upper floors of the 1930 art deco building that Macy’s is vacating.
The lower four office floors will encompass 90,000 square feet of rentable space per floor, while the upper six office floors will range in size from 30,000 to 64,000 square feet.
Tishman Speyer is preserving all existing setbacks and creating a number of additional setbacks into the new construction. These setbacks, which will be spread out across eight offices floors, will be transformed into an acre of landscaped outdoor terraces and roof decks for active tenant use.
The Wheeler will have its own dedicated entrance located on Livingston Street between Hoyt Street and Gallatin Place. Additional information and renderings can be found at www.thewheelerbk.com.