Global commercial real estate advisory firm Newmark Knight Frank (NKF) is pleased to announce technology innovation hub New Lab’s 38,000-square-foot lease at 77 Washington Avenue in Brooklyn, New York. Known as New Lab 77 Washington, the expanded location will be steps away from the New Lab’s Navy Yard headquarters. NKF’s Managing Director Whitten Morris and Associate Director Joseph Sipala represented the owner, Shed 77 LLC.
Built in 1930 as a factory, New Lab 77 Washington was renovated and restored to use as a six-story industrial office building in 2018. Featuring a timber frame, brick shell, masonry walls, cast-iron columns and exposed wood girders and joists, the building boasts a newly renovated lobby, bathrooms, bicycle storage and pantries on each floor. The property also includes a professionally designed garden. The lease by New Lab highlights a continued demand for creatively reimagined office buildings.
Perched at the intersection of the Navy Yard and Clinton Hill, an emerging commercial market that has transformed dramatically over the past few years, 77 Washington offers an attractive location for New Lab, which has played a major role in the revitalization of Navy Yard and continues to expand its offerings for startups, as well as its corporate, civic, academic and venture partners.
“As a leading platform for scaling frontier technologies, New Lab was seeking an additional location that would provide its entrepreneurs and thought leaders with space that had an updated infrastructure, a comfortable working environment and easy access to manufacturing facilities,” said Morris. “New Lab 77 Washington offers all of those features at a location that is in the heart of the rapidly evolving Brooklyn Navy Yard submarket.”
In three short years, New Lab has grown from 23 startups, with a total collective valuation of $175 million, to 140 companies valued together at more than $2.8 billion. The growth to 77 Washington marks the first of several planned expansions.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
About New Lab
New Lab is a platform for scaling frontier technologies. New Lab’s flagship location in the Brooklyn Navy Yard dates back to 1902 and served as the primary machine shop for every major ship launched during World Wars I and II. Inspired by the building’s rich history of innovation, Co-Founders David Belt and Scott Cohen envisioned a way to return the building to relevance, launching New Lab in 2016 with the aim of championing forward-thinking entrepreneurs and partnering with corporations, city leaders, and investors to catalyze innovation. Today, New Lab is home to over 140 member companies with a market value of over $2.8B.
