Brooklyn tech icon and craft marketplace Etsy is the first company to sign a lease at the “Dumbo Heights” office campus Kushner et al are redeveloping out of five interconnected former Watchtower properties. Etsy has signed a lease for 200,000 square feet at 117 Adams Street, according to The Wall Street Journal. While not a single report said how much the lease is for, our sources said they hear Etsy is paying in the “low 50s,” which, if true, would be “a record rent for large leases in Brooklyn.”

New York State is also giving Etsy $5 million in tax breaks in exchange for increasing the number of its employees in the Hudson Valley and Dumbo to 740 from 400 by 2019, said the story. The company’s new office space will have a roof deck and its name will be prominently displayed on the building. (Not unlike the old Watchtower signs, perhaps!?) Dumbo office space vacancy is less than 1 percent, said The Brooklyn Eagle.

Etsy Sews Up Bigger Space in Brooklyn [WSJ]


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