August 22, 2019

‘Hopefully The Timing Is Right’ Revamped Watchtower Complex Hopes To Bag An Anchor

For decades, the inside of Brooklyn’s famed Watchtower building was mostly hidden from public view — a private space that was the Jehovah’s Witnesses’ global headquarters. Now, three years after the Witnesses sold it for $340M to a group of developers, its full reimagining as an office complex is almost complete.

A wholesale renovation — which involved better connecting the buildings, creating publicly accessible outdoor spaces and widespread mechanical upgrades — has turned the structures into a five-building complex now called Panorama.

“They are looking for a large company to relocate from Manhattan … 25 Kent tried that, and so far we haven’t heard,” said TerraCRG Managing Director Caroline Pardo, who said she has toured the Panorama building but has not taken clients there. “Domino tried that — and again they haven’t had any movement. I think it’s really that size that hasn’t had any traction.” But Pardo said the city’s Relocation and Employment Assistance Program is a major draw and noted that the under-10K SF segment is the most active part of the leasing market. “They will find their tenant, it’s just a matter of time,” she said.

Dan Marks, also of TerraCRG, said Brooklyn is ready for a big, well-known company, and Panorama could be the location to bag it. “I don’t think you will get any more high-profile location, with visibility and signage,” he said. “This is as good an opportunity as Brooklyn has to present itself to these large tenants … Hopefully, the timing is right.”

Read the full article here.