Two Trees is betting that you won’t hate the neighborhood, the commute, or the work space once their $3 billion Domino Sugar complex redevelopment is complete next fall
A full floor there is about 6,000 square feet, and some companies lease half-floors of the 24-floor tower.
“Frankly, I think it’s going to lease,” says Arthur Mirante, a veteran office-leasing broker, now at Savills, and the former CEO of Cushman & Wakefield. Mirante points out that Domino is exactly the kind of space that is renting well in Manhattan right now: high-quality, new, unique. “Look at One Vanderbilt, 425 Park Avenue, and some of the buildings in Hudson Yards — those buildings have leased up and been much more successful than the rest of the Class A office space in the market.
Ruchika Modi, a principal at PAU, says the decision to set a building within a building was largely, but not entirely, a practical one: The refinery was never the monolith it appeared, but “a giant piece of machinery cloaked in a masonry façade.” There were three separate buildings; none of the floor or window heights lined up, and even if they had, the floors were so large the center of them would have been all but lightless.
The only potential issue, brokers say, is the location: beautiful and hip, yes, but not the most convenient for workers who don’t live within a ten-block radius or commute by bike. There’s the JMZ, the L train, and the ferry, but walking from the G-train stop to the office is a bit of a schlep, as is the Williamsburg bus terminal. The day I visited, it took me about an hour to get there on an SBS bus from Prospect Heights.
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