A new tower growing in Brooklyn is expected to be the tallest building in the borough.
The 600-foot officer tower in downtown will be developed by JEMB Realty, which announced the new development, and will include 400,000 square feet of commercial space.
420 Albee Square is in the middle of the Brooklyn Tech Triangle, a booming center of technology and media companies that is generating jobs for the city. But companies are also being squeezed for space, which city officials noted in their announcement of the development on Monday.
“Office vacancy rates in this area are now around 3%, which is functionally zero,” Deputy Mayor Alicia Glen said at a news conference, Bloomberg News reported. “That will definitely impede the incredible momentum we have seen around here. So we need to act now to shape the future we want.”
Officials have said that the city will need 60 million square feet of new commercial space by 2025.
The Albee Square building will be taller than 388 Bridge St., a 590-foot apartment Brooklyn residential tower completed in 2015.
Construction on the new building is expected to begin in 2016.