Brooklyn's Progress
July 2003

The Atlantic Terminal Office Building,a 10-story, 400,000 square foot office building constructed above a four-story, 375,000 square foot retail shopping center will offer a vast array of appealing shopping and dining experiences at a convenient location above the largest public transportation hub in Brooklyn and the third largest in New York City.

Underneath the office and retail center are renovated Long Island Railroad and subway stations.  The land is being leased from the Metropolitan Transportation Authority and the Long Island Railroad Company (LIRR). 

The Bank of New York will make its new home at the Atlantic Terminal Office Building, leasing 320,000 square feet of office space on eight floors.  Fifteen hundred Bank employees will commence working in the new building in May 2004.  Another two floors containing 80,000 square feet of office space are available for lease. In September 2002, the New York City Industrial Development Agency approved $114 million in Liberty Bonds for the permanent financing of the office building.

“The Atlantic Terminal office building will make an important contribution to the continuing revitalization of Downtown Brooklyn,” said Bruce C. Ratner, president and CEO of Forest City Ratner Companies.  “As the new home of the Bank of New York, it will be a major catalyst in generating hundreds of jobs and bringing scores of workers to the heart of Downtown Brooklyn.”

When completed, the construction of The Atlantic Terminal Office Building will have employed close to 1,000 construction workers; when fully occupied, it is estimated that more than 1,700 employees will work in the building.  The 375,000 square foot retail complex is anchored by a 194,000-square-foot Target discount department store.  Also included are two restaurants, Red Lobster and Outback Steakhouse.  The retail portion of Atlantic Terminal will generate some 1,000 new positions as well as $16 million in new sales tax revenues annually.

The architectural firm of Swanke Hayden Connell designed the Atlantic Terminal Office Building.  A horizontal band of glass at the fifth floor sky lobby “lifts” the office tower above the retail base, designed by Hardy Holzman Pfeiffer.

The developer of the Atlantic Terminal Office Building, Forest City Ratner Companies (FCRC), is an affiliate of Cleveland-based Forest City Enterprises and is the largest publicly traded development company and a major mixed-used property owner and developer in the United States.  Noteworthy FCRC projects include the Hilton Times Square Hotel, Entertainment, and Retail Development; the Embassy Suites Hotel in Battery Park City; and a joint venture formed with The New York Times Company to develop and own the new New York Times Headquarters Building in midtown Manhattan.