420-albee-squareA new tower in Brooklyn may be the tallest building in the borough. JEMB Realty is developing the 600-foot officer tower in downtown. 400,000 square feet of commercial space will also be included in the project. The project is expected to create 722 permanent jobs and 566 new construction jobs.

420 Albee Square is located in between Brooklyn Tech Triangle, hub for media and technology firms that has been generating a lot of jobs in the city. However firms are being squeezed for space, a concern that was addressed by officials in their announcement of the development on Monday.

This announcement was accompanied with the release of a Tech Triangle Economic Impact report by the Brooklyn Tech Triangle Coalition. It calls for the creation of 3.1 million square feet of office space to meet the needs of the rapidly expanding workforce and business community situated in the Tech Triangle.

They projects that the Tech Triangle could generate $15.5 billion in economic impact by 2025. It also highlights the need to support future growth of the area by making four recommendations to ensure that it remains a world-class center for innovation. These recommendations will help support the growing creative and tech ecosystem, which the coalition expects to grow by 18,000 jobs in the coming 10 years.

Brooklyn Chamber of Commerce President and CEO Carlo Scissura says that the new development will add much needed commercial, office, parking and green space to the borough making it easier for the people to live and work there.  

Bloomberg News reported that Deputy Mayor Alicia Glen at a news conference informed that office vacancy rates in the area have gone down to 3% which would be functionally zero. This could impact the incredible momentum that the area has experienced so they need to take action to shape the future.

Officials calculated the city would require 60 million square feet of space for new commercial space by 2015. The Albee Square building will be taller a 590-foot residential tower completed in 2015. Construction for the new building is expected to commence in 2016.