"Brooklyn's renaissance didn't happen by accident. A critical seed was planted by David Walentas when his firm, Two Trees, purchased a cluster of aging warehouses in DUMBO in the 1970s. After the area was rezoned, the firm successfully repurposed its portfolio into more than 3 million square feet of commercial and residential space across 12 buildings to create a thriving 24-7 community with access to an 85-acre riverfront park."
"At a recent panel discussion presented by Ariel Property Advisors and Cozen O'Connor, Alyssa Zahler, Managing Director at Two Trees, described how her firm applied its DUMBO redevelopment strategy to Williamsburg, which was rezoned in 2005. Two Trees acquired the 19th Century Domino Sugar Factory site in 2012 and has transformed it into The Refinery-460,000 RSF of offices, retail, and open space."
"Today, Two Trees' office tenants in Brooklyn are largely tech and creative companies, with 40% of new leases in the Williamsburg portfolio in the AI or an AI-adjacent space. Two Trees' vertically integrated model keeps construction and management in‑house, enabling high-quality pre‑built spaces that still lease in the mid $40s per square foot in DUMBO and pre-built spaces in Williamsburg that lease for $65-$78 per square foot."
Two Trees purchased aging DUMBO warehouses in the 1970s and, after rezoning, repurposed holdings into more than 3 million square feet across 12 buildings, creating a 24-7 community with riverfront park access. The firm applied the same redevelopment strategy in Williamsburg after a 2005 rezoning, acquiring the Domino Sugar Factory in 2012 and creating The Refinery, a 460,000 RSF office, retail, and open-space project. A larger mixed-use waterfront campus across five contiguous sites is completed or under construction. In-house construction and management enable high-quality pre-built spaces leasing in the mid-$40s per square foot in DUMBO and $65–$78 in Williamsburg.
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