Lease Beat

Hetrick-Martin Institute Re-Ups at 740 Broadway

 The Hetrick-Martin Institute, a nonprofit that offers support services to LGBT (Lesbian, Gay, Bisexual and Transgender) youth, has renewed and expanded its lease for its base of operations at 740 Broadway and 2-10 Astor Place, it was announced today.

The Institute is also the home of the Harvey Milk High School, a city-run public high school named after San Francisco city supervisor Harvey Milk.

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Harvey Milk (background), the namesake of The Harvey Milk High School (photo courtesy of Getty Images)

HMI will keep its 3rd floor office at 2-10 Astor Place while also taking the entire 3rd and 8th floors at 740 Broadway. Its total footprint will be 31,721 square feet. 

Cushman & Wakefield team of Carri Lyon, Tom Kaufman and Rory Murphy represented HMI in the deal. 

Jeffrey Gural, Brian Steinwurtzel and Donna Vogel of Newmark Grubb Knight Frank, the property managers of 740 Broadway, represented building ownership. Average asking rents at 740 Broadway are at $55-a-square-foot, according to CoStar data. Asking rents in HMI’s deal are believed to be in the $30s-a-square foot.

“The rents had been in the $30s when we started negotiating with them 18 months ago, and they honored that deal when we signed the lease in August,” said Ms. Lyon.

HMI had been very happy at the location and had been looking to stay, said Ms. Lyon.

“You look at your outside options, and nothing measured up” she added. “It’s hard to beat Broadway and Astor Place.”

The Harvey Milk High School has its own entrance, and while it neighbors an active office building, the landlords and fellow tenants were very “understanding” and accommodating to HMI and the school.

“The school is terrific and it is a lifesaver for a lot of kids,”said Ms. Lyon. “Not every landlord may not be crazy about having that kind of tenant, but Jeffrey Gural is just unbelievable.”

HMI services over 2,500 children a year through its various services.

The lease renewal is for 10 years.

drosen@observer.com