Lease Beat

Nonprofit Relocates Downtown to 80 Broad Street

Behavioral Ideas Lab, Inc., a nonprofit, has signed a 10-year lease for the entire 9,155-square-foot 30th floor at Savanna’s 80 Broad Street. Asking rents were in the mid- to upper-$30s.

“It’s the kind of location they wanted to be in,” James Emden, vice chairman at Colliers International, who represented the tenant, told The Commercial Observer. “The economics made sense; it is still a cheaper deal than Midtown.”

80 broad streetThe nonprofit research organization, which is currently located in Midtown West, focused its initial search in that market, but moved Downtown in search of better quality and pricing.

Behavior Ideas Lab will build out the space and is expected to occupy the 30th floor at 80 Broad Street by October.

As reported, Savanna acquired 80 Broad Street in 2011 after taking control of the property’s senior mortgage. Last month, the real estate private equity firm signed video security software company Mobotix Corp. to a 7,840-square-foot lease.

Mr. Emden and Adam Baruch of Colliers International represented Behavioral Ideas Lab in the transaction. Hal Stein, Adam Leshowitz and Todd Stracci of Newmark Grubb Knight Frank represented the landlord.

Neither NGKF nor Savanna immediately returned requests for comment.

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