Lease Beat

Albert Ellis Institute Sells Headquarters for $20M and Relocates

The Albert Ellis Institute, a psychotherapy training institute established in 1959, has relocated from the Upper East Side to Midtown South after completing the sale of its headquarters at 45 East 65th Street to a private buyer for $20 million. In a simultaneous transaction, the nonprofit organization signed an 8,000-square-foot sublease at 145 East 32nd Street.

“Albert Ellis is a prominent nonprofit organization that was presented with an opportunity to monetize its real estate while moving to a more centrally located base of operations,” said Steve Chasanoff, executive managing director with Colliers International, who arranged both the sale and sublease, in a prepared statement. “The organization also wanted to consolidate its entire team onto one floor, with a more efficient layout and use of space.”

145 East 32nd Street

145 East 32nd Street

The Albert Ellis Institute will sublease the entire ninth floor at 145 East 32nd Street from Ameripath, a subsidiary of Quest Diagnostics. The six-year deal carried asking rents of $50 per square foot.

The 102,000-square-foot building, located between Lexington and Third Avenue, is owned by Eric and Marty Meyer of Colliers. The property boasts a tenant roster that includes a number of additional medical tenants.

As previously reported by The New York Observer, the nonprofit’s six-story townhouse on the Upper East Side had been on and off the market, with the property’s asking price fluctuating between $29 and $24.5 million. The property, which found a buyer in a delayed sale earlier this year, had been previously been listed with Colliers for $29 million in 2010 before Brown Harris Stevens later assumed the listing, according to the report.

The Albert Ellis Institute specializes in research and short-term therapy based on rational emotive behavior therapy. The approach, developed by Dr. Ellis in the 1950s, teaches individuals to identify, challenge, and replace their self-defeating thoughts and beliefs with healthier thoughts that promote emotional well-being and goal achievement.

CBRE’s Keith Cody represented Ameripath in the sublease transaction.

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