Nonprofit Public Interest Projects Splits Downtown for Midtown South
By Tom Acitelli November 10, 2009 3:21 pm
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Public Interest Projects, a nonprofit that provides support to public interest organizations across the country, is joining a growing number of nonprofits in midtown south. Formerly located in downtown Manhattan, the organization signed a 10,000-square-foot lease for the entire sixth floor at 45 West 36th Street.
Michele Lord, PIP’s executive director, noted that the move increases the organization’s office space. The rent—around $31 a square foot—was “optimal,” she said.
“Midtown south market rents are continuing the trend of having better value then downtown rents, especially among not-for-profits, who are moving back uptown,” said David Lebenstein of Colliers ABR, who represented the tenant. “The weakness in some of the midtown-south–area service companies since the Lehman implosion has helped reverse the trend which began in the late 1990s.”
Other recent midtown south nonprofit leases include the Community Healthcare Network at 60 Madison Avenue and the Fiver Children’s Network at 519 Eighth Avenue.
Colliers ABR team Robair Reichenstein, Debra Wollens and Edward Kent represented the nonprofit in negotiations for the 15-year lease. Building owner Samco Properties was represented in-house.
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