Pared Labor Union Moves Uptown; Option to Buy New 45th Street HQ
By Emily Geminder February 9, 2010 1:02 pm
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414-422 West 45th Street
Labor union DC 1707 is taking the struggle uptown. Currently housed at 75 Varick Street, the organization recently closed a major deal to move its headquarters to midtown, with the option to purchase the 67,706-square-foot space.
Representing 25,000 members in day care, head start, home care and nonprofit agencies, the union has lost several hundred members due to recent state and city budget cuts. It’s an irony Howard Zinn might have had something to say about that the same downturn that has deeply cost the organization has also made midtown a viable destination for its headquarters, with landlords more amenable to lower rents in exchange for the stability of long-term tenants.
“With few deals transacting in midtown, we are proud to have brokered this unique deal,” said Paul Wolf, the Denham Wolf broker who, along with colleague Amy Lawrence, represented DC 1707 in its yearlong search. Eric Gural of Newmark Knight Frank represented the landlord in the 20-year deal. The asking rent was $22 a square foot.
Raglan George, director of DC 1707, said the union was “especially grateful that [Denham Wolf] secured the option to purchase the building, which gives us long-term stability.” Denham Wolf is also overseeing a $6 million renovation to the property, expected to be completed by June.
Mr. Wolf said, “It is symbolically important that there will be a prominent and affordable home for workers in midtown Manhattan.”
