Benevolent Lefty Gural Strikes 40 Worth Deal with Nonprofit
Laura Kusisto Aug. 24, 2010, 8:39 a.m.
40 Worth Street
It’s not exactly good news that the Innocence Project, defenders of the wrongfully convicted, needs more space. But at least they’ve found the ideal landlord in Jeff Gural.
Mr. Gural, of Newmark Knight Frank, has already given a home to Public Health Solutions, the Legal Aid Society and New York Law School at 40 Worth Street. The Innocence Project will join them with a long-term lease for 20,289 square feet.
“This building and its landlord are a good fit for the Innocence Project,” said Nicholas Farmakis, of Studley, who represented the tenant along with John Mambrino.
“Mr. Gural owns several properties that are heavily tenanted by nonprofits, and as a result understood their needs and was able to structure an amenable transaction,” Mr. Farmakis added.
Said Mr. Gural, “I had the opportunity to meet the organization’s members at various events and galas and was highly impressed.”
Forty Worth is also the future home of Gap Inc., which signed one of 2009’s biggest leases for a 265,000-square-foot headquarters in the building.
The Tribeca spot is undergoing a full renovation, including a new lobby and elevators, along with reserved bike parking, bound to appeal to charities and preppy clothing execs alike. Average asking rents for the building are $34 per square foot, according to Crain’s, which first had news of the Innocence Project deal.
Brian Steinwurtzel, Roy Lapidus and Dan Segal of Newmark Knight Frank represented the landlord in-house.