Big Office Condo Deal! Nonprofit’s 26K Feet for Under $9 M.
By Laura Kusisto October 18, 2010 10:58 pm
reprints125 Maiden Lane
A nonprofit has made a short hop to some new downtown space, but a big leap to ownership. The International Planned Parenthood Federation has snapped up 26,000 square feet downtown for less than $9 million.
In what its broker describes as one of the year’s largest office condo deals, the foundation has taken the entire ninth floor at 125 Maiden Lane. “It’s almost unheard of for a nonprofit to purchase its real estate today,” Suzanne Sunshine said. “Banks and government are no longer providing the kind of financing like they used to.”
Ms. Sunshine said she worked for two years on the transaction and looked at short- and long-term leases all over the country. In the end, the tenant elected to take the plunge long term.
“This transaction validates not only the renaissance of the downtown office market,” said Richard Warshauer, who represented the landlord, “but also highlights the increasing velocity of office space purchases among charitable organizations.”
Planned Parenthood is hardly the first to come up with the idea. It will join the U.S. Fund for UNICEF, the Guttmacher Institute, the Civil Service Employees Association and the Jewish Forward, all of which own space in 125 Maiden Lane.
To make the new owners feel at home, there’s also a landscaped roof deck, a courtyard with river views and a fully equipped exercise room.
The landlord, the Empire State Development Corp., was represented by Mr. Warshauer; Robert Tunis and Eric Ferriello of Colliers International, along with Gary Curry of Cornerstone Group. Suzanne Sunshine of S. Sunshine & Associates represented the tenant.
