Nonprofit Consigliere Inks at Silverstein’s 120 Wall
Laura Kusisto Dec. 7, 2010, 11:03 a.m.
120 Wall Street
When choosing office space, it’s probably best to keep your friends close and forget about your enemies. At least that’s what a consultant to nonprofits has concluded in landing at 120 Wall Street.
Metis Associates has signed a 10-year lease for 19,500 square feet on the 21st floor of the building, which boasts 30 nonprofits. The consulting firm will relocate from offices at nearby 90 Broad Street and join tenants such as the National Urban League, the United Way of America and the United Negro College Fund.
Charities have proven the recession’s most determined bargain hunters, but few at 120 Wall have gone in search of better deals. The landlord has signed more than 100,000 square feet of leases recently, including 65,000 square feet of renewals, Jeremy Moss of Silverstein Properties told The Commercial Observer.
With exposure to the East River and the harbor, the building is one of the “best-kept secrets downtown,” he said. “Tenants don’t have to pay an extraordinary amount.” Asking rents range from the mid- to high-$30s.
The landlord also advised the tenant on performing a gut rebuild. “The buildout was to the highest quality,” Peter Jenkins, Metis Associates’ chief financial officer, said in a statement. “The building’s tenancy complements our business nicely, and Silverstein Properties was spot-on in making the economics of the decision to move here work well.”
Roger Silverstein and Mr. Moss represented the landlord. Patrick Heeg of Jones Lang LaSalle represented the tenant.