40 Worth It! 10-Year Deal After Buy-Out, Build-Out
Tom Acitelli June 24, 2011, 10:43 a.m.
The Center for Family Representation—a nonprofit legal services and policy firm for poor families—has inked a 13,400-square-foot transaction in Lower Manhattan, brokers said. The nonprofit, which previously operated at 116 John Street, signed a 10-year lease at 40 Worth Street, the 84-year-old home to Gap Inc. and other office tenants.
Denham Wolf Real Estate Services, a brokerage, consulting and development firm specializing in real estate services for nonprofit organizations, negotiated a buy-out with 116 John Street developer Metro Loft Management and a turnkey build-out for the new tenant.
“We were thrilled to help CFR secure an affordable space with convenient access to family courts,” said Paul Wolf, a principal at Denham Wolf, who added that asking rents were $35 per square foot. “CFR is extremely happy with the new space and we look forward to the continued growth of this organization.”