Nonprofit Growing in Newmark’s 505 Eighth
Tom Acitelli Aug. 11, 2011, 9:20 a.m.
Cicatelli Associates, a public health nonprofit that uses education and research to foster healthful living, has signed a long-term renewal and expansion at the Newmark Holdings-owned 505 Eighth Avenue. Under the new deal, the group, which previously occupied part of the second floor, as well as all of the 16th and 20th will vacate its space on the second in exchange for the entire 19th, brokers involved with the deal told The Commercial Observer.
While currently occupying 24,755 square feet, the nonprofit will eventually grow to 33,446 feet as it moves toward a more contiguous office setting. The asking rent equated to approximately $40 per square foot.
Marc Shapses, Jason Schwartzenberg and Joe Messina of Studley represented the tenant in the deal while Eric Gural and Allen Gurevich of Newmark Knight Frank represented the owner.
“Contiguous expansion was absolutely critical for our business so we are extremely pleased the building could accommodate us,” said Cicatelli Associates president Barbara Cicatelli.