American-Israeli Non-Profit Takes Full Floor at 1001 Sixth Avenue
By Daniel Edward Rosen April 12, 2012 1:05 pm
reprintsAn American non-profit that raises money for an Israeli school named after former Israeli prime minister David Ben-Gurion has leased 10,100 square feet at 1001 Sixth Avenue, it was reported yesterday.
The American Associates, Ben-Gurion University of the Negev signed a 12-year lease to take the entire 19th floor in the deal. It will be moving from its current offices at 1430 Broadway in July, Crain’s New York reported.
Asking rent was $44 a square foot.
Paul Walker and Joe Mangiacotti of CBRE (CBRE) represented the tenant. Douglas Regal and Jay Caseley of ABS Real Estate Partners represented 1001 Sixth Associates, the building’s owners.
Mr. Walker told Crain’s that the Garment District building recently underwent a capital improvement program, which included building a new lobby and new elevator cabs. The nonprofit was attracted to the possibility of having its own floor, especially one that had an abundance of daylight.
“It lets them put a fresh face on the organization,” Mr. Walker told Crain’s .
The vacancy rate at 1001 Avenue of the Americas has seen a modest dip to nearly 13 percent since hovering around 25 percent in 2010, according to CoStar data.
Ben-Gurion University of the Negev was established in 1969 and has roughly 20,000 students spanning campuses in Beer-Sheva, Sede Boqer and Eilat, according to its website. The school offers programs in environmental science, desert agriculture, engineering, and biotechnology. The school’s mission is to find a “greener world,” according to the website.
Shortly after retiring from political life in 1970, David Ben-Gurion retired to a kibbutz in the Negev desert, where his school originated.
drosen@observer.com
