The Steinhardt Foundation for Jewish Life has taken a sublease a few blocks away from the heart of Times Square, the Commercial Observer learned.
Publicidad Siboney Corporation, the sub-landlord, is going out of business and wanted to offload its office space at 729 Seventh Avenue through the expiration of its lease at the end of January 2016, sources close to the deal revealed. The foundation also inked a deal with Meringoff Properties, the building owner, for a deal that extends as a direct lease through 2023 for a full 10-year occupancy at the building.
The Steinhardt Foundation for Jewish Life will move its operations to a 10,800-square-foot office that spans the entire ninth floor of the 164,000-square-foot, Class B building at 729 Seventh Avenue. Previously housed on the 10th floor of 6 East 39th Street, the foundation focuses on large-scale initiatives that are designed to revitalize the infrastructure of American Jewish life. Some of its largest sponsorships include the Steinhardt School of Culture, Education, and Human Development at New York University, the Steinhardt Social Research Institute at Brandeis University, and the B’nai B’rith Youth Organization, among many others.
Since its formation in 1994, the foundation has donated more than $100 million toward programs and initiatives.
The Steinhardt Foundation for Jewish Life was represented by Michael Joseph of Colliers International and Suzanne Sunshine of Sunshine & Associates. Laurence Roberts, a principal for Arch Brokerage, was on another side of the table representing Publicidad Siboney Corporation. Mr. Joseph, Ms. Sunshine, and Mr. Robert all declined to comment on the deal.