Nonprofit Group CSH Inks 15,293-Square-Foot Deal at Sizzling 61 Broadway
Billy Gray May 31, 2013, 7:30 a.m.
The nonprofit Corporation for Supportive Housing signed a 10-year, 15,293-square-foot lease at 61 Broadway in a relocation and consolidation from 50 Broadway, The Commercial Observer has learned.
David Carlos of Studley represented the tenant in the transaction. The landlord, Broad Street Development, was represented in-house by David Israni and Ramona Huegel. Asking rents are in the high $30s-per-square-foot.
“Basically, they had two floors and about 20,000 square feet at 50 Broadway, but the space was inefficient,” Mr. Carlos said. “On top of that, it was an older installation. With their lease expiration pending they decided to consolidate in another location.”
CSH works to bring homeless and disabled people to housing with services to help them. The group will move into the 700,000-square-foot, 33-story Financial District tower late this year.
Mr. Carlos attributed the move just up Broadway to Lower Manhattan’s “qualitative and quantitative draws. CSH’s employee base is used to the transit options and commute. A lot of folks come in from the boroughs, so public transportation is very important. And, of course, downtown you get the best deals, especially when you look at Midtown South and other areas that 10 years ago were value propositions and no longer are.”
As for 61 Broadway’s particular allure, Mr. Carlos cited “very aggressive and responsive landlords” who are “doing a good job presenting a product that is very competitive in the marketplace.” He added that Broad Street is building out 61 Broadway, which is especially attractive to nonprofit tenants. The landlord brokers could not immediately be reached for comment.
In the past nine months, 61 Broadway has boomed, welcoming tenants including Integral Consulting, Rosner Nocera & Ragone LLP, Vincenti & Vincenti and MT2 Network.