The American Institute of Chemical Engineers has signed a long-term, 16,506-square-foot lease at Silverstein Properties’ 120 Wall Street, it was announced today.
“After a two-year search of both Midtown South and Downtown, which included inspections of over 50 properties, AIChE elected to relocate to 120 Wall Street, one of the few buildings to provide an incentive program for not-for-profits,” said Leon Manoff, vice chairman at Colliers International, who represented the tenant, in a prepared statement.
The nonprofit is relocating from 3 Park Avenue and will occupy 120 Wall Street’s entire 23rd floor later this year. Asking rents at the property were in the upper-$30s per square foot, according to a Crain’s report earlier this week.
Designated as an Association Center, 120 Wall Street is part of an incentive program sponsored by the State of New York through the Empire State Development Corporation which includes a real estate tax exemption in exchange for leasing to nonprofits.
“We welcome AIChE to 120 Wall Street as a valued participant of the not-for-profit program,” said Roger Silverstein, of Silverstein Properties, who represented the landlord in-house. “We look forward to a wonderful working relationship.”
The 34-story building has been undergoing a capital improvement plan including modernization of the property’s façade, lobby and elevator cabs. Other nonprofit tenants at 120 Wall Street include Freedom House and the Children’s Tumor Foundation.
As reported by The Mortgage Observer last year, Silverstein Properties refinanced 120 Wall Street with a $63 million loan, originated by Bank of America.
Mr. Manoff and Robert Kennedy of Colliers represented the tenant in the leasing transaction. Silverstein Properties was represented in-house by Mr. Silverstein and Joseph Artusa.