Albert Ellis Institute Sells Headquarters for $20M and Relocates
Gus Delaporte Aug. 21, 2013, 1:15 p.m.
The Albert Ellis Institute, a psychotherapy training institute established in 1959, has relocated from the Upper East Side to Midtown South after completing the sale of its headquarters at 45 East 65th Street to a private buyer for $20 million. In a simultaneous transaction, the nonprofit organization signed an 8,000-square-foot sublease at 145 East 32nd Street.
“Albert Ellis is a prominent nonprofit organization that was presented with an opportunity to monetize its real estate while moving to a more centrally located base of operations,” said Steve Chasanoff, executive managing director with Colliers International, who arranged both the sale and sublease, in a prepared statement. “The organization also wanted to consolidate its entire team onto one floor, with a more efficient layout and use of space.”
The Albert Ellis Institute will sublease the entire ninth floor at 145 East 32nd Street from Ameripath, a subsidiary of Quest Diagnostics. The six-year deal carried asking rents of $50 per square foot.
The 102,000-square-foot building, located between Lexington and Third Avenue, is owned by Eric and Marty Meyer of Colliers. The property boasts a tenant roster that includes a number of additional medical tenants.
As previously reported by The New York Observer, the nonprofit’s six-story townhouse on the Upper East Side had been on and off the market, with the property’s asking price fluctuating between $29 and $24.5 million. The property, which found a buyer in a delayed sale earlier this year, had been previously been listed with Colliers for $29 million in 2010 before Brown Harris Stevens later assumed the listing, according to the report.
The Albert Ellis Institute specializes in research and short-term therapy based on rational emotive behavior therapy. The approach, developed by Dr. Ellis in the 1950s, teaches individuals to identify, challenge, and replace their self-defeating thoughts and beliefs with healthier thoughts that promote emotional well-being and goal achievement.
CBRE’s Keith Cody represented Ameripath in the sublease transaction.