P.E.F. Israeli Endowment Funds, an organization that facilitates the distribution of grants to Israeli charities, will be relocating to 630 Third Avenue, Commercial Observer has learned.
The nonprofit has signed a 10-year lease for 2,587 feet on the 15th floor of the 23-story building on the Southeast corner of Third Avenue and 41st Street.
Maintaining close proximity to Grand Central Terminal and the United Nations were among the draws of the 230,000 square foot Class A building, according to Kate Goodman, a co-president at ATCO Properties & Management, which manages the property.
“Because the tenant works with more than 1,000 charitable organizations overseas in Israel, maintaining a presence near other like-minded global companies near the U.N. was an important factor in their real estate decision,” Ms. Goodman said in a statement about the transaction.
The move will be just three avenues and one block from P.E.F.’s current home at 317 Madison Avenue.
Arthur J. Draznin and Hunter Berman of Newmark Grubb Knight Frank represented both the tenant and the building’s ownership in the deal.
Asking rent on the property at the time of the deal was $56 per foot.
P.E.F. expects to move into its new space during the third quarter of this year.