Planned Parenthood Markets Condo in Move Downtown
By Terence Cullen March 31, 2015 4:29 pm
reprints
Planned Parenthood is looking to sell its condo office space on the West Side as it heads Downtown, Crain’s New York Business reported, and a new owner might already be in place.
The reproductive education group is looking to sell its 70,000-square-foot condo at 434 West 33rd Street between 10th and 11th Avenues for $35 million, according to the publication.
Planned Parenthood is headed south where it will take up two and a half floors at 123 William Street. The organization is leasing 65,000 square feet in a 15-year deal at the building between Fulton and John Streets. Independent broker Suzanne Sunshine represented Planned Parenthood in the lease—she didn’t respond to a request for comment.
Brad Gerla and Jonathan Cope of CBRE represented the landlord, American Realty Capital, in the lease with Planned Parenthood, Crain’s reported. American Realty Capital bought the office building from the East End Capital and GreenOak Real Estate earlier this year for $250 million, as Commercial Observer reported, when it was 81 percent full.
Planned Parenthood has tapped broker Eastdil Securities to sell its share of the building. Eastdil did not immediately return requests for comment.
Brookfield Office Properties has been cited as the potential buyer of 434 West 33rd Street, and is in talks to buy the remaining half of the 140,000-square-foot building that Planned Parenthood doesn’t own, Crain’s reported. The land around 434 West 33rd Street is being developed by Brookfield as part of its $5 billion Manhattan West project—overlooking Hudson Yards. A spokeswoman for Brookfield did not respond to a request for comment.
With an asking price of $35 million, Planned Parenthood could break even on the condo it bought four years ago. The group paid $34.8 million for more than 72,000 square feet in 2011, according to property records, with owner Vectra Management Group retaining more than 68,000 square feet in the building.
