Children’s Aid Society Signs 29K-SF Sublease With Condé Nast
Lauren Elkies Schram April 15, 2015, 11:38 a.m.
Nonprofit Children’s Aid Society has signed a 29,240-square-foot deal with sublandlord Condé Nast at office building 711 Third Avenue, Commercial Observer has learned.
“The Children’s Aid Society sought new headquarters space following the sale of its long-term home at the United Charities Building on Charity Row in Manhattan,” said JLL‘s Ellen Herman in prepared remarks. “The nonprofit was able to achieve exceptional value from the sale of the property and is relocating to newer space at 711 Third Avenue. The transaction puts the organization one block away from Grand Central Terminal and down the street from another of its locations.”
Ms. Herman and Jason Schwartzenberg represented Children’s Aid in the deal and Peter Gross with Douglas Elliman Commercial represented Condé Nast. Mr. Gross declined to comment.
The nonprofit signed a five-plus-year sublease for 29,240 square feet of office space on a portion of the seventh floor of the SL Green Realty Corp.-owned building between East 44th and East 45th Streets. Children’s Aid Society is reportedly paying under market-rate rents. Building asking rents are $60 per square foot, according to a spokeswoman for SL Green. The organization will relocate this summer to the building from United Charities Building at 105 East 22nd Street, which the aid society sold last October to Chinese developer Cheerland Investments bought for $128 million, according to public records. After that deal, the aid society took 25,965 square feet spread over floors two through four at 4 West 125th Street in Harlem, CO previously reported.
Chicago Title Insurance and Parade Publications are tenants in the 20-story, 546,299-square-foot building. Last year, Crain Communications moved from the 20-story, Class-A, 546,299-square-foot commercial office building next door, to 685 Third Avenue.