Nonprofit Moves to Herald Square Building [Updated]
By Terence Cullen August 3, 2015 10:37 am
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Publicolor, a nonprofit that works on painting inner-city schools along with other designed-based programs, is relocating five blocks to a new office in Herald Square.
The nonprofit inked a 10-year deal to move and expand its office in 20 West 36th Street between Avenue of the Americas and Fifth Avenue, according to Colliers International. It will take 6,850 square feet when it moves into the entire ninth floor of the 12-story building this fall. The move will almost double the nonprofit’s size from the 3,500 square feet it currently occupies.
Asking rent for the ninth floor is $45 per square foot, Mr. Moorin said.
“Identifying and securing this new location for Publicolor required an extensive search given the organization’s desire to stay within the neighborhood and find a lofted space with plentiful natural light within their budget,” said Dmitry Levkov of Colliers International, who represented the tenant and volunteers with the group, in prepared remarks. “I am extremely pleased to have helped Publicolor find these requirements in its new home at 20 West 36th Street given my personal connection to the nonprofit.”
Michael Moorin and Allen Gurevich of Newmark Grubb Knight Frank represented landlord The Rosen Group.
“They have been good tenants in New York for almost 20 years and we’re happy to have them in our building,” Mr. Moorin told Commercial Observer. “They are going to do their own interior work because they do have somewhat of a unique layout. A lot of it is color, literally painting. It’s a bright and cheerful.”
Asking rent for the ninth floor is $45 per square foot, Mr. Moorin said.
Publicolor is currently based several blocks away at 149 Madison Avenue between East 31st and East 32nd Streets, according to The Wall Street Journal, which first reported news of the deal.
Update: This story was updated to include a quote from the landlord representative, a clarified asking rent and the full team representing the landlord.
