Services of the UnderServed Finds New Home After Selling Office Condo
By Terence Cullen January 24, 2017 2:47 pm
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A 39-year-old charity that helps the disabled and homeless, Services for the UnderServed, has found itself a new home.
The nonprofit has signed a 31,607-square-foot lease at 463 Seventh Avenue, according to a press release from landlord and brokerage Adams & Co.
Services for the UnderServed will occupy the whole 17th floor and a piece of the 18th floor of the 22-story building between West 35th and West 36th Streets, the release indicates. The deal is for 15 years and 11 months and had an asking rent of $54 per square foot.
“463 Seventh Avenue stands out among other options in Midtown South for its thoughtfully designed lobby and façade renovation, which blends modern and traditional architecture,” said David Levy, a principal of Adams & Co. “The state-of-the-art security system, high-efficiency elevators and advanced data connectivity at 463 Seventh Avenue also provided the high-end capabilities that Services for the UnderServed was seeking, while the open-floor plan on the 17th and 18th floors offered the square footage the tenant required.”
Levy represented the landlord in-house, while David Lebenstein and Debra Wollens of Cushman & Wakefield represented the tenant.
“Services for the UnderServed is relocating to a modern and more collaborative space on contiguous floors, which will allow the organization to run its business in a more efficient manner,” Lebenstein said in a statement.
Sevices for the UnderServed won’t be moving relatively far. Currently it is based at 305 Seventh Avenue between West 27th and West 28th Streets. But the nonprofit has opted to sell its roughly 19,200-square-foot office condominium, which is split between the seventh and 10th floors, according to The Wall Street Journal, which first reported news of the deal. The floors sold to separate buyers for a combined $14.3 million, the proceeds from which will go back into the nonprofit.
