Housing Works Inks Early Deal to Stay in DoBro HQ
Housing Works, a nonprofit fighting AIDS and homelessness, has signed a deal to remain in its 41,000-square-foot headquarters at 57 Willoughby Street in Downtown Brooklyn.
The organization signed a “long-term deal” at the 96,000-square-foot property, according to The Real Deal, which broke the news about the transaction.
Housing Works has been a tenant in the building since 2004, a spokeswoman for Savills Studley told Commercial Observer. The nonprofit had time left on its lease but by renewing early, it was “able to convince [the landlord, Meadows Partners], that it was in its best interest to build out a private entrance for Housing Works on Lawrence Street, which when complete will connect the basement, ground and second floor spaces with a new staircase and elevator,” Savills Studley’s David Carlos said in a statement.
Carlos along with Savills Studley’s Nick Farmakis and John Mambrino represented the tenant. Whitten Morris of Newmark (NMRK) Knight Frank and Joe Sipala represented Meadow Partners.
“The deal between ownership and Housing Works was a win-win for both parties,” Morris said via a spokeswoman. “Ownership has started a full renovation of the entrance on Willoughby Street that will include a new lobby, new elevators, and upgraded building infrastructure.”
Spokeswomen for both sides declined to provide the length of the lease and the asking rent.
Housing Works’ deal marks the first transaction Meadow Partners has sealed since purchasing 57 Willoughby from Helen Keller Services for the Blind for $54 million in 2016. That organization last June leased 46,000 square feet at 180 Livingston Street in Downtown Brooklyn, as CO previously reported.
Andrew Coamey, a senior vice president at Housing Works, said in prepared remarks that the agency will have “a building within a building.” He added: “This will allow us to continue to grow in Downtown Brooklyn and safely serve more clients without any major capital expense.”