Nonprofit Expands to 36K SF at Rovt’s 14 Wall Street [Updated]
By Rey Mashayekhi August 30, 2018 6:14 pm
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Posse Foundation is staying put at 14 Wall Street after agreeing to renew and expand its headquarters at the Financial District office tower to more than 36,000 square feet, Commercial Observer has learned.
The nonprofit has signed a 15-year lease for the entire 36,345-square-foot eighth floor at the 37-story, 1-million-square-foot building at the northwest corner of Nassau Street, according to a press release provided to CO by Cushman & Wakefield (CWK), which represented the landlord in the deal.
Posse Foundation, which recruits and trains student leaders from public high schools and provides them with college scholarships, has occupied 14 Wall Street since the end of 2003, according to CoStar Group data. The transaction sees the nonprofit expand by around 10,000 square feet from the roughly 26,000 square feet it already had in the building.
Asking rents at the property range from $48 to $52 per square foot, according to sources with knowledge of the deal. A C&W team of Alan Wildes, Jonathan Fein, Lou D’Avanzo and Carlos Suarez represented the landlord, billionaire investor Alexander Rovt. Avison Young’s Nicola Heryet and Jonathan Larsen and C&W’s Suzanne Lee represented the tenant.
While C&W handled the deal on behalf of the landlord, a CBRE (CBRE) team of Brad Gerla, Jonathan Cope, Paul Walker and Eric Kleinstein are responsible for leasing at 14 Wall Street. CBRE took over the assignment from C&W last year—with C&W retaining the right to negotiate with select tenants including Posse Foundation and NYU Langone Medical Center, which inked a 74,000-square-foot renewal at the property last year, under the terms of its exit agreement, sources told CO.
In a statement, Wildes said that the Posse Foundation and NYU Langone deals “demonstrate the landlord’s commitment and ability to retain long-term quality tenants” at the building. Other tenants at 14 Wall Street include architecture firm Skidmore, Owings & Merrill and contractor Sciame Construction.
Representatives for CBRE confirmed the deal but did not provide comment. Representatives for Avison Young could not immediately be reached for comment.
Update: This story has been updated to include and identify the CBRE team that now handles leasing at 14 Wall Street.
