Catholic Nursing Home Operator, Sustainable Food Nonprofit Stay Put in Kips Bay
By Rebecca Baird-Remba October 26, 2018 10:56 am
reprints
A nursing home operator and an environmental nonprofit both renewed their leases at Somerset Group’s 205-215 Lexington Avenue in Kips Bay, landlord broker Cushman & Wakefield (CWK) announced in a press release.
Catholic senior care provider ArchCare grew to 27,000 from 16,000 square feet in a 10-year deal at 205 Lexington Avenue. The 11,000-square-foot expansion covers multiple floors of the 32-story building between East 32nd and East 33rd Streets.
“ArchCare previously occupied two floors at 205 Lexington Avenue for its headquarters and also leased space at 33 Irving Place. As its lease at 205 Lexington neared expiration, ArchCare tasked our team with finding one location for the company, where it could grow and remain long term,” said David Hollander of CBRE (CBRE), who represented ArchCare in the transaction. “Ultimately, we were able to negotiate the early termination of the company’s lease at 33 Irving and subsequently add a third floor at 205 Lexington, where it could consolidate all New York operations. The new lease at 205 Lexington provides ArchCare with the space it needs and affords the company the ability to remain in the building for the foreseeable future.”
Grace Communications Foundation, which raises awareness about sustainable farming and food processing, renewed its 13,026-square-foot footprint for 10 years on the entire 10th floor of the connected building at 215 Lexington Avenue.
“We were able to successfully retain and expand ArchCare by accommodating a consolidation of various offices into 205 Lexington Avenue,” said Cushman & Wakefield’s Bryan Boisi in prepared remarks. “Additionally, we were able to renew Grace Communications Foundation by working on a comprehensive renovation of the premises.”
A C&W team of David Hoffman and Boisi represented Somerset Group in the transactions. CBRE’s Hollander, Mary Ann Tighe, Lauren Crowley and Liz Lash handled the deal for ArchCare. And Savills Studley’s Daniel Thompson represented Grace in its transaction. Spokespeople for the tenant brokers didn’t immediately return a request for comment.
“It is validating to us as landlords to see our existing tenants renew and expand,” David Eshaghian, a principal of the Somerset Group, said in a statement.
“Following a thorough analysis of relocation options in the neighborhood, the negotiated renewal terms for 215 Lexington were the most competitive for GRACE,” Thompson said. “After renovations, GRACE’s offices will have an improved design and increased efficiency that will better support its business operations.”
