Leases  ·  Office

Community Preservation Corporation Relocating to Full Floor Near Grand Central


Community Preservation Corporation (CPC), a nonprofit affordable housing and community revitalization finance company, is relocating to an entire floor at the 37-story former New York Daily News headquarters near Grand Central Terminal, according to Cushman & Wakefield (CWK).

CPC took 29,400 square feet, or the entire 16th floor, at SL Green (SLG) Realty Corp.’s 220 East 42nd Street via a 30-year deal. CPC is slated to move in to its new digs in spring 2019 from its current location at 28 East 28th Street, reported.

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“Over the last few years we’ve grown our business and expanded the impact of our investments in housing in New York and into new geographies throughout the Northeast,” Rafael Cestero, the president and CEO of CPC, said in a C&W release. “As we’ve added staff and evolved our business infrastructure, it was our goal to find a new office space that could adapt as we continue to grow, and that also supports our collaborative nature and the way we work together.”

C&W’s David Lebenstein, Daniel Organ and Michael Burgio represented the tenant in the transaction, and C&W’s Tara Stacom and Barry Zeller represented SL Green.

“CPC has been operating in their previous space for many years, and in their search for new office space, they were looking to modernize the workplace and find a new environment that would encourage collaboration,” Lebenstein said in prepared remarks. “The design and location of their new space at 220 East 42nd Street will more than accomplish this goal.”

The asking rent wasn’t immediately clear.

Tenants at the 1.2-million-square-foot national historic landmark include Omnicom Group, WPIX, and the United Nations Development Program. Last September, CO reported that AmTrust Title Insurance Company expanded its offices in the building to 13,771 square feet from 7,634 square feet.