Young Adult Institute Relocates to SL Green’s 220 East 42nd Street
The nonprofit Young Adult Institute is relocating to the News Building in Midtown East, according to a release from JLL.
YAI signed an agreement for a 30-year leasehold interest in an office condo, spanning 75,353 square feet on the seventh and eighth floors of SL Green Realty Corp.’s 220 East 42nd Street between Second and Third Avenues.
The social services organization, which offers health and educational services for people with disabilities, will have its own entrance to the 37-story office building on East 41st Street. It is relocating from 460 West 34th Street between Ninth and 10th Avenues, near Hudson Yards.
YAI was represented by Matthew Astrachan, Joseph Messina, Simon Landmann, and Zachary Azus of JLL. SL Green was represented in-house by Lawrence Swiger, along with Cushman & Wakefield’s Tara Stacom, Barry Zeller, Justin Royce, Connor Daugstrup and Pierce Hance.
Asking rents at the property were in the mid $60s per square foot, JLL’s Astrachan confirmed, and the deal brings occupancy at the tower to 96 percent, The New York Post first reported.
YAI still had seven years on their previous lease, where they had roughly 90,000 feet across four non-contiguous floors, Astrachan said, but since rents were rising in the area near Hudson yards, the organization preferred to lock in a long-term lease.
The landmarked News Building, formerly home to the New York Daily News, spans 1.2 million square feet. Other tenants at the building include Omnicom, WPIX and the Community Preservation Commission, as Commercial Observer reported.
C&W did not respond to requests for comment in time for publication.