Innocence Project Takes Another 11K SF at 40 Worth Street
By Nicholas Rizzi April 25, 2019 5:36 pm
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A nonprofit dedicated to overturning wrongful convictions, the Innocence Project, nearly doubled its Tribeca offices, Commercial Observer has learned.
The Innocence Project signed a 10-year lease for a total of 34,000 square feet on the seventh floor of GFP Real Estate’s 40 Worth Street, taking an additional 11,000 square feet in the building between West Broadway and Church Street, according to Savills, which brokered the deal for the tenant.
The nonprofit—which was founded in 1992—has been in 40 Worth Street since 2010, originally occupying 20,000 square feet and later expanding to another 3,000 square feet in 2014, and was looking to expand its offices for two years. However, the 20-story building was fully leased at the time, as per Savills.
Last month, the Maesa Group ditched its 18,250 square feet office in 40 Worth Street for Brookfield Place and the Innocence Project later agreed to take it over. Under the deal, the nonprofit will give back 7,250 square feet, renew its 15,750 square feet and lease a new 11,000 square feet, according to Savills.
“When considering the capital expense of a relocation as well as the organization’s strong relationship with GFP, renewing and expanding to Maesa’s space was the best solution,” Savills’ Nicholas Farmakis, who brokered the deal for the Innocence Project along with John Mambrino, said in a statement.
Roy Lapidus of Newmark (NMRK) Knight Frank represented landlord GFP. A spokeswoman for NKF did not respond to a request for comment.
A Savills spokeswoman declined to provide the asking rent in the deal, but CoStar Group data lists average asking rents in the building as around $60 per square foot.
Other tenants into the 755,000-square-foot 40 Worth Street include nonprofits the Acumen Fund and the Legal Aid Society along with fashion retailer Gap.
