Addiction Nonprofit Takes 30K SF in Move to 711 Third
By Nicholas Rizzi November 20, 2019 1:52 pm
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The Center on Addiction, a nonprofit that supports families dealing with substance abuse, will move its offices four blocks away to 711 Third Avenue after it merged with another group earlier this year, Commercial Observer has learned.
The nonprofit — formerly known as the National Center on Addiction and Substance Abuse — signed a 15-year lease for 30,035 square feet on parts of the fifth floor of SL Green Realty Corp.’s 20-story building between East 44th and East 45th Streets, according to the landlord. Asking rent was $65 per square foot, a source with knowledge of the deal said.
“They are an excellent organization with an important mission,” Steven Durels, SL Green’s director of leasing, said in a statement.
The Center on Addiction needed new digs after merging with nonprofit the Partnership for Drug-Free Kids in January, according to Josh Kuriloff at Cushman & Wakefield (CWK), which represented the tenant in the deal.
“Center on Addiction was looking for newer and more efficient office space to help effectuate its merger earlier this year with Partnership for Drug-Free Kids and strategically position the organization to focus on its crucial mission — transforming how our nation addresses addiction,” Kuriloff said in a statement. “Center on Addiction is confident that its new office space in SL Green’s 711 Third Avenue will help it in achieving these goals.”
As part of the deal, SL Green offered the Center on Addiction a temporary furnished space nearby at 485 Lexington Avenue while its new offices are being constructed, the landlord said.
The nonprofit currently has its headquarters at 633 Third Avenue, between East 40th and East 41st Streets, and plans to relocate to the temporary digs in January 2020 then 711 Third Avenue in October 2020, the source said. At 711 Third, the firm will be joining tenants including marketing research firm Schlesinger Associates, real estate debt brokerage Ackman-Ziff Real Estate Group and digital business and printing services company Ricoh USA.
SL Green handled the deal in-house while C&W’s team included Kuriloff, Matthias Li and Adam Nelson.
