Healthcare Nonprofit Expands at 777 Third Avenue
By Nicholas Rizzi July 1, 2020 2:09 pm
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A nonprofit that works to improve the healthcare of low-income New Yorkers, The Mother Cabrini Health Foundation, will expand its digs at 777 Third Avenue, Commercial Observer has learned.
The foundation signed a lease for an additional 5,443 square feet on the 22nd floor of William Kaufman Organization’s 38-story building between East 48th and East 49th Street, according to the landlord. The deal boosts the nonprofit’s presence in the property to 26,159 square feet on the entire 22nd and 23rd floors.
A spokeswoman for the landlord declined to provide terms of the deal, but CO previously reported that asking rents in the building range from $68 to $70 per square foot.
The Mother Cabrini Health Foundation first took 20,716 square feet in the property after it launched in 2018, according to the landlord. The nonprofit — named after the Italian-American patron saint of immigrants — awarded nearly $150 million in grants last year.
“We are proud to play a role in helping nonprofit organizations like the Mother Cabrini Health Foundation fulfill their mission of providing healthcare services that helps local residents across New York State,” landlord broker Sage Realty Corporation’s Michael Lenchner said in a statement. “As the foundation continues to grow, we look forward to servicing their current and future office space needs in the coming years.”
Lenchner brokered the deal for the William Kaufman Organization along with colleague Jack Brennan. CBRE (CBRE)’s Mary Ann Tighe and Alex D’Amario handled it for the tenant.
“The Mother Cabrini Health Foundation’s continued growth at 777 Third Avenue is indicative of their commitment to New York and dedication to supporting the health-related needs of its residents,” Tighe said in a statement.
Other tenants in the 575,985-square-foot Midtown building include the Hospital for Special Surgery, hedge fund Hudson Bay Capital Management and market research firm Benenson Strategy Group.
