Wellspring Philanthropic Fund Inks 27K SF Expansion at 10 Times Square
By Celia Young May 10, 2021 5:56 pm
reprints
Wellspring Philanthropic Fund expanded its lease at 10 Times Square to fill another nearly 27,000 square feet at L.H. Charney Associates’ newly renovated office building, brokers on the deal announced. The deal brings its footprint in the building to 43,000 square feet.
The Times Square 554,000-square-foot property — also known as 1441 Broadway — has been home to Wellspring since 2013. The fund’s original lease was set to expire in 2025, but after multiple extensions, its new lease will expire in 2031. A spokesperson for L.H. Charney declined to provide the asking rents for the lease.
Wellspring now encompasses two full floors at 10 Times Square and is building out its expanded space before returning over the summer. The extension was signed in the last quarter of last year.
Rick Doolittle and JP Howard of Colliers International handled the lease for the landlord. Heather Sloan of JRT Realty Group represented Wellspring. Sloane did not immediately respond to a request for comment.
“We’re really seeing a spring awakening here in terms of tenants getting back out into the market,” said Doolittle in a statement. “As the vaccine rollout continues to progress, we’re confident that we will see even more employers plotting their course to get back to the office.”
The 10 Times Square property, along with another L.H. Charney office building at 1410 Broadway, recently underwent $50 million of renovations that added a new lobby and entrance area. And the building will see Darden Restaurants-owned Yard House’s first-ever New York City location open this summer, after it signed a 19,000-square-foot lease in December.
