Health Care Nonprofit CAI Expands Near Penn Station
By Rebecca Baird-Remba February 16, 2022 5:22 pm
reprints
Nonprofit CAI, or Cicatelli Associates, has expanded its longtime offices at 505 Eighth Avenue, landlord GFP Real Estate announced Tuesday.
The organization, which works on health care initiatives across the country and the world, added 4,674 square feet to its existing 29,443-square-foot offices at the building between West 35th and West 36th streets. The new 10-year, 34,117-square-foot lease encompasses the entire 19th and 20th floors and part of the 16th floor in the 25-story building. Asking rents in the building start in the low- to mid-$40s per square foot.
GFP will update CAI’s HVAC and bathrooms and provide an improvement allowance, so the group can renovate the offices that it has occupied since 1989.
Allen Gurevich represented GFP in-house, and Savills’ Marc Shapses handled the deal for the tenant.
“Cicatelli Associates has been an incredible tenant at 505 Eighth Avenue for more than 30 years,” Jeffrey Gural, the chairman and principal of GFP, said in a statement. “GFP is excited to see them continue to grow within the building and look forward to having CAI as a tenant for many years to come.”
The 292,000-square-foot property, known as the Hoover Building, was constructed in 1926 and designed by architect Chester James Storm.
“Securing additional space and allowing CAI to expand without interruption was a win-win and exemplifies how a strong tenant-landlord relationship can benefit both parties,” Shapses said in prepared remarks.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
