Three Nonprofits Take Over Flatiron District Building
A trio of nonprofits tied to the Simons Foundation fully leased the office space of a former parking garage at 23 West 20th Street, Commercial Observer has learned.
Felicity House, Foundation for a Just Society and the AC & JC Foundation signed three separate deals totaling 50,195 square feet at the seven-story building between Avenue of the Americas and Fifth Avenue, according to Newmark, which brokered the deal for landlords Skyway Development Group and The Kash Group.
All three nonprofits are currently nearby at a townhouse at 25 East 22nd Street and plan to move into their new digs in the first quarter of 2023, Newmark said.
In the largest deal, Felicity House — a free community space for women with autism — signed a 15-year deal for 24,375 square feet on the fifth through seventh floors of the property, Newmark said.
Foundation for a Just Society, which advocates for the rights of women and LGBTQ+ people, inked a 15-year deal for 21,517 square feet on part of the second floor and the entire third and fourth floors of 23 West 20th, according to Newmark.
Finally, AC & JC, the private philanthropic group of Simons Foundation Founder James Simons’ daughter Audrey Cappell and her husband, Jacob Cappell, took the remaining 4,303 square feet on the second floor in a 15-year lease.
A spokesperson for Newmark declined to provide the asking rent.
The Flatiron District property was recently converted from a parking garage and still has a 5,322-square-foot retail space left to rent, according to the building’s website. Newmark targeted the property toward a single occupier, using one model floor to entice tenants to sign on.
“The full-floor pre-build enabled the character of the building and its exclusive features to blend with a modern installation that resulted in an offering that was distinct amongst its peer class,” Newmark’s Eric Cagner, who represented the landlords with David Falk, Alex Leopold and Jordyn Comras, said in a statement. “It was great to work through the nuances of three independent leases simultaneously and come away with new spaces for these meaningful and important foundations to call home.”
Carri Lyon and Mark Mandell of Cushman & Wakefield represented all three tenants in the deal. A spokesperson for C&W declined to comment.
Nicholas Rizzi can be reached at email@example.com.