Children’s Care Nonprofit Takes 60K SF at 825 Seventh Avenue
By Mark Hallum July 11, 2022 1:12 pm
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New Alternatives for Children (NAC), a nonprofit that helps families raising children with complex medical conditions, is relocating to a 60,000-square-foot space at 825 Seventh Avenue.
The organization took up a leasehold condominium interest in the Midtown office tower owned in a joint venture between Edward J. Minskoff Equities and Vornado Realty Trust, where the asking rent is locked in the mid-$60s per square foot for the 30-year term, the New York Post first reported.
Currently located in a 49,000-square foot space at 37 West 26th Street, NAC will have the run of the fifth, sixth and ninth floors of 825 Seventh, according to tenant broker JLL (JLL).
NAC was represented by JLL’s Matthew Astrachan, Ellen Herman and Hale King. The landlords at 825 Seventh Avenue were represented by Vornado’s Edward Riguardi, Minskoff Equities’ Jeffrey Sussman and Avison Young’s John Ryan.
“We are delighted to have worked with NAC to find superior new space operated by world-class ownership that has redeveloped 825 Seventh with an eye to accommodating the unique requirements of this industry-leading agency,” Astrachan said in a statement. “NAC will now have the canvas it needs to continue its important work in a collaborative and engaging environment.”
Vornado declined to comment, while Minskoff Equities and Avison Young did not immediately respond to requests for comment.
Mark Hallum can be reached at mhallum@commercialobserver.com.
