Leases  ·  Office

Nonprofit Oliver Scholars Inks 13K-SF Lease at 14 Wall Street

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Oliver Scholars, which prepares Black and Latino students for college, signed a 12,832-square-foot lease at Alexander Rovt’s 14 Wall Street.

The nonprofit organization will relocate its offices from 80 Maiden Lane to part of the 17th floor of the landmarked 14 Wall Street, according to landlord broker CBRE (CBRE). Asking rent was $48 per square foot. The length of the lease was not disclosed by the landlord or the brokers.

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“Given the property’s historical significance as well as ownership’s commitment to tenant service and providing the highest-quality space in the Financial District, 14 Wall Street has become one of Downtown’s most sought-after business addresses,” Bradley Gerla of CBRE, who represented the landlord alongside Mike Rizzo, said in a statement.

Suzanne Sunshine of Compass, who represented Oliver Scholars in this deal, said that nonprofits have been repositioning their office footprints now that landlords in Lower Manhattan are willing to provide incentives to tenants.

“This market is similar to the market in Lower Manhattan after 9/11 … when [tenant demands] are met, it is possible for not-for-profits to relocate in order to optimize their missions and serve New York City,” Sunshine told Commercial Observer.

Built in 1910 and also known as the Bankers Trust Building, 14 Wall has 1.1 million square feet of space that it also leases to Superstructures Engineers + Architects, a firm that took 33,561 square feet in November 2019. Aflac also leases about 8,802 square feet at 14 Wall.

Mark Hallum can be reached at mhallum@commercialobserver.com.