Grantmaker Unbound Moves Across Town to 575 Madison Avenue
By Abigail Nehring April 19, 2024 11:29 am
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A nonprofit donor affinity group that supports open border policies will migrate across town from Tribeca to the Plaza District, Commercial Observer has learned.
Unbound Philanthropy signed on for 5,523 square feet on the 16th floor of Steinberg & Pokoik Management’s 575 Madison Avenue, according to a source with knowledge of the deal.
The exact terms of the deal are unclear, but the source said it was a “long-term deal.”
Average asking rent for office space in the Plaza District was $91.49 per square foot in the first quarter of 2024, according to a report by Transwestern.
The grantmaking organization will bid farewell to its current home at 101 Avenue of the Americas. It’s unclear if its new office will be roomier and when it plans to move.
Unbound launched in 2003. It’s unclear if it had any office presence early on, but it opened a New York spot in 2012, bringing former Ford Foundation deputy director Taryn Higashi on board as executive director in 2008, according to its website. It has $190.5 million in assets, according to its most recent tax filing. Hedge fund manager William Reeves and his wife Deborah Berger are major contributors.
Newmark (NMRK)’s Ben Shapiro, Andrew Sachs and John Cilmi arranged the deal for Unbound Philanthropy while Steinberg & Pokoik was represented by CBRE (CBRE)’s David Hollander.
Shapiro, Sachs and Cilmi declined to comment. Hollander did not immediately respond to a request for comment.
Residential brokerage Douglas Elliman is also a tenant at the 25-story Madison Avenue building, located between East 56th and 57th streets, and asset management firm Silver Rock Financial recently relocated to the top floor.
Abigail Nehring can be reached at anehring@commercialobserver.com.
