Catholic Charities Expands to 77K SF at 80 Maiden Lane
By Mark Hallum September 23, 2024 11:24 am
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The Catholic Church signed a Hail Mary of an expansion for its Financial District offices.
Catholic Charities of the Archdiocese of New York is expanding its headquarters to 77,130 square feet at A.M. Property Holding’s 80 Maiden Lane, consolidating other offices in the area as it signed a 30-year lease to take over the entire 22nd through 24th floors, according to landlord broker CBRE (CBRE).
The brokerage did not disclose the asking rent, but the average was $56.91 per square foot in Lower Manhattan in June, according to a report from CBRE.
Catholic Charities, which runs various community outreach programs, moved into a 25,000-square-foot space on the 13th floor and part of 14th floor in 2013. It’s unclear if it renewed that space as part of the deal and what programs it is consolidating into 80 Maiden Lane.
“We are open for business with both commercial entities as well as nonprofits, with both standard leases and long-term leases, that can provide an economically stable base protected from the vagaries of the leasing market in one of most rent-competitive properties in Downtown Manhattan,” Paul Wasserman, CEO of A.M. Properties, said in a statement.
CBRE’s Paul Amrich, Neil King, Jonathan Cope, Gerry Miovski and Masha Dudelzak represented the landlord while JLL (JLL)’s Matthew Astrachan, Greg Wang, Kristen Morgan and Hannah Bernstein negotiated on behalf of the tenant.
A spokesperson for JLL declined to comment.
The 25-story, 579,533-square-foot building from 1912 is owned in a joint venture between A.M. Properties and Cannon Hill Capital Partners. In late 2021, the JV was able to retire about $250 million in debt on the building with a new round of $258.9 million in commercial mortgage-backed securities loan from J.P. Morgan Chase.
Other tenants in the building include the New York City Department of Education and Adapt Community Network, a not-for-profit offering services for people with disabilities.
Mark Hallum can be reached at mhallum@commercialobserver.com.
