German American Chamber of Commerce Signs 11K-SF Deal at 120 Wall Street
By Mark Hallum February 10, 2025 10:57 am
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An organization founded to promote business relations between the U.S. and Germany in the aftermath of World War II is leaving 80 Pine Street as its old home undergoes an office-to-residential conversion, Commercial Observer has learned.
The German American Chamber of Commerce in New York (GACC New York) has signed an 11,465-square-foot lease at Silverstein Properties’ 120 Wall Street, where it will occupy part of the 20th floor, the landlord announced.
The length of the lease was 15 years and the asking rent for the building is in the low $60 per square foot range, according to sources.
“Our success in reaching virtually full occupancy at the building is testament to the Silverstein team’s excellent stewardship, our Inspire amenity program and our longstanding partnership with New York State to create affordable, high-quality spaces for the nonprofit community,” Harlan Strader, vice president of commercial leasing at Silverstein, said in a statement.
Strader represented Silverstein in-house while JLL (JLL)’s Evan Margolin and Scott Ansel negotiated on behalf of the tenant.
“Residential conversions are driving increased leasing activity, especially in the Lower Manhattan market where so many properties have been, or are in the process of being converted for residential use,” Margolin said in a statement. “This is creating tremendous opportunities for tenants to right-size and modernize their offices, upgrade to premier properties like 120 Wall Street and take advantage of the somewhat depressed downtown office space market conditions.”
GACC NY is currently headquartered about three blocks away at 80 Pine, but in September Bushburg bought the Financial District building for $160 million with plans to convert it to residential, as CO previously reported.
Other tenants in GACC New York’s new home include Success Academy Charter Schools, which signed a lease in January 2024 to expand from 55,000 to 94,000 square feet, and cardiovascular clinic Sorin Medical, which leased 5,686 square feet in July 2021.
Mark Hallum can be reached at mhallum@commercialobserver.com.
