Empowerment Fund Takes 12K SF at 44 Wall Street
By Mark Hallum August 15, 2023 3:45 pm
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The Cities for Financial Empowerment Fund is more than doubling its footprint at the Gaedeke Group" class="company-link">Gaedeke Group’s 44 Wall Street, Commercial Observer has learned.
The tenant, which works with municipalities to test financial strategies, originally took 5,600 square feet in 2015 and is extending its lease by another 10 years and moving to 12,000 square feet, according to the landlord’s broker, George Comfort & Sons.
Asking rents in the building range from $54 to $60 per square foot.
“This property’s exceptional location, as well as its classic design and abundant natural light, continues to be a draw, and the multiple extensions and expansions we’re seeing here are a testament to the quality of the building,” George Comfort CEO Peter Duncan, who represented the landlord with Matthew Coudert and Alexander Bermingham, said in a statement.
Darell Handler of the Handler Real Estate Organization repped the Cities for Financial Empowerment Fund in the deal and said the tenant needed extra space because it is in “growth mode.”
Other recent deals in the building include software firm Street Smarts VR, which is coming off of a sublease in the building to a 3,300-square-foot direct deal on the seventh floor, with representation from Edward Kent of SquareFoot. Kent did not immediately respond to a request for comment.
Street Smarts VR will share the floor with GovExec, a marketing firm that finalized a deal for 3,300 square feet in a relocation from 61 Broadway. Edward Mombello of Cushman & Wakefield (CWK) negotiated on GovExec’s behalf and declined to comment.
The Dallas-based Gaedeke Group acquired the 24-story, 350,000-square-foot building, which sits near Wall and William streets, from EQ Office in March 2020 for a sum of $200 million, CO reported at the time.
At the time of the acquisition, the building was 84 percent leased with tenants such as law firm Cullen and Dykman, fashion conglomerate SMCP North America and WeWork (WE). While WeWork is still a tenant (for now), it’s unclear where its occupancy currently stands, and George Comfort’s website indicates that there is currently 100,000 square feet available.
Mark Hallum can be reached at mhallum@commercialobserver.com.
