Career Development Firm Fedcap Signs 38K-SF Lease at 39 Broadway

Employment services nonprofit Fedcap is establishing a presence in Manhattan’s Financial District.

The organization, which focuses on helping people grappling with homelessness and those who have been through the criminal justice system, signed a six-year, 37,760-square-foot lease for a new headquarters at 39 Broadway, according to landlord Cammeby’s International Group.

Cammeby’s did not immediately disclose the asking rent for the building, but the average asking rent for office space in Lower Manhattan was $59.26 per square foot in February, according to a report from CBRE.

“Organizations focused on public service and community impact increasingly see value in being located in the heart of Lower Manhattan,” Avi Schron, principal of Cammeby’s, said in a statement. “Fedcap’s mission-driven work and long-standing commitment to expanding economic opportunity make them an exceptional addition to the building.” 

Brian Siegel of The Lawrence Group negotiated on behalf of both the landlord and the tenant in the transaction. Siegel did not immediately respond to a request for comment.

With the new lease, Fedcap will take over the entire second and third floors of 39 Broadway, a 37-story building between Morris and Rector streets.

“With its central Financial District location and flexible full-floor layouts, 39 Broadway provides an ideal environment for organizations like Fedcap to grow their operations while remaining closely connected to the communities they serve,” Schron said.

It’s unclear where Fedcap is relocating from, but the nonprofit has 11 offices spread throughout the Bronx, Queens and Manhattan. Those offices include a career advancement center for older adults at 42 Broadway, directly across the street from its new location.

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