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Two nonprofit organizations inked deals to relocate to 1180 Avenue of the Americas, brokers on the deals announced.
In the largest one, home health care and senior service provider Selfhelp Community Services signed a 30-year leasehold condominium agreement to move and downsize its headquarters to 45,689 square feet on the entire second and third floors of the 398,937-square-foot building, The Real Deal first reported.
The long-term deal will help save Selfhelp some cash since landlord Northwood Investors converted the second and third floors into condominiums, which helps certain nonprofits take advantage of a state law that exempts them from paying real estate taxes on office leases lasting 30 years, according to tenant broker Transwestern.
Asking rent was $65 per square foot, a spokesperson for landlord broker Cushman & Wakefield (CWK) said.
Selfhelp recently adopted a hybrid work model that allows it to downsize its 50,000-square-foot headquarters at 520 Eighth Avenue yet also add new staff after the move, the Transwestern spokesperson said.
“In supporting a hybrid work model, we’ve ensured that our new office is both spacious and efficient, effectively utilizing less square footage while still providing ample room for our community to grow and gather,” Chief Operating Officer Russell Lusak said in a statement
And Selfhelp isn’t the only nonprofit rearranging their offices as they move towards a hybrid work model.
“Nonprofits are proactively rightsizing their office footprints after adopting new hybrid work policies, and are taking the opportunity to reimagine how they use their space to better support their needs,” Open Impact Real Estate’s Stephen Powers said in a statement. Powers arranged the deal for Selfhelp along with colleagues Lindsay Ornstein and Alexander Smith and Transwestern’s Thomas Hines.
Selfhelp Community Services was founded in 1936 to support Jewish refugees fleeing Nazi Germany. It’s the largest service provider for Holocaust survivors in North America today and also offers a range of services to about 25,000 elderly New Yorkers annually, according to its website.
Aside from its headquarters in Midtown, Selfhelp also has an office at 620 Fort Washington Avenue in Washington Heights.
In a smaller deal, the American National Standards Institute (ANSI), a nonprofit that safeguards U.S. voluntary standards impacting global trade, signed a 15-year lease for 22,819 square feet on the entire 10th floor of the 22-story 1180 Avenue of the Americas.
Asking rent was $75 per square foot, the spokesperson for C&W said.
ANSI was founded in 1918 and represents the interests of some 270,000 companies, according to its website.
The Washington, D.C.-based organization currently has a New York City office at 25 West 43rd Street. It’s unclear if it will expand with the move to the Avenue of the Americas building.
C&W’s Michael Burgio represented ANSI, while Bryan Boisi, Michael Baraldi and Harry Blair, also of C&W, brokered both deals for Northwood Investors.
Boisi said in a statement that the new leases are proof that Northwood’s investment in new amenities at the property “responds to the needs of today’s tenants.”
Consultants Compensation Advisory Partners and private equity firm Advantage Capital Holdings also recently signed deals at the building between West 46th and West 47th streets, as Commercial Observer previously reported.
Abigail Nehring can be reached at anehring@commercialobserver.com.
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