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NEW YORK CITY-The US Fund for Unicef, the national nonprofit supporting child survival, protection and development worldwide through education, advocacy and fundraising, has acquired a commercial condominium interest at 125 Maiden Lane in Lower Manhattan. The nonprofit organization will relocate its headquarters from 333 E. 38th St. and 29 W. 38th St. in Midtown, where it has occupied a total of 50,000 sf for nearly two decades.
The US Fund for Unicef acquired the 70,000-sf commercial condominium, located between Pearl and Water streets for an undisclosed amount. The project was financed using New York City IDA triple tax-exempt bonds.
"This was a strategic long-term decision, made possible by the support and involvement of the US Fund for Unicef's board of directors, and placement assistance from Roosevelt & Cross," says Edward G. Lloyd, SVP and CFO of the US Fund for Unicef. "The acquisition will allow the US Fund for Unicef to stabilize its occupancy costs and obtain ownership in an appreciating asset, while participating in the revitalization of Downtown."
Cushman & Wakefield EVP Paul Glickman and director Shawna Menifee arranged the transaction on behalf of the US Fund for Unicef. The two represented the nonprofit in the acquisition negotiation for 125 Maiden Lane, and are marketing its former space at 333 East 38th St. for disposition.
"The US Fund for Unicef's ability to act quickly enabled it to acquire a premier Downtown location at favorable economic terms," Glickman says. "This transaction reinforces the resurgence of Lower Manhattan, and speaks to the diversity of industries that have committed to space here."
Menifee adds that, "It is extremely gratifying to have partnered with the US Fund for Unicef," adding that achieving the company's real estate objectives "will ultimately contribute to the organization fulfilling its true mission of supporting various philanthropic initiatives throughout the world."
Built in 1959, 125 Maiden Lane is a class A, 17-story commercial condominium totaling about 300,000 sf. After acquiring the property in 1999, owner Time Equities converted it from traditional rental space to office condominiums in the summer of 2006. The building has undergone major renovations, including the installation of rotating art exhibits in the lobby, a fitness center and a landscaped roof deck.
Lilker Associates was the consulting engineer for the US Fund for Unicef. The Switzer Group will design the new space and manage the build-out process at 125 Maiden Lane.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
