NEW YORK CITY-The New York City Chapter Alzheimer’s Association will double in size at its longtime home of 360 Lexington Ave., says brokerage firm Cassidy Turley. After considering other options in the neighborhood, the nonprofit will expand from 15,000 square feet to 30,400 square feet for a 15-year term inside the building.
Under the terms of the deal, landlord AEW Capital Management extended the chapter’s existing fourth floor lease beyond its original 2016 expiration date for an additional 10 years in exchange for leasing the entire third floor for 15 years. “It speaks volumes about the quality of the owner,” David L. Hoffman, executive managing director and principal at Cassidy Turley tells GlobeSt.com. “It gives tenants a lot of comfort about remaining in buildings like that knowing they are going to be cared for by the owner. That had a lot to do with it.”
Hoffman represented the owner along with vice chairman Robert Billingsley and managing director Wendy Miller at Cassidy Turley. The tenant was represented by David Kaplansky at Jones Lang LaSalle.
Hoffman says the tenant also decided to stay in the building due to a multi-million capital improvement plan for the property. The owner recently completed a lobby renovation and is in the process of installing new air conditioning equipment. “It’s a huge improvement,” he says. “That building lobby prior to what we did was pretty pedestrian, and now it is really impressive, relative to what was there before.”
Lou-Ellen Barkan, president and CEO of the Alzheimer’s Association, New York chapter, says the additional space will allow the organization to “meet the expanding needs of the hundreds of thousands of New Yorkers who have this devastating disease and those for care for them.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
