14 Wall St./ Photo credit: PropertyShark
NEW YORK CITY—The Posse Foundation, which recruits and trains students having leadership potential, and provides college scholarships, signed a 15-year lease renewal at 14 Wall St. The non-profit will expand its headquarters from approximately 26,000 to 36,345 square feet, occupying the entire eighth floor. The asking rent was $48 to $52 per square foot.
The owner, billionaire Alexander Rovt, purchased the building for $294.4 million from the Carlyle Group and Capstone Equities in April 2012, according to Real Capital Analytics. Rovt made his fortune in the fertilizer business and has a net worth of $1.3 billion, according to Forbes. He moved to the US from the former Soviet Union, from Carpathia, now part of Ukraine.
The landlord will build out the new space for the foundation which has been a tenant for 10 years. The 37-story tower at 14 Wall St. stands between Broadway and Nassau streets, across from the New York Stock Exchange. Built in 1912, it was once known as the Bankers Trust Company Building. Other tenants include Equinox Health Club, T.J. Maxx and Starbucks.
Cushman & Wakefield's Alan Wildes, Jonathan Fein, Lou D'Avanzo and Carlos Suarez represented Rovt. Avison Young's Nicola Heryet and Jonathan Larsen, along with Suzanne Lee of Cushman & Wakefield represented the Posse Foundation.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
