EQ Office Signs Lease Expansion with Non-Profit at 44 Wall St.
The Cities for Financial Empowerment Fund’s lease with Blackstone’s real estate funds points to continued diversification in Downtown Manhattan.
NEW YORK CITY—EQ Office has agreed to lease space at 44 Wall St. to the Cities for Financial Empowerment Fund. The non-profit is expanding its total footprint in the Financial District office building to 5,635 square feet and extending its lease to 2030. Although the asking rent was not provided, a source close to the deal tells GlobeSt.com it was in the mid-$60s.
The CFE Fund provides funding and technical assistance to mayoral administrations to improve housing stability. They assist in setting up programs and establishing policies in local government to improve individual and family financial situations.
The tenant will relocate across a portion of the 10th floor in the first quarter of 2020, following EQ Office’s buildout of the space.
Scott Silverstein represented EQ Office in-house, with CBRE’s Zachary Price, Michael Rizzo, Jeffrey Fischer and Caroline Merck. Darell Handler of Handler Real Estate Organization represented the CFE Fund.
“We are pleased to extend our relationship with the Cities for Financial Empowerment Fund and accommodate the organization’s growth,” says Silverstein.
“We have completed dozens of nonprofit deals, but working with the team at 44 Wall St. was particularly gratifying as we were able to extend the lease of a significant and important organization in one of the most desirable buildings in Lower Manhattan,” says Handler.
EQ Office recently completed renovations of the historic 24-story Downtown skyscraper that was originally built in 1927. In addition to constructing multiple pre-built floors, improvements at the 350,000-square-foot tower also included redesigning the lobby. Its artwork by the New York City street artist Hellbent now on display resulted in Architectural Digest putting the property on its list of “The 12 New York City Office Buildings with the Most Incredible Artwork.”
EQ Office acquired the building in June 2016 and repositioned it to attract new tenants. In April, the global apparel company SMCP Brands relocated its North American headquarters and showroom to the building. A few weeks earlier, the marketing technology company Contently agreed to move its headquarters to the tower. Other tenants moving to the building have helped diversity Downtown beyond financial services. This has included tech company GameChanger; advertising agencies Joan Creative and Giant Spoon; and the global mobile technology company and smartphone manufacturer OnePlus.