Concepts Of Independence leases 14,567 s/f At 120 Wall Street through Studley

In one of the first deals to take advantage of a newly-created real estate incentive program for not-for-profits, longtime tenant Concepts of Independence is moving to a brand new space at 120 Wall Street. The organization, which assists individuals with disabilities throughout the five boroughs, will relocate to a 14,567 s/f space on a portion of the 9th floor, in a transaction brokered by commercial real estate services firm Studley. The organization, previously located on the 10th floor, is one of several not-for profit organizations which benefit from reduced rents through tax a special program sponsored by the Economic State Development Corporation ("ESDC"), which through its program eliminate the payment of real estate taxes over a life of a the lease. In the early 1990s, the building's ownership partnered with the New York City Economic Development Corporation to establish the state's first and only Association Center at the property, which now continues through its partnership with the ESDC . Studley's executive managing director Marc Shapses, managing director Nancy Weinstein and executive managing director Joseph Messina represented Concepts of Independence in the 15-year leasing transaction, while Roger Silverstein of Silverstein Properties represented the landlord. Asking rents were $38 per s/f According to Shapses, all construction costs were covered by the building's ownership. "120 Wall Street is the home to many of the finest not-for-profit organizations, and thanks to these terrific incentives, Concepts of Independence will continue to thrive as an organization for many years to come," he added. The building located near the South Street Seaport and immediately next to the East River waterfront is 95% occupied by several noted tenants including the American Foundation for AIDS Research, Droga 5 and the National Urban League. "Concepts of Independence is a vitally important organization to people who require assisted home care, and we are thrilled that our tenant continues to grow organically at 120 Wall Street. We look forward to many continued years of a good working relationship with Tony Caputo and his staff," said Roger Silverstein, executive vice president of Silverstein Properties.