Colliers International has arranged one of the year's largest office condominium sales at 125 Maiden Ln.
Richard Warshauer, Robert Tunis, and Eric Ferriello of Colliers with Gary Curry of Cornerstone Group arranged the sale on behalf of the owner, Empire State Development Corp. (ESDC). The buyer, International Planned Parenthood Federation-Western Hemisphere, was represented by Suzanne Sunshine, president of S. Sunshine & Associates.
The space totals 26,000 s/f, comprising the entire ninth floor of the building. The purchase price was $9 million in the all-cash transaction.
The deal is significant on a number of different fronts. In addition to being one of the largest office condo sales this year, it represents a continuing trend of not-for-profits purchasing, rather than leasing, their office space. Office space acquisitions enable not-for-profits to control their destiny, protecting them from being uprooted as neighborhoods gentrify and office rents soar. They also benefit from reduced occupancy costs, particularly by being exempt from N.Y.C. real estate taxes.
"This transaction validates not only the renaissance of the downtown office market," said Warshauer, "but also highlights the increasing velocity of office space purchases among charitable organizations."
"ESDC achieved a positive outcome in a difficult market," said Tunis. "The relative scarcity of such space, the quality of the property and the clear financial benefits to the buyer, played a significant part in enhanced valuation."
125 Maiden Ln., between Water and Pearl Sts., is a 17-story office condominium building containing about 350,000 rentable s/f and was completed in 1959. The building is steps away from 16 subway lines, the New Jersey PATH, and the Staten Island ferry. The building offers a collection of amenities for employees to enjoy, including a landscaped roof deck and courtyard with river views, a fully- equipped exercise room with lockers and showers, and a full-service 24/7 lobby with on-site management, security and staff. Other owners-occupants in the building include US Fund for UNICEF, Guttmacher Institute, Civil Service Employees Association, and the Jewish Forward.
International Planned Parenthood/Western Hemisphere Region (IPPF/WHR) is a 65-year-old nonprofit organization that campaigns for sexual and reproductive health and rights, especially for poor and vulnerable people. Based in New York City, IPPF/WHR does the majority of its work in South America, as well as in the Caribbean. Tags: