Foundation finds new office space at 20 Exchange Place

Real Estate Weekly, Dec 18, 2002

Tressa Weg Recanati of William B. May International, a full service brokerage firm established in 1866, was appointed exclusive broker to The Michael J. Fox Foundation for Parkinsons Research, and was successful in completing three transactions on their behalf.

1. Finding and negotiating a space for the foundation's relocation to downtown Manhattan;

2. & 3. Subletting out two office spaces occupied by the Foundation in Midtown South

The offices of the foundation, previously located on 381 Park Avenue South in Manhattan, were no longer suitable. The Foundation was operating out of 3515 SF of non-contiguous space (they expanded from one office to two in the same building during a growth period) at 381 Park Avenue South, which was becoming too small and didn't allow for employee circulation in the company, combined with the foundation's desire to move to Lower Manhattan, made the move a necessity.

So, Recanati was hired to do something almost impossible in the industry: Complete three transactions simultaneously for one client. It would have been financially implausible for the foundation to maintain their current spaces while entering into a new lease. Consequently, Recanati was appointed to identify, negotiate, and enter into a lease on behalf of the foundation for the new space at 20 Exchange Place, while concurrently marketing and subleasing out the two spaces that the Foundation was occupying, for immediate possession to two separate sub-tenants.

Recanati achieved victory by completing all of the transactions within a few days of one another!

The foundation's new 3,798-SF space, is a larger, contiguous space, at a more desired location, and is being leased for a ten-year period. Richard Levine of Insignia/ESG represented the Landlord, The Witkoff Group, at 20 Exchange Place.

George F. Donohue, president of William B. May International stated, "The Michael J. Fox Foundation is an important altruistic organization. We were proud to represent them. Recanati's perseverance was the impetus for the success of these transactions."

Because of William B. May's history of catering to high-profile customers and Recanati's years of personal and professional involvement with non-profit organizations, this partnership with the foundation proved to be a success.