Nonprofit expands lease to 60,000 s/f at 79 Fifth Ave

Real Estate Weekly, April 7, 2004

In a multi-faceted transaction arranged by CB Richard Ellis, The Foundation Center, the largest nonprofit agency established for the advancement of philanthropic organizations in the US, has renewed its commitment and leased an additional floor of 20,000 square feet at 79 Fifth Avenue.

The deal brings the Center's total occupancy to 60,000 square feet.

The CBRE team of Richard Bernstein and Susan Kahaner negotiated the lease renewal and expansion on behalf of the Foundation Center. The duo has been working with the organization since 1998 when they arranged its original lease at 79 Fifth Avenue.

In addition to extending its lease for the 2nd and 3rd floors, the Foundation Center will now also occupy the entire 4th floor at 79 Fifth Avenue. The nonprofit required the additional space within the property to 'house' its growing operations. The new lease for all three floors will expire in 2015.

"This transaction was important to the Foundation Center as it enabled the nonprofit to secure additional space of its future expansion over a longer term," notes Kahaner.

"In the end, we were able to restructure a completely new deal which has significant better terms and conditions than the original transaction," added Bernstein.

The landlord, A&R Kalimian Realty, L.P., was represneted by Sylvia Haddad of Lansco.