New York, NY

Public Interest Projects hit a trifecta of good fortune when it signed its new 15-year lease for 10,000 square feet at 45 W. 36th St. The nonprofit got a more convenient location, ready-to-occupy space and, most important, cheaper rent.

PIP, which helps strengthen institutions and groups working on social justice and human rights issues, is paying about $31 a square foot for the new space. That is nearly $6 less than it’s paying in its current location, according to Executive Director Michele Lord. The asking rent was $35 a square foot.

The nonprofit’s space, which takes up the entire sixth floor, is almost entirely built out, and the landlord is picking up most of the tab to finish the job. In addition, Ms. Lord says the building’s midtown location, west of Fifth Avenue, is more accessible for employees than the nonprofit’s current location at 80 Broad St. It plans to move by the end of the year.

“This is just much better space for us,” Ms. Lord said.

Landlord Samco Properties is equally enthused about its new tenant. Company President Jeffrey Smith says that amid the recession he finds nonprofits are often more financially stable than many of the smaller firms that seek space in Grade B buildings like his.

“Today, the business world is treacherous,” he said. “Nonprofits are good for the money.”

PIP was represented by Colliers ABR Inc. brokers David Lebenstein and Robair Reichenstein.

About Colliers International

Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 12,700 employees span the world in 294 offices in 61 countries. On a worldwide basis, Colliers manages 1.1 billion square feet, and has revenue of $US 1.6 billion.

Contact Information

David Lebenstein
Senior Managing Director

40 East 52nd Street, 11th Floor
New York, NY 10022

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